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214 Florida Insurance Questions with 100%
Verified Answers 2025 | 2026
Which type of insurance protects an agent and even pays claims
if a lawsuit is brought against the agent as a result of failing to
provide a service to a client? - ANSWER Errors and Omissions
Insurance
Which of the following terms is known as the voluntary
relinquishment of a given right or privilege? - ANSWER Waiver
This Supreme Court case placed the regulation of insurance
within the authority of the federal government by defining
insurance as a form of interstate commerce? - ANSWER United
States v. Southeastern Underwriters Association (1944)
Tim was just hired today by MAB INC and wants to join the
company's group insurance policy. What period of time is he
currently in and when can he join the plan? - ANSWER
Probationary period, he can sign up after 90 days
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If Justin submitted an initial premium with his life insurance
application, was provided a conditional receipt by the insurance
company and was ultimately issued a policy as applied for,
when would his insurance policy be considered in force? -
ANSWER The date of his application or the day he completed
any required medical exam
When dividends are issued, the policyowner has the following
dividend options in utilizing a return EXCEPT: - ANSWER Life
Income Option
Which two life insurance riders can Bill purchase to guarantee
that his policy will continue without further commitment from
him and that income will be paid to him if he becomes totally
and permanently disabled? - ANSWER Waiver of premium and
Disability Income Riders
In a contributory group plan, what percentage of eligible
employees must be covered? - ANSWER 75%
Which statement regarding annuities is CORRECT? - ANSWER
Variable annuity units are fixed but the annuity payment will
vary according to the value of the annuity unit.
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In order to be considered currently insured and thus eligible for
limited survivor benefits from Social Security, a worker must
have earned ___ credits during the 13-quarter period ending
with the quarter in which the worker died. - ANSWER 6
Social security is also known as: - ANSWER Old Age Survivors
and Disability Insurance (OASDI)
Insurance is not intended to protect against? - ANSWER
Speculative Risk
Under a family plan life insurance policy, coverage on the
breadwinner is often provided by which of the following
insurance types? - ANSWER Whole Life
Which of the following statements regarding annuity settlement
or payout options is NOT true? - ANSWER If the annuitant dies
before the principal sum is depleted, the Refund Life Annuity
Option will pay the entire annuity amount to the beneficiary in
a lump sum payment or over scheduled installments.
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The following statements regarding 401(k) retirement plans are
correct EXCEPT: - ANSWER Plans rarely have a matching
contribution component by an employer
All of the statements below pertaining to group life insurance
are correct EXCEPT: - ANSWER If the insurance coverage is less
than $75,000, employees do not have to report the employer-
paid premiums as income
According to Florida Statues, entering into any agreement to
commit any act of intimidation resulting in the business of
insurance is known as: - ANSWER Coercion
William, age 67, has owned his life insurance policy for the past
15 years and has mailed his monthly premiums to his life
insurance company. Last month he failed to mail the monthly
payment on his premium due date as well as during his policy's
grace period. As a result, which of the following scenarios will
MOST likely occur? - ANSWER The insurer will provide
notification of impending lapse in coverage, and allow at least
21 additional days beyond the grace period to make a payment
to prevent the policy from lapse
214 Florida Insurance Questions with 100%
Verified Answers 2025 | 2026
Which type of insurance protects an agent and even pays claims
if a lawsuit is brought against the agent as a result of failing to
provide a service to a client? - ANSWER Errors and Omissions
Insurance
Which of the following terms is known as the voluntary
relinquishment of a given right or privilege? - ANSWER Waiver
This Supreme Court case placed the regulation of insurance
within the authority of the federal government by defining
insurance as a form of interstate commerce? - ANSWER United
States v. Southeastern Underwriters Association (1944)
Tim was just hired today by MAB INC and wants to join the
company's group insurance policy. What period of time is he
currently in and when can he join the plan? - ANSWER
Probationary period, he can sign up after 90 days
,2|Page
If Justin submitted an initial premium with his life insurance
application, was provided a conditional receipt by the insurance
company and was ultimately issued a policy as applied for,
when would his insurance policy be considered in force? -
ANSWER The date of his application or the day he completed
any required medical exam
When dividends are issued, the policyowner has the following
dividend options in utilizing a return EXCEPT: - ANSWER Life
Income Option
Which two life insurance riders can Bill purchase to guarantee
that his policy will continue without further commitment from
him and that income will be paid to him if he becomes totally
and permanently disabled? - ANSWER Waiver of premium and
Disability Income Riders
In a contributory group plan, what percentage of eligible
employees must be covered? - ANSWER 75%
Which statement regarding annuities is CORRECT? - ANSWER
Variable annuity units are fixed but the annuity payment will
vary according to the value of the annuity unit.
,3|Page
In order to be considered currently insured and thus eligible for
limited survivor benefits from Social Security, a worker must
have earned ___ credits during the 13-quarter period ending
with the quarter in which the worker died. - ANSWER 6
Social security is also known as: - ANSWER Old Age Survivors
and Disability Insurance (OASDI)
Insurance is not intended to protect against? - ANSWER
Speculative Risk
Under a family plan life insurance policy, coverage on the
breadwinner is often provided by which of the following
insurance types? - ANSWER Whole Life
Which of the following statements regarding annuity settlement
or payout options is NOT true? - ANSWER If the annuitant dies
before the principal sum is depleted, the Refund Life Annuity
Option will pay the entire annuity amount to the beneficiary in
a lump sum payment or over scheduled installments.
, 4|Page
The following statements regarding 401(k) retirement plans are
correct EXCEPT: - ANSWER Plans rarely have a matching
contribution component by an employer
All of the statements below pertaining to group life insurance
are correct EXCEPT: - ANSWER If the insurance coverage is less
than $75,000, employees do not have to report the employer-
paid premiums as income
According to Florida Statues, entering into any agreement to
commit any act of intimidation resulting in the business of
insurance is known as: - ANSWER Coercion
William, age 67, has owned his life insurance policy for the past
15 years and has mailed his monthly premiums to his life
insurance company. Last month he failed to mail the monthly
payment on his premium due date as well as during his policy's
grace period. As a result, which of the following scenarios will
MOST likely occur? - ANSWER The insurer will provide
notification of impending lapse in coverage, and allow at least
21 additional days beyond the grace period to make a payment
to prevent the policy from lapse
