FL 2-15 Practice | Questions and Correct Solutions | Latest Update 2024/2025 | Graded A+

FL 2-15 Practice | Questions and Correct Solutions | Latest Update 2024/2025 | Graded A+ What type of insurance contract contains unequal contingencies on the potential for profit or loss on both parties in the contract? - Answer - Aleatory of contract There is an element of chance for both parties. Dollar given by policy holder (premiums) and the insurer (benefits) may not be equal Every licensee must notify the Department of Financial Services within ____ days after changing his or her name, residence, and/or principal business address - Answer -60 days With regard to annuity investments by seniors, "senior consumers" are typically defined as those individuals who are: - Answer -65 or older Failure to answer a subpoena or an order of the Chief Financial Officer can result in a - Answer -$1,000 fine Level, decreasing, and increasing insurance are all basic forms of ______ - Answer -term insurance "Small businesses" usually operate as sole proprietorship's - Answer - TrueCharles wants an annuity that provides income for he and his wife, Emma. If he should predecease Emma, he wants her to receive the same income payments for the rest of her life. Which type of annuity payout option should he select? - Answer -Joint and Full Survivor Option *if one dies, the survivor receives the rest of the principal A personal attack on a person's good name, character, or reputation is known as: - Answer -Defamation *Can take place in form of written word or spoken wor