214 Florida Insurance Questions And Answers

214 Florida Insurance Questions And
Answers
1vyearv-vCORRECTvvANSWER-
Anv'invforce'vlifevinsurancevpolicyvillustrationvisvdefinedvasvanvillustrationvthatvisvfurnishedvatv
anyvtimevaftervthevpolicyvthatvitvdepictsvhasvbeenvinvforcevforvatvleastvhowvlong?

100%v-vCORRECTvvANSWER-Avnon-
contributoryvgroupvpolicyvrequiresvwhichvpercentagevofveligiblevemployeesvtovbevcovered?

100%v-vCORRECTvvANSWER-
Whenvanvemployeevmakesvcontributionsvintovavpensionvplan,vwhatvpercentagevofvhisvorvher
vownvcontributionsvarevvested?




1000x24vmonthsv=v?v-vCORRECTvvANSWER-
CarlvpurchasedvanvImmediatevAnnuityvwithvav5-
yearv'lifevwithvperiodvcertainvoption,'vwhichvpaysvhimv$1,000vpervmonth.vExactlyv3vyearsvaft
ervhisvpolicyvstartvdatevCarlvdies.vHowvmuchvmoneyvwillvhisvbeneficiaryvreceivevforvthevrema
indervofvthevpolicy?

14vdaysvforvlifevpoliciesvandv21vdaysvforvannuitiesv-vCORRECTvvANSWER-
UndervFloridavlaw,vhowvlongvmustvanvindividualvbevallowedvtovreviewvavnewvlifevpolicyvorvan
nuityvcontractvwithvthevoptionvofvanvunconditionalvrefundvifvnotvfullyvsatisfied?

24v-vCORRECTvvANSWER-
Howvmanyvhoursvofvcontinuingveducationvmustvavlifevand/orvhealthvinsurancevagentvcompl
etevwhovhasvheldvanvinsurancevlicensevforvavperiodvofvlessvthanv6vyears?

25-yearv$85,000vDecreasingvTermvLifevpolicyv-vCORRECTvvANSWER-
Charlesvhasvav$85,000v25-
yearvmortgagevandvwantsvtovpurchasevavlifevinsurancevpolicyvthatvwouldvcovervanyvoutstan
dingvbalancevonvthevmortgagevifvhevwerevtovpre-
maturelyvdie,vwhichvofvthevfollowingvpoliciesvwouldvbevthevmostvlogicalvforvhimvtovpurchase?

30vdaysv-vCORRECTvvANSWER-
WithinvwhatvamountvofvtimevmustvavlicensedvinsurancevagentvreportvtovthevFloridavDepartm
entvofvFinancialvServicesvthatvhe/shevhasvbeenvfoundvguiltyvofvorvhasvpleadedvguiltyvtovavfel
onyvorvcrimevpunishablevbyvimprisonmentvofv1vyearvorvmore?

,30vdaysv-vCORRECTvvANSWER-
WithinvwhatvperiodvofvtimevmustvanvagentvnotifyvthevFloridavDepartmentvofvFinancialvServic
esvofvanyvchangevinvaddress?

30-31vdaysv-vCORRECTvvANSWER-
AccordingvtovthevNAICvModelvGroupvLifevInsurancevProvisions,vwhatvisvthevstandardvgracev
period?

4vcreditsv-vCORRECTvvANSWER-
WhatvisvthevmaximumvnumbervofvSocialvSecurityvcreditsvanvindividualvcanvearnvpervyear?

40vcreditsv-vCORRECTvvANSWER-
WhatvisvthevfullvamountvofvSocialvSecurityvcreditsvneededvtovbevfullyvinsuredvforvbenefits?

50%v-vCORRECTvvANSWER-
Forvindividualsvwhovhavevreachedvtheirvnormalvretirementvage,vtheirvspousesvareventitledva
vretirementvbenefitvthatvisvequalvtovwhatvpercentagevofvthevretiredvworker'svprimaryvinsuran

cevamountv(PIA)?

50%v-vCORRECTvvANSWER-
Forvindividualsvwhovhavevreachedvtheirvnormalvretirementvage,vtheirvspousesvareventitledva
vretirementvbenefitvthatvisvequalvtovwhatvpercentagevofvthevretiredvworker'svprimaryvinsuran

cevamountv(PIA)?

6v-vCORRECTvvANSWER-Invav3vpartnervcross-
purchasevplan,vhowvmanyvpoliciesvneedvtovbevpurchasedvinvordervtovprotectveachvpartnerva
gainstvthevlossvofvanyvothervpartner?

60vdaysv-vCORRECTvvANSWER-
Ifvanvindividualvwantsvtovtransfervfundsvfromvtheirv401(k)vplanvintovavRollovervIRA,vwhatvisvth
evmaximumvallowedvtimevinvordervtovbeveligiblevforvavtax-freevrollover?

60vdaysv-vCORRECTvvANSWER-
Ifvanvindividualvwantsvtovtransfervfundsvfromvtheirv401(k)vplanvintovavRollovervIRA,vwhatvisvth
evmaximumvallowedvtimevinvordervtovbeveligiblevforvavtax-freevrollover?

7v-vCORRECTvvANSWER-Undervavstockvredemptionvcorporatevbuy-
sellvagreement,vhowvmanyvpoliciesvmustvbevwrittenvifvthevcorporationvisvownedvbyv7vshareh
olders?

Avbeneficiaryv-vCORRECTvvANSWER-
Whichvofvthevfollowingvdoesvnotvhavevthevresponsibilityvofvactingvasvavfiduciary?

Avbrokerv-vCORRECTvvANSWER-
Raymond,vavlicensedvinsurancevproducer,vsolicitsvinsurancevthroughvmorevthanvonevinsure
rvandvnegotiatesvonvbehalfvofvhisvclients;vtherefore,vhevisvconsideredvtovbe

, Avmastervcontractvisvissuedvbyvthevinsurervtovthevemployer,vwhilevemployeesvarevgivenvcerti
ficatesvofvinsurancev-vCORRECTvvANSWER-
Invregardsvtovgroupvinsurance,vwhichvofvthevfollowingvstatementsvbelowvisvcorrect?

Avmastervcontractvisvissuedvbyvthevinsurervtovthevemployer,vwhilevemployeesvarevgivenvcerti
ficatesvofvinsurancev-vCORRECTvvANSWER-
Invregardsvtovgroupvinsurance,vwhichvofvthevfollowingvstatementsvbelowvisvcorrect?

Avnewvapplicationvforvinsurancevmustvbevestablishedv-vCORRECTvvANSWER-
Invtheveventvthatvavlifevinsurancevpolicyvhasvlapsed,vwhichvofvthevfollowingvactionsvisvNOTvr
equiredvofvthevpolicyownervbeforevanvinsurancevcompanyvwillvreinstatevthevpolicy?

Avreceiptvgivenvtovanvapplicantvwhenvanvagentvcollectsvbothvthevapplicationvandvinitialvprem
ium.vUndervavconditionalvreceipt,vthevapplicantvisvcoveredvagainstvloss,vshouldvitvoccur,vbef
orevthevpolicyvbecomesveffective,vonvthev'condition'vthatvthevapplicantvisvfoundvtovbevinsurab
levasvappliedvforvbyvthevinsurer'svunderwritingvdepartmentvuponvcompletionvofvitsvunderwriti
ngvprocess.v-vCORRECTvvANSWER-HowvisvavconditionalvreceiptvBESTvdescribed?

Avtermvlifevpolicyvbuildsvcashvvaluevovervthevpolicy'svterm.v-vCORRECTvvANSWER-
WhichvofvthevfollowingvstatementsvdescribingvtermvlifevinsurancevisvINCORRECT?

Avtermvlifevpolicyvbuildsvcashvvaluevovervthevpolicy'svterm.v-vCORRECTvvANSWER-
WhichvofvthevfollowingvstatementsvdescribingvtermvlifevinsurancevisvINCORRECT?

Avvariablevratevofvgrowthvandvavvariablevbenefitvpayablevtovthevannuitantv-
vCORRECTvvANSWER-Variablevannuitiesvarevcharacterizedvby:




AccordingvtovFloridavStatues,venteringvintovanyvagreementvtovcommitvanyvactvofvintimidatio
nvresultingvinvthevbusinessvofvinsurancevisvknownvas:v-vCORRECTvvANSWER-Coercion

AccumulationvPeriodv-vCORRECTvvANSWER-
Whichvofvthevfollowingvdefinesvthevperiodvduringvwhichvfundsvgrowvinvanvannuity?

Actuaryv-vCORRECTvvANSWER-
Whichvofvthevfollowingvprofessionsvanalyzesvandvpredictsvpotentialvlossvinvordervtovsetvandv
maintainvpremiumvpricingvforvanvinsurancevcompany?

Adhesionv-vCORRECTvvANSWER-
Whichvcharacteristicvofvinsurancevmeansvthatvonlyvonevparty,vthevinsurer,vdefinesvandvprep
aresvthevinsurancevcontract,vwhichvisvnon-negotiablevbyvthevothervparty?

Agentsvsellingvinsurancevproductsvforvanvagencyvarevnotvrequiredvtovbevindividuallyvlicense
d,vasvlongvasvthevagencyvitselfvis.v-vCORRECTvvANSWER-
WhichvofvthevfollowingvstatementsvregardingvinsurancevagenciesvinvFloridavisvINCORREC
T?