214 Florida Insurance Exam Questions And Ans
s s s s s s
wers 100% Correct s s
Whichstypesofsinsurancesprotectssansagentsandsevenspayssclaimssifsaslawsuitsissbroug
htsagainststhesagentsassasresultsofsfailingstosprovidesasservicestosasclient?s–
sANSWER:sErrorssandsOmissionssInsurance
Whichsofsthesfollowingstermssissknownsassthesvoluntarysrelinquishmentsofsasgivensrig
htsorsprivilege?s-sANSWER:sWaiver
ThissSupremesCourtscasesplacedsthesregulationsofsinsuranceswithinsthesauthoritysofst
hesfederalsgovernmentsbysdefiningsinsurancesassasformsofsinterstatescommerce?s-
sANSWER:sUnitedsStatessv.sSoutheasternsUnderwriterssAssociations(1944)
TimswassjustshiredstodaysbysMABsINCsandswantsstosjoinsthescompany'ssgroupsinsuran
cespolicy.sWhatsperiodsofstimesisshescurrentlysinsandswhenscanshesjoinsthesplan?s-
sANSWER:sProbationarysperiod,shescanssignsupsafters90sdays
IfsJustinssubmittedsansinitialspremiumswithshisslifesinsurancesapplication,swassprovid
edsasconditionalsreceiptsbysthesinsurancescompanysandswassultimatelysissuedsaspolic
ysassappliedsfor,swhenswouldshissinsurancespolicysbesconsideredsinsforce?s-
sANSWER:ssThesdatesofshissapplicationsorsthesdayshescompletedsanysrequiredsmedicals
exam
Whensdividendssaresissued,sthespolicyownershassthesfollowingsdividendsoptionssinsut
ilizingsasreturnsEXCEPT:s-sANSWER:ssLifesIncomesOption
WhichstwoslifesinsurancesridersscansBillspurchasestosguaranteesthatshisspolicyswillsco
ntinueswithoutsfurtherscommitmentsfromshimsandsthatsincomeswillsbespaidstoshimsifs
hesbecomesstotallysandspermanentlysdisabled?s-
sANSWER:sWaiversofspremiumsandsDisabilitysIncomesRiders
Insascontributorysgroupsplan,swhatspercentagesofseligiblesemployeessmustsbescovered
?s-sANSWER:ss75%
WhichsstatementsregardingsannuitiessissCORRECT?s-
sANSWER:sVariablesannuitysunitssaresfixedsbutsthesannuityspaymentswillsvarysaccordi
ngstosthesvaluesofsthesannuitysunit.
Insorderstosbesconsideredscurrentlysinsuredsandsthusseligiblesforslimitedssurvivorsbe
nefitssfromsSocialsSecurity,sasworkersmustshavesearneds___screditssduringsthes13-
sANSWER:squartersperiodsendingswithsthesquartersinswhichsthesworkersdied.s-s6
,Socialssecuritysissalsosknownsas:s-
sANSWER:sOldsAgesSurvivorssandsDisabilitysInsurances(OASDI)
Insurancesissnotsintendedstosprotectsagainst?s-sANSWER:ssSpeculativesRisk
Undersasfamilysplanslifesinsurancespolicy,scoveragesonsthesbreadwinnersissoftensprovi
dedsbyswhichsofsthesfollowingsinsurancestypes?s-sANSWER:sWholesLife
Whichsofsthesfollowingsstatementssregardingsannuityssettlementsorspayoutsoptionssis
sNOTstrue?s-
sANSWER:ssIfsthesannuitantsdiessbeforesthesprincipalssumsissdepleted,sthesRefundsLifes
AnnuitysOptionswillspaysthesentiresannuitysamountstosthesbeneficiarysinsaslumpssums
paymentsorsoversscheduledsinstallments.
