Florida 214 (Book Summary Definitions ) Florida Insurance Laws (Unit 18 & 19) Study Questions with Correct Answers 100% Verified
Florida 214 (Book Summary Definitions ) Florida Insurance Laws (Unit 18 & 19) Study Questions with Correct Answers 100% Verified Solicitation - Correct Answer Each insurer shall maintain at its home office or principal office a complete file containing one copy of each document authorized by the insurer. Such file shall contain one copy of each authorized form for a period of 3 years following the date of its last authorized use An agent shall inform the prospective purchaser, prior to commencing a life insurance sales presentation that he or she is acting as a life insurance agent and shall inform the prospective purchaser of the full name of the insurance company which the agent is representing Agents that solicit and sell life insurance products are regulated by the Chief Financial Officer through the power of the Florida Insurance Code. It is stated in the Insurance Code that no life insurance agent shall ever refer to themselves as or attempt to represent to a prospect that he or she is a "financial planner", "financial consultant", "financial counseling" or "financial advisor" Any reference to policy dividends must include a statement that dividends are not guaranteed If a replacement policy is proposed by any insurer to a prospective purchaser which would be issued in any rating class other than the most favorable rating class for a person of the same age and gender as the prospective purchaser, the replacing insurer shall provide to the prospective purchaser any disclosure and rate comparison required by law in insurance replacement transactions Replacement - Correct Answer - Any transaction in which new life insurance is to be purchased, and it is known or should be known to the proposing agent or to the proposing insurer that by reason of such transaction, existing life insurance has been or is to be: Lapsed, forfeited, surrendered, or otherwise terminated; Converted to reduced paid-up insurance, continued as extended term insurance, or otherwise reduced in value by the use of nonforfeiture benefits or other policy values; Amended so as to effect either a reduction in benefits or in the term for which coverage would otherwise remain in force or for which benefits would be paid; Reissued with any reduction in cash value; or
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