LIFE AND ANUITY (BUSINESS INSURANCE)
EXAM QUESTIONS AND ACCURATE
SOLUTIONS RATED AND VERIFIED A
FLORIDA STATE UNIVERSITY.
Which of these is an element of a variable life policy?
a fixed, level premium
which type of insurance company allows their policyowners to elect a
governing body
mutual insurance companies
Florida's 14-day free-look period for life insurance policies begins at the
date of delivery
who has the option to new a renewable term policy
insured
S is close to retiring and would like to purchase a policy that will yield
greater gains than bonds, but will still protect the principal with a
minimum level or risk. Which product would S be advised to purchase?
Equity index insurance
P is a producer who notices 5 questions on a life application were not
answered. What actions should P take?
Set up a meeting with the applicant to answer the remaining questions
A policy that becomes a Modified Endowment Contract (MEC):
will loose many of its tax advantages
which department oversees market conduct examinations in florida
,Office of insurance regulation
All of the following are eligibility requirements for an association group
EXCEPT
Contributory plans require a minimum of 25 participants
Omitting information that affects the issuance or the rate of an insurance
contract is called
concealment
Which of the following features of a group Term Life policy enables an
individual to leave the group and continue his or her insurance without
providing evidence of insurability?
Conversion privilege
Which of these statements describe a Modified Endowment Contract
(MEC)?
exceeds the maximum amount that can be paid into a policy and still have it
recognized as a life insurance contract
K buys a policy where the premium stays fixed for the first 5 years. The
premium then increases in year 6 and stays level thereafter, all the while
the death benefit remains the same. What kind of policy is this?
Modified Whole Life
Which of the following can an agent provide to help a prospective client
understand and purchase the most appropriate product?
buyer's guide
what is the main reason for regulating the insurance industry
maintain the solvency of insurance companies
Which of the following professional organizations has its code of ethics
incorporated into Florida law?
National Association of Insurance and Financial Advisors (NAIFA)
, S recently received a $500,000 lump sum retirement buyout from her
employer. She would like to buy an annuity that will immediately furnish
her with a guaranteed income for life. What type of annuity is best suited
for her situation?
Single Premium
A life policy loan in Florida cannot charge a fixed rate of interest higher
than
10%
Which action could result in a hearing being ordered by the Department of
Financial Services?
Performing insurance transactions without a license
Which type of life policy contains a monthly mortality charge as well as
self-directed investment choices?
Variable Universal Life
T is an employee covered under a Group Life policy. If T's employment is
terminated, the conversion privilege gives T the right to convert
to an individual policy upon employment termination
During the application process, the agent's primary responsibility is to
the insurance company
what is the initial course of underwriting for an insurance policy
application containing statements from the insured
T is an agent and when hired, is reminded that he has a responsibility to
handle clients' funds in an honest and ethical manner. This responsibility
is referred to as
fiduciary responsibility
A stock life insurance company that issues both participating and
nonparticipating policies is doing business on
EXAM QUESTIONS AND ACCURATE
SOLUTIONS RATED AND VERIFIED A
FLORIDA STATE UNIVERSITY.
Which of these is an element of a variable life policy?
a fixed, level premium
which type of insurance company allows their policyowners to elect a
governing body
mutual insurance companies
Florida's 14-day free-look period for life insurance policies begins at the
date of delivery
who has the option to new a renewable term policy
insured
S is close to retiring and would like to purchase a policy that will yield
greater gains than bonds, but will still protect the principal with a
minimum level or risk. Which product would S be advised to purchase?
Equity index insurance
P is a producer who notices 5 questions on a life application were not
answered. What actions should P take?
Set up a meeting with the applicant to answer the remaining questions
A policy that becomes a Modified Endowment Contract (MEC):
will loose many of its tax advantages
which department oversees market conduct examinations in florida
,Office of insurance regulation
All of the following are eligibility requirements for an association group
EXCEPT
Contributory plans require a minimum of 25 participants
Omitting information that affects the issuance or the rate of an insurance
contract is called
concealment
Which of the following features of a group Term Life policy enables an
individual to leave the group and continue his or her insurance without
providing evidence of insurability?
Conversion privilege
Which of these statements describe a Modified Endowment Contract
(MEC)?
exceeds the maximum amount that can be paid into a policy and still have it
recognized as a life insurance contract
K buys a policy where the premium stays fixed for the first 5 years. The
premium then increases in year 6 and stays level thereafter, all the while
the death benefit remains the same. What kind of policy is this?
Modified Whole Life
Which of the following can an agent provide to help a prospective client
understand and purchase the most appropriate product?
buyer's guide
what is the main reason for regulating the insurance industry
maintain the solvency of insurance companies
Which of the following professional organizations has its code of ethics
incorporated into Florida law?
National Association of Insurance and Financial Advisors (NAIFA)
, S recently received a $500,000 lump sum retirement buyout from her
employer. She would like to buy an annuity that will immediately furnish
her with a guaranteed income for life. What type of annuity is best suited
for her situation?
Single Premium
A life policy loan in Florida cannot charge a fixed rate of interest higher
than
10%
Which action could result in a hearing being ordered by the Department of
Financial Services?
Performing insurance transactions without a license
Which type of life policy contains a monthly mortality charge as well as
self-directed investment choices?
Variable Universal Life
T is an employee covered under a Group Life policy. If T's employment is
terminated, the conversion privilege gives T the right to convert
to an individual policy upon employment termination
During the application process, the agent's primary responsibility is to
the insurance company
what is the initial course of underwriting for an insurance policy
application containing statements from the insured
T is an agent and when hired, is reminded that he has a responsibility to
handle clients' funds in an honest and ethical manner. This responsibility
is referred to as
fiduciary responsibility
A stock life insurance company that issues both participating and
nonparticipating policies is doing business on
