Exam Simulator: Florida Life And Health -
Accurate Answers To All Questions
Traditional individual retirement annuity (IRA) distributions must
start by: Correct Answer - April 1st of the year following the
year the participant attains age 70 1/2
Which of the following services is NOT included under
hospitalization expense coverage? Correct Answer - surgical
fees
A trustee-to-trustee transfer of rollover funds in a qualified plan
allows a participant to avoid: Correct Answer - mandatory
income tax withholding on the transfer amount
K is shopping for a permanent life insurance policy that will offer
her the MOST protection per dollar of annual premium. Which of
these policies best fits her needs? Correct Answer - Straight
life
K, age 45, and his wife, age 43, have three children. They purchase a
Family Policy that covers K's wife to age 65. All of these situations
will pay a death benefit EXCEPT Correct Answer - K's wife dies
at age 66
Dividends paid from a life insurance policy are Correct Answer -
issued by the insurer
When can a policyowner change a revocable beneficiary? Correct
Answer - Anytime
, An insured's inability to perform two or more activities of daily
living may trigger which type of life policy rider? Correct Answer
- Long term care
Three law partners form a Cross-Purchase Buy and Sell agreement.
This agreement is funded with individual life insurance. How many
total life policies are needed for this agreement? Correct Answer -
6
Which of these actions should a producer take when submitting an
insurance application to an insurer? Correct Answer - Inform
insurer of relevant information not included on the application
Rick recently died and left behind an individual IRA account in his
name. His widow was forwarded the balance of the IRA. The widow
qualifies for the: Correct Answer - marital deduction
The Accelerated Death Benefit provision in a life insurance policy is
also known as a(n): Correct Answer - Living Benefit
L takes out a life insurance policy and dies 10 years later. During the
claim process, the insurer discovers that L had understated her age
on the application. Under the Misstatement of Age provision, the
insurer will: Correct Answer - adjust the death benefit to a
reduced amount
M has an insurance policy that also has an outstanding policy loan at
the time of M's death. The insurer will deduct the outstanding loan
balance from the: Correct Answer - policy proceeds
An individual participant personally received eligible rollover funds
from a profit-sharing plan. What is the income tax withholding
requirements for this transaction? Correct Answer - 20% is
withheld for income taxes
Accurate Answers To All Questions
Traditional individual retirement annuity (IRA) distributions must
start by: Correct Answer - April 1st of the year following the
year the participant attains age 70 1/2
Which of the following services is NOT included under
hospitalization expense coverage? Correct Answer - surgical
fees
A trustee-to-trustee transfer of rollover funds in a qualified plan
allows a participant to avoid: Correct Answer - mandatory
income tax withholding on the transfer amount
K is shopping for a permanent life insurance policy that will offer
her the MOST protection per dollar of annual premium. Which of
these policies best fits her needs? Correct Answer - Straight
life
K, age 45, and his wife, age 43, have three children. They purchase a
Family Policy that covers K's wife to age 65. All of these situations
will pay a death benefit EXCEPT Correct Answer - K's wife dies
at age 66
Dividends paid from a life insurance policy are Correct Answer -
issued by the insurer
When can a policyowner change a revocable