Florida Insurance Exam

Florida Insurance Exam

A Business Disability Buyout plan policy is designed: -- correct ans--to pay benefits to
the Corporation or other shareholders

A license may be denied, suspended, or revoked if the licensee -- correct ans--is found
guilty of misrepresentation

ArylicensedryagentrymustryberyappointedrybyryanryinsurancerycompanyrytorysolicitryinsuranceryinryF
lorida.ryTheryagent'srylicenserywillryterminateryifryarycertainryperiodryofrytimeryelapsesrywithoutrybei
ngryappointed.ryHowrylongryisrythisryperiodryofrytime?ry--rycorrectryans--48rymonths

Aryliferyinsuranceryapplicationrymustryberysignedrybyryallryofrythese,ryEXCEPT:ry--rycorrectryans--
beneficiary

Aryliferyinsuranceryarrangementrywhichrycircumventsryinsurableryinterestrystatutesryisrycalled:ry--
rycorrectryans--Investor-OriginatedryLiferyInsurance




Aryliferyinsurancerypolicyownerrymayrysellrytheirrypolicyrytorya(n)ry_____ryinryorderrytoryreceiveryaryp
ercentageryofrytherypolicy'sryfaceryvalue.ry--rycorrectryans--viaticalrysettlementryprovider

ArypersonryinsuredryunderryaryhealthrypolicyryisryrequiredrytorygiverytheryinsurancerycompanyryaryN
oticeryofryClaimrywithinryhowrymanyrydaysryafterryarycoveredryloss?ry--rycorrectryans--Twenty

Arypolicyryloanryisrymaderypossiblerybyrywhichryofrytheseryliferyinsurancerypolicyryfeatures?ry--
rycorrectryans--Cashryvalueryprovision




Arypotentialryclient,ryagery40,rywouldrylikerytorypurchaseryaryWholeryLiferypolicyrythatrywillryaccumul
aterycashryvalueryatryaryfasterryrateryinrytheryearlyryyearsryofrytherypolicy.ryWhichryofrytheserystateme
ntsrymaderybyrytheryproducerrywouldryberycorrect?ry--rycorrectryans--20-
PayryLiferyaccumulatesrycashryvalueryfasterrythanryStraightryLife

Arystockryinsurancerycompanyry--rycorrectryans--isryownedryexclusivelyrybyryitsryshareholders

Arytermryliferyinsurancerypolicyrymatures:ry--rycorrectryans--
uponrytheryinsured'srydeathryduringrytherytermryofrytherypolicy

AccordingrytoryFloridarylaw,rygroupryliferyinsuranceryconversionryprivilegesrymustryNOTry--
rycorrectryans--requireryevidenceryofryinsurability




AccordingrytoryFloridaryLaw,ryinrywhichryofrytheryfollowingrysituationsrywouldryarydependentryhandi
cappedrychildryNOTryberycoveredryunderryaryFamilyryHealthrypolicy?ry--rycorrectryans--
Therypremiumsryforrytheryhandicappedrychildryarerynotrypaid

, AccordingrytoryFloridarylaw,rywhenrymustryanryagentrydeliverrytheryOutlineryofryCoveragerytoryaryMe
dicarerySupplementryapplicant?ry--rycorrectryans--Atrytherytimeryofryapplication

AccordingrytoryFloridarylaw,rywhichryofrytheryfollowingryinformationrydoesryNOTryneedrytoryberyobta
inedrybyryanryagentryrecommendingryanryannuityrypurchase?ry--rycorrectryans--Maritalrystatus

AccordingrytoryFlorida'sryrulesryonrydisclosure,ryaryliferyinsuranceryapplicantryisryexpectedrytorybery
providedrywithry--rycorrectryans--aryCertificateryofryCoverageryandryBuyer'sryGuide

AccordingrytorytheryTimeryPaymentryofryClaimsryprovision,rytheryinsurerrymustrypayryDisabilityryIn
comerybenefitsrynorylessryfrequentlyrythanrywhichryofrytheryfollowingryoptions?ry--rycorrectryans--
Monthly

Advertisingrygiftsrynotrytoryexceedry___ryareryallowedrytoryberygivenrybyryanryagentrytoryaryprospecti
veryclient.ry--rycorrectryans--$25

Afterryanryinsuredrygivesrynoticeryofryloss,rywhatrymustryhe/sherydoryifrytheryinsurerrydoesrynotryfurni
shryforms?ry--rycorrectryans--Filerywrittenryproofryofryloss

AgentryJrytakesryanryapplicationryandryinitialrypremiumryfromryanryapplicantryandrysendsrytheryappl
icationryandrypremiumrycheckrytorytheryinsurancerycompany.ryTheryinsurancerycompanyryreturn
srytherycheckrybackrytoryJrybecauserytherycheckryisrymaderyoutrytoryJryinsteadryofrytheryinsuranceryco
mpany.ryWhatryactionryshouldryJrytake?ry--rycorrectryans--
Returnrytorytherycustomer,rycollectryarynewrycheckrymaderyoutrytorytheryinsurancerycompany,ryandr
ysendrytherynewrycheckryoutrytorytheryinsurancerycompany




AllryofrytheryfollowingryareryNonforfeitureryOptionsryEXCEPTry--rycorrectryans--
AutomaticryPremiumryLoanryOption

Allryofrytheryfollowingrystatementsryaboutrytraditionalryindividualryretirementryaccountsryareryfals
eryEXCEPTry--rycorrectryans--10%rypenaltyryisryappliedrytorywithdrawalsrybeforeryagery59ry1/2

AllryofrytheserySettlementryoptionsryinvolverytherysystematicryliquidationryofrytherydeathryproceed
sryinrytheryeventryofrytheryinsured'srydeath,ryEXCEPT:ry--rycorrectryans--InterestryOnly

AnryagentrysellingryMedicarerySupplementrypoliciesrymustryprovideryeveryryapplicantrywithrya(n)ry
--rycorrectryans--Suitabilityryform

Anryagent'srylicenserycanryberysuspendedryorryrevokedrybyry--rycorrectryans--
writingryprimarilyrycontrolledrybusiness

Anryengineeringryfirmrythatrywouldrysufferryfinanciallyryfromrytherydeathryofryaryprojectrymanagerrys
houldrypurchaserya:ry--rycorrectryans--KeyryPersonryLiferyPolicy