FLA 0214 Final Exam With Correct
Answers
Common fDisaster fClause fprovides fthat fif fboth fthe finsured fand fthe fsole fnamed
fbeneficiary fwere fto fdie fin fa fcommon faccident, fwhich fof fthe ffollowing fis ftrue? f-
fCORRECT✅✅This fclause fprovides fthe fpayment fof fproceeds fto fthe finsured's festate
Under fa flife finsurance fpolicy fthe f___ fhas fthe fauthority fto fname fthe fbeneficiary? f-
fCORRECT✅✅owner
B frecently fdied fand fwas finsured fwith fa flife finsurance fpolicy ffor fover ffive fyears.
fDuring fthe fclaims fprocess, fthe finsurer fdiscovered fthat fB fhad funderstated fhis fage fby
f5 fyears fat fthe ftime fof fapplication. fIn fthis fsituation, fthe finsurer fwill f-
fCORRECT✅✅Pay fthe famount fthat fthe fpremium fwould fhave fpurchased fat fthe
fcorrect fage.
Which fUnfair fTrade fPractice finvolves fan fagent fsuggesting fthat fan finsurance fpolicy fis
flike fa fshare fof fstock?
f*Twisting
f*Intimidation
f*Misrepresentation
f*Sliding f- fCORRECT✅✅misrepresentation
L ftakes fout fa flife finsurance fpolicy fand fdies f10 fyears flater. fDuring fthe fclaim fprocess,
fthe finsurer fdiscovers fthat fL fhad funderstated fher fage fon fthe fapplication. fUnder fthe
fMisstatement fof fAge fprovision, fthe finsurer fwill f- fCORRECT✅✅adjust fthe fdeath
fbenefit fto fa freduced famount
W fgave fW's fage fas f50 fwhen fW fpurchased fa fLife fpolicy. fAt fthe ftime fof fW's fdeath
fseven fyears flater, fthe fcompany fdiscovered fW's ftrue fage fat fissue fhad fbeen f59. fWhat
fwould fthe fnormal fprocedure fbe funder fthe fmisstatement fof fage fprovision fin fregard fto
fthe fpayment fof fthe fdeath fclaim? f- fCORRECT✅✅The fproceeds fwould fbe freduced
fbased fon fwhatever fthe fpremium fwould fhave fbeen fif fpurchased fat fage f59
The ffinancial fservices fcommission fmay fhold fhearings f- fCORRECT✅✅for fany
freason fdeemed fnecessary
In fFlorida, fwhich fagency fis fresponsible ffor fthe frehabilitation for fliquidation fof finsurers?
f- fCORRECT✅✅The fDepartment fof fFinancial fServices
, All fof fthe ffollowing fentries fare fclassified funder fthe ffour fprinciples fareas fof fFlorida
finsurance flaw fEXCEPT f- fCORRECT✅✅An fagent's fcommission
All fof fthe ffollowing fare fNonforfeiture fOptions fEXCEPT f- fCORRECT✅✅Automatic
fPremium fLoan fOption
Under ffederal ftax flaws, fwhat fis fthe ftax ftreatment ffor fan femployer fproviding f$50,000
fof fa fcontributory fgroup fTerm fLife fplan fto fall fits feligible femployees? f-
fCORRECT✅✅Portion fof fthe fpremiums fpaid ffor fby fthe femployer fmay fbe fa ftax
fdeduction
What fgroup fterm flife ffeature fpermits fan findividual fto fdepart ffrom fthe fgroup fand
fcontinue fto fbe fcovered fwithout fproviding fevidence fof finsurability? f-
fCORRECT✅✅Conversion
A freturn fof fPremium flife finsurance fpolicy fis: f- fCORRECT✅✅Whole flife fand
fIncreasing fterm
Which fof fthe ffollowing fis fthe fbest fdescription fof f'insurer'? f- fCORRECT✅✅Any
fperson, fcorporation, fassociation for fsociety fthat fwrites finsurance fcontracts
How fare fRoth fIRA fdistributions fnormally ftaxed? f- fCORRECT✅✅Distributions fare
freceived ftax-free
What fkind fof fpolicy feither fpays fthe fface fvalue fupon fthe fdeath fof fthe finsured for fwhen
fthe finsured freaches fage f100? f- fCORRECT✅✅Whole fLife
According fto fFlorida's flife finsurance freplacement flaws, fa fpolicyowner fmust fbe fproved
fwith fa fwritten fComparison fand fSummary fstatement fwhen fit's frequested fby: f-
fCORRECT✅✅the fpolicyowner
Two fpartners fown fequal fshares fin fa fbusiness fworth fa ftotal fof f$1,000,000. fIf fthey
fboth fcommit fto fthe fpurchase fof fa flife finsurance fpolicy fthat fwill ffund fa fBuy-Sell
fAgreement, fwhich fof fthe ffollowing fis fTRUE? f- fCORRECT✅✅Each fpartner fowns fa
f$500,000 fpolicy fon ftheir fpartner's flife
Agents fthat fhave fbeen flicensed ffor fless fthan fsix fyears fmust fcomplete f__ fhours fof
fcontinuing feducation fevery ftwo fyears. f- fCORRECT✅✅24
Information fobtained ffrom fa fphone fconversation fto fthe fproposed finsured fcan fbe
ffound fin fwhich fof fthese freports? f- fCORRECT✅✅inspection freport
Which fdepartment foversees fMarket fConduct fExaminations fin fFlorida? f-
fCORRECT✅✅The fOffice fof fInsurance fRegulation f(OIR)
Answers
Common fDisaster fClause fprovides fthat fif fboth fthe finsured fand fthe fsole fnamed
fbeneficiary fwere fto fdie fin fa fcommon faccident, fwhich fof fthe ffollowing fis ftrue? f-
fCORRECT✅✅This fclause fprovides fthe fpayment fof fproceeds fto fthe finsured's festate
Under fa flife finsurance fpolicy fthe f___ fhas fthe fauthority fto fname fthe fbeneficiary? f-
fCORRECT✅✅owner
B frecently fdied fand fwas finsured fwith fa flife finsurance fpolicy ffor fover ffive fyears.
fDuring fthe fclaims fprocess, fthe finsurer fdiscovered fthat fB fhad funderstated fhis fage fby
f5 fyears fat fthe ftime fof fapplication. fIn fthis fsituation, fthe finsurer fwill f-
fCORRECT✅✅Pay fthe famount fthat fthe fpremium fwould fhave fpurchased fat fthe
fcorrect fage.
Which fUnfair fTrade fPractice finvolves fan fagent fsuggesting fthat fan finsurance fpolicy fis
flike fa fshare fof fstock?
f*Twisting
f*Intimidation
f*Misrepresentation
f*Sliding f- fCORRECT✅✅misrepresentation
L ftakes fout fa flife finsurance fpolicy fand fdies f10 fyears flater. fDuring fthe fclaim fprocess,
fthe finsurer fdiscovers fthat fL fhad funderstated fher fage fon fthe fapplication. fUnder fthe
fMisstatement fof fAge fprovision, fthe finsurer fwill f- fCORRECT✅✅adjust fthe fdeath
fbenefit fto fa freduced famount
W fgave fW's fage fas f50 fwhen fW fpurchased fa fLife fpolicy. fAt fthe ftime fof fW's fdeath
fseven fyears flater, fthe fcompany fdiscovered fW's ftrue fage fat fissue fhad fbeen f59. fWhat
fwould fthe fnormal fprocedure fbe funder fthe fmisstatement fof fage fprovision fin fregard fto
fthe fpayment fof fthe fdeath fclaim? f- fCORRECT✅✅The fproceeds fwould fbe freduced
fbased fon fwhatever fthe fpremium fwould fhave fbeen fif fpurchased fat fage f59
The ffinancial fservices fcommission fmay fhold fhearings f- fCORRECT✅✅for fany
freason fdeemed fnecessary
In fFlorida, fwhich fagency fis fresponsible ffor fthe frehabilitation for fliquidation fof finsurers?
f- fCORRECT✅✅The fDepartment fof fFinancial fServices
, All fof fthe ffollowing fentries fare fclassified funder fthe ffour fprinciples fareas fof fFlorida
finsurance flaw fEXCEPT f- fCORRECT✅✅An fagent's fcommission
All fof fthe ffollowing fare fNonforfeiture fOptions fEXCEPT f- fCORRECT✅✅Automatic
fPremium fLoan fOption
Under ffederal ftax flaws, fwhat fis fthe ftax ftreatment ffor fan femployer fproviding f$50,000
fof fa fcontributory fgroup fTerm fLife fplan fto fall fits feligible femployees? f-
fCORRECT✅✅Portion fof fthe fpremiums fpaid ffor fby fthe femployer fmay fbe fa ftax
fdeduction
What fgroup fterm flife ffeature fpermits fan findividual fto fdepart ffrom fthe fgroup fand
fcontinue fto fbe fcovered fwithout fproviding fevidence fof finsurability? f-
fCORRECT✅✅Conversion
A freturn fof fPremium flife finsurance fpolicy fis: f- fCORRECT✅✅Whole flife fand
fIncreasing fterm
Which fof fthe ffollowing fis fthe fbest fdescription fof f'insurer'? f- fCORRECT✅✅Any
fperson, fcorporation, fassociation for fsociety fthat fwrites finsurance fcontracts
How fare fRoth fIRA fdistributions fnormally ftaxed? f- fCORRECT✅✅Distributions fare
freceived ftax-free
What fkind fof fpolicy feither fpays fthe fface fvalue fupon fthe fdeath fof fthe finsured for fwhen
fthe finsured freaches fage f100? f- fCORRECT✅✅Whole fLife
According fto fFlorida's flife finsurance freplacement flaws, fa fpolicyowner fmust fbe fproved
fwith fa fwritten fComparison fand fSummary fstatement fwhen fit's frequested fby: f-
fCORRECT✅✅the fpolicyowner
Two fpartners fown fequal fshares fin fa fbusiness fworth fa ftotal fof f$1,000,000. fIf fthey
fboth fcommit fto fthe fpurchase fof fa flife finsurance fpolicy fthat fwill ffund fa fBuy-Sell
fAgreement, fwhich fof fthe ffollowing fis fTRUE? f- fCORRECT✅✅Each fpartner fowns fa
f$500,000 fpolicy fon ftheir fpartner's flife
Agents fthat fhave fbeen flicensed ffor fless fthan fsix fyears fmust fcomplete f__ fhours fof
fcontinuing feducation fevery ftwo fyears. f- fCORRECT✅✅24
Information fobtained ffrom fa fphone fconversation fto fthe fproposed finsured fcan fbe
ffound fin fwhich fof fthese freports? f- fCORRECT✅✅inspection freport
Which fdepartment foversees fMarket fConduct fExaminations fin fFlorida? f-
fCORRECT✅✅The fOffice fof fInsurance fRegulation f(OIR)