Thesfollowingsstatementssregardings401(k)sretirementsplanssarescorrectsEXCEPT:s-
sANSWER:sPlanssrarelyshavesasmatchingscontributionscomponentsbysansemployer
AllsofsthesstatementssbelowspertainingstosgroupslifesinsurancesarescorrectsEXCEPT:s-
sANSWER:sIfsthesinsurancescoveragesisslesssthans$75,000,semployeessdosnotshavestosr
eportsthesemployer-paidspremiumssassincome
AccordingstosFloridasStatues,senteringsintosanysagreementstoscommitsanysactsofsintim
idationsresultingsinsthesbusinesssofsinsurancesissknownsas:s-sANSWER:ssCoercion
William,sages67,shassownedshisslifesinsurancespolicysforsthespasts15syearssandshassma
iledshissmonthlyspremiumsstoshisslifesinsurancescompany.sLastsmonthshesfailedstosma
ilsthesmonthlyspaymentsonshisspremiumsduesdatesasswellsassduringshisspolicy'ssgraces
period.sAssasresult,swhichsofsthesfollowingsscenariosswillsMOSTslikelysoccur?s-
sANSWER:sThesinsurerswillsprovidesnotificationsofsimpendingslapsesinscoverage,sands
allowsatsleasts21sadditionalsdayssbeyondsthesgracesperiodstosmakesaspaymentstosprev
entsthespolicysfromslapse
Beforesexecutingsansexchangesofsansannuityscontractsresultingsfromsasrecommendati
onstosasseniorsconsumer,sansinsurancesagentsshouldsmakesreasonableseffortsstosobtai
nsinformationsfromsthesapplicantsconcerningsthessuitabilitysofsthesrecommendationso
nsansapprovedsform,swhichsuponscompletion,smustsbessignedsbysthesapplicantsandsag
ent.sWithinswhatsperiodsofstimesmustsansagentssubmitsthissformstosthesinsurersoncesit
sisscomplete?s-sANSWER:ssWithins10sdays
Shellysissconsideredstosbesterminallysillsandshassdecidedstossellsherslifesinsurancespoli
cysinsexchangesforslivingsbenefitsstosfulfillssomesfinalscomfortssandsexpensessbeforesh
ersdeath.sInssellingsherslifesinsurancespolicy,sShellysissreferredstosassa(n)_________andss
heswillsreceivesaspercentagesofsherslifespolicy'ssfacesamountsinsexchangesforsownershi
psofsherspolicy.s-sANSWER:ssViator
WhichsofsthesfollowingsissNOTsastypesofsspeculativesrisk?s-sANSWER:ssUnemployment
, Whichsagencyscollectssandsprovidessreliablesmedicalsinformationsregardingsansapplic
ant'sshealthshistory?s-sANSWER:sThesMIB
Tonyasfailedstospaysherslifespolicy'sspremiumsonsthesdatesinswhichsitsissnormallysdues
andsisscurrentlys23sdaysslate.sAssasresultsofsherspolicy'ssgracesperiodsprovision,swhich
soutcomeswillsoccur?s-
sANSWER:sTonyasisswithinshersgracesperiodsandscanspaysherspremiumsupstos30sors31s
dayssaftersthesdatesinswhichsthespremiumsissnormallysdue;showever,sshesdoessnotsnee
dstospaysbacksanysoutstandingsloansstosthesinsurer.
WhichstypesofsE&Ospolicysprovidesspermanentscoveragesforsthesactionssofsansagentsd
uringswhichstimeshesorssheswasscoveredsunderssuchspolicy,sregardlesssofswhensaslaws
uitsissfiledsagainststhesagent?s-sANSWER:ssOccurrencesPolicy
Insasgroupslifescontract,sevidencesofsinsurabilitysiss-
sANSWER:sRequiredsonlysaftersthesenrollmentsperiodsends.
Perils-
sANSWER:ssForspurposessofsinsurance,swhichsofsthesfollowingsissNOTsconsideredsashaz
ard?
Theslosssmustsbesspeculatives-
sANSWER:sAllsofsthesfollowingsarescharacteristicssofspuresrisksEXCEPT
Twistings-
sANSWER:sWhensansagentspersuadessasclientstoscancelshissorsherscurrentscoveragesfor
saspolicysfromsansentirelysdifferentscompanyssolelystosproducesanothersfirstsyearscom
missionsisscalled?
GracesPeriodsProvisions-
sANSWER:ssInstheseventsaspolicy'sspremiumsisspaidslate,swhichsofsthesfollowingsprovisi
onsswillskeepsthespolicysinsforcesforsasshortsperiodsofstimesthereafterstosallowsthespoli
cyownerstossubmitspayment?
PayorsRiders-
sANSWER:ssInstheseventsthatsasparentsdiessorsbecomessdisabled,swhichsridersallowsssu
rvivingschildscoveragestoscontinuesuntilstheschildsreachessasspecifiedsage?
30-31sdayss-
sANSWER:ssAccordingstosthesNAICsModelsGroupsLifesInsurancesProvisions,swhatsissthes
standardsgracesperiod?
50%s-
sANSWER:ssForsindividualsswhoshavesreachedstheirsnormalsretirementsage,stheirsspou
s s s s s s
wers 100% Correct s s
Whichstypesofsinsurancesprotectssansagentsandsevenspayssclaimssifsaslawsuitsissbroug
htsagainststhesagentsassasresultsofsfailingstosprovidesasservicestosasclient?s–
sANSWER:sErrorssandsOmissionssInsurance
Whichsofsthesfollowingstermssissknownsassthesvoluntarysrelinquishmentsofsasgivensrig
htsorsprivilege?s-sANSWER:sWaiver
ThissSupremesCourtscasesplacedsthesregulationsofsinsuranceswithinsthesauthoritysofst
hesfederalsgovernmentsbysdefiningsinsurancesassasformsofsinterstatescommerce?s-
sANSWER:sUnitedsStatessv.sSoutheasternsUnderwriterssAssociations(1944)
TimswassjustshiredstodaysbysMABsINCsandswantsstosjoinsthescompany'ssgroupsinsuran
cespolicy.sWhatsperiodsofstimesisshescurrentlysinsandswhenscanshesjoinsthesplan?s-
sANSWER:sProbationarysperiod,shescanssignsupsafters90sdays
IfsJustinssubmittedsansinitialspremiumswithshisslifesinsurancesapplication,swassprovid
edsasconditionalsreceiptsbysthesinsurancescompanysandswassultimatelysissuedsaspolic
ysassappliedsfor,swhenswouldshissinsurancespolicysbesconsideredsinsforce?s-
sANSWER:ssThesdatesofshissapplicationsorsthesdayshescompletedsanysrequiredsmedicals
exam
Whensdividendssaresissued,sthespolicyownershassthesfollowingsdividendsoptionssinsut
ilizingsasreturnsEXCEPT:s-sANSWER:ssLifesIncomesOption
WhichstwoslifesinsurancesridersscansBillspurchasestosguaranteesthatshisspolicyswillsco
ntinueswithoutsfurtherscommitmentsfromshimsandsthatsincomeswillsbespaidstoshimsifs
hesbecomesstotallysandspermanentlysdisabled?s-
sANSWER:sWaiversofspremiumsandsDisabilitysIncomesRiders
Insascontributorysgroupsplan,swhatspercentagesofseligiblesemployeessmustsbescovered
?s-sANSWER:ss75%
WhichsstatementsregardingsannuitiessissCORRECT?s-
sANSWER:sVariablesannuitysunitssaresfixedsbutsthesannuityspaymentswillsvarysaccordi
ngstosthesvaluesofsthesannuitysunit.
Insorderstosbesconsideredscurrentlysinsuredsandsthusseligiblesforslimitedssurvivorsbe
nefitssfromsSocialsSecurity,sasworkersmustshavesearneds___screditssduringsthes13-
sANSWER:squartersperiodsendingswithsthesquartersinswhichsthesworkersdied.s-s6
,Socialssecuritysissalsosknownsas:s-
sANSWER:sOldsAgesSurvivorssandsDisabilitysInsurances(OASDI)
Insurancesissnotsintendedstosprotectsagainst?s-sANSWER:ssSpeculativesRisk
Undersasfamilysplanslifesinsurancespolicy,scoveragesonsthesbreadwinnersissoftensprovi
dedsbyswhichsofsthesfollowingsinsurancestypes?s-sANSWER:sWholesLife
Whichsofsthesfollowingsstatementssregardingsannuityssettlementsorspayoutsoptionssis
sNOTstrue?s-
sANSWER:ssIfsthesannuitantsdiessbeforesthesprincipalssumsissdepleted,sthesRefundsLifes
AnnuitysOptionswillspaysthesentiresannuitysamountstosthesbeneficiarysinsaslumpssums
paymentsorsoversscheduledsinstallments.
Thesfollowingsstatementssregardings401(k)sretirementsplanssarescorrectsEXCEPT:s-
sANSWER:sPlanssrarelyshavesasmatchingscontributionscomponentsbysansemployer
AllsofsthesstatementssbelowspertainingstosgroupslifesinsurancesarescorrectsEXCEPT:s-
sANSWER:sIfsthesinsurancescoveragesisslesssthans$75,000,semployeessdosnotshavestosr
eportsthesemployer-paidspremiumssassincome
AccordingstosFloridasStatues,senteringsintosanysagreementstoscommitsanysactsofsintim
idationsresultingsinsthesbusinesssofsinsurancesissknownsas:s-sANSWER:ssCoercion
William,sages67,shassownedshisslifesinsurancespolicysforsthespasts15syearssandshassma
iledshissmonthlyspremiumsstoshisslifesinsurancescompany.sLastsmonthshesfailedstosma
ilsthesmonthlyspaymentsonshisspremiumsduesdatesasswellsassduringshisspolicy'ssgraces
period.sAssasresult,swhichsofsthesfollowingsscenariosswillsMOSTslikelysoccur?s-
sANSWER:sThesinsurerswillsprovidesnotificationsofsimpendingslapsesinscoverage,sands
allowsatsleasts21sadditionalsdayssbeyondsthesgracesperiodstosmakesaspaymentstosprev
entsthespolicysfromslapse
Beforesexecutingsansexchangesofsansannuityscontractsresultingsfromsasrecommendati
onstosasseniorsconsumer,sansinsurancesagentsshouldsmakesreasonableseffortsstosobtai
nsinformationsfromsthesapplicantsconcerningsthessuitabilitysofsthesrecommendationso
nsansapprovedsform,swhichsuponscompletion,smustsbessignedsbysthesapplicantsandsag
ent.sWithinswhatsperiodsofstimesmustsansagentssubmitsthissformstosthesinsurersoncesit
sisscomplete?s-sANSWER:ssWithins10sdays
Shellysissconsideredstosbesterminallysillsandshassdecidedstossellsherslifesinsurancespoli
cysinsexchangesforslivingsbenefitsstosfulfillssomesfinalscomfortssandsexpensessbeforesh
ersdeath.sInssellingsherslifesinsurancespolicy,sShellysissreferredstosassa(n)_________andss
heswillsreceivesaspercentagesofsherslifespolicy'ssfacesamountsinsexchangesforsownershi
psofsherspolicy.s-sANSWER:ssViator
WhichsofsthesfollowingsissNOTsastypesofsspeculativesrisk?s-sANSWER:ssUnemployment
, Whichsagencyscollectssandsprovidessreliablesmedicalsinformationsregardingsansapplic
ant'sshealthshistory?s-sANSWER:sThesMIB
Tonyasfailedstospaysherslifespolicy'sspremiumsonsthesdatesinswhichsitsissnormallysdues
andsisscurrentlys23sdaysslate.sAssasresultsofsherspolicy'ssgracesperiodsprovision,swhich
soutcomeswillsoccur?s-
sANSWER:sTonyasisswithinshersgracesperiodsandscanspaysherspremiumsupstos30sors31s
dayssaftersthesdatesinswhichsthespremiumsissnormallysdue;showever,sshesdoessnotsnee
dstospaysbacksanysoutstandingsloansstosthesinsurer.
WhichstypesofsE&Ospolicysprovidesspermanentscoveragesforsthesactionssofsansagentsd
uringswhichstimeshesorssheswasscoveredsunderssuchspolicy,sregardlesssofswhensaslaws
uitsissfiledsagainststhesagent?s-sANSWER:ssOccurrencesPolicy
Insasgroupslifescontract,sevidencesofsinsurabilitysiss-
sANSWER:sRequiredsonlysaftersthesenrollmentsperiodsends.
Perils-
sANSWER:ssForspurposessofsinsurance,swhichsofsthesfollowingsissNOTsconsideredsashaz
ard?
Theslosssmustsbesspeculatives-
sANSWER:sAllsofsthesfollowingsarescharacteristicssofspuresrisksEXCEPT
Twistings-
sANSWER:sWhensansagentspersuadessasclientstoscancelshissorsherscurrentscoveragesfor
saspolicysfromsansentirelysdifferentscompanyssolelystosproducesanothersfirstsyearscom
missionsisscalled?
GracesPeriodsProvisions-
sANSWER:ssInstheseventsaspolicy'sspremiumsisspaidslate,swhichsofsthesfollowingsprovisi
onsswillskeepsthespolicysinsforcesforsasshortsperiodsofstimesthereafterstosallowsthespoli
cyownerstossubmitspayment?
PayorsRiders-
sANSWER:ssInstheseventsthatsasparentsdiessorsbecomessdisabled,swhichsridersallowsssu
rvivingschildscoveragestoscontinuesuntilstheschildsreachessasspecifiedsage?
30-31sdayss-
sANSWER:ssAccordingstosthesNAICsModelsGroupsLifesInsurancesProvisions,swhatsissthes
standardsgracesperiod?
50%s-
sANSWER:ssForsindividualsswhoshavesreachedstheirsnormalsretirementsage,stheirsspou
