Florida Life Insurance: Study Guide for the Licensing Exam 100% Correct

Florida Life Insurance: Study Guide for the Licensing Exam 100% Correct IMPORTANT NUMBER FOR LIFE INSURANCE: Free look period for life insurance policies. 14 days Grace period, from second notice, to which a life policy-owner at least 64 years of age is entitled. Free look period for Annuities and Variable Annuities. 21 days Grace period for industrial life insurance. 28 days Grace period for life insurance. Notice agent must give Department after felony conviction. Notice insurer must give Department of change in appointed contact agent. Notice agent must give Department of name or address change 30 days Time for conversion from group coverage. Grace period for Group Life. 31 days Grace period (total) for policy-owner age 64 or older. 51 days Rollover IRA must be reinvested. Rule of Constructive Receipt. 60 days Accidental Death must occur. 90 days Notice insurer must give insureds if terminating all individual or groups policies. 180 Days Period in which an agent's commissions from controlled business cannot exceed 50% Variable policies must report value to annuitant. 12 months Incontestability period. Suicide Clause. 2 years Agents must keeps records. 5 years Agents must keep records for annuity transactions. 5 years Fully insured under Social Security. 40 quarters Currently insured under Social Security. Minimum required to receive benefits. 6 of 13 quarters Maximum loan rate if fixed, (if variable, tied to Moody's Corporate Bond Index), Penalty for withdrawal from an IRA prior to 59 1/2. 10% Number of employees that must contribute if group plan is contributory. 75% Number of employees that must participate if group plan is noncontributory. 100% Penalty for first violation, for not reporting name/address change to the Dept. of Fin. Services within 30-days. Penalty for late CE. $250 One time Only Death Benefit for eligible survivor from Social Security. $255 Maximum IRA contribution limits(2020). $6000 Blackout Period for Social Security. 16-60 Guaranteed Insurability Riders Benefits. 25-40 Wavier of Premium waiting period(policy-owner pays premium but is reimbursed after period). 3-6 months Waiting period for Social Security Disability. Benefits begin in 6th month. 5 full moons Earliest age someone can remove money from an IRA, qualified or annuity plan without a penalty. 59 1/2 Latest someone must begin taking money out of a traditional IRA. 72 Minimum number of members required for an "association" group life insurance if plan is contributory. Age at which whole life endows. 100 The Armstrong Investigation. Established the New York Insurance Code. Used as a model for insurance laws throughout the country. 1905 The McCarran-Fergusson Act. Made it law that states are to regulate insurance. 1945