FL STATUTES, RULES, REGS
PERTINENT TO LIFE / ANNUITY
INSURANCE INCLUDING VARIABLE
PRODUCTS EXAM Q&A
Licensing Requirements - ANSWER-mandates by the state that are needed in order
to apply and acquire licensure (including experience, education, examination and
supervision)
Exclusion Ratio - ANSWER-method of determining which part of an annuity payment
is taxable, and which part represents the tax-free return of the annuitant's after-tax
cost basis.
Florida Replacement Rule - ANSWER-the requirements and procedures to be
followed by insurance companies and insurance producers when a proposal is being
made to a client who plans to replace existing life insurance contract(s) with the
proposed new life insurance policy.
Buyer's Guide - ANSWER-A booklet that describes insurance policies and concepts,
and provides general information to help an applicant make an informed decision.
Policy Summary - ANSWER-a written statement describing the features and
elements of the policy being issued
Policy Conversion - ANSWER-Conversion of insurance policy is the surrender of a
life insurance policy to the insurer in exchange for another policy pursuant to a right
or privilege provided the insured in the original policy. A conversion insurance policy
must provide benefits equal to those provided under the original group insurance
policy.
Policy Assignment - ANSWER-Anyone to whom the policy is transferred receives full
benefits of policy ownership through a process. The policyowner may assign a part
of the policy or the entire policy.
fixed premium variable life - ANSWER-A payment for an insurance policy or annuity
that does not change over the life of the policy or annuity. Fixed premiums have
fewer risks for the policyholder or annuitant, and are very common. See also:
Variable premium.
flexible premium variable life - ANSWER-Flexible premium variable life insurance is
a type of whole life policy. This means that you are provided with coverage for your
life and your death benefit will pay no matter when you die, as long as you don't let
the policy lapse.
Variable Annuity - ANSWER-money is put into separate accounts and the growth will
fluctuate. The payouts are also variable
PERTINENT TO LIFE / ANNUITY
INSURANCE INCLUDING VARIABLE
PRODUCTS EXAM Q&A
Licensing Requirements - ANSWER-mandates by the state that are needed in order
to apply and acquire licensure (including experience, education, examination and
supervision)
Exclusion Ratio - ANSWER-method of determining which part of an annuity payment
is taxable, and which part represents the tax-free return of the annuitant's after-tax
cost basis.
Florida Replacement Rule - ANSWER-the requirements and procedures to be
followed by insurance companies and insurance producers when a proposal is being
made to a client who plans to replace existing life insurance contract(s) with the
proposed new life insurance policy.
Buyer's Guide - ANSWER-A booklet that describes insurance policies and concepts,
and provides general information to help an applicant make an informed decision.
Policy Summary - ANSWER-a written statement describing the features and
elements of the policy being issued
Policy Conversion - ANSWER-Conversion of insurance policy is the surrender of a
life insurance policy to the insurer in exchange for another policy pursuant to a right
or privilege provided the insured in the original policy. A conversion insurance policy
must provide benefits equal to those provided under the original group insurance
policy.
Policy Assignment - ANSWER-Anyone to whom the policy is transferred receives full
benefits of policy ownership through a process. The policyowner may assign a part
of the policy or the entire policy.
fixed premium variable life - ANSWER-A payment for an insurance policy or annuity
that does not change over the life of the policy or annuity. Fixed premiums have
fewer risks for the policyholder or annuitant, and are very common. See also:
Variable premium.
flexible premium variable life - ANSWER-Flexible premium variable life insurance is
a type of whole life policy. This means that you are provided with coverage for your
life and your death benefit will pay no matter when you die, as long as you don't let
the policy lapse.
Variable Annuity - ANSWER-money is put into separate accounts and the growth will
fluctuate. The payouts are also variable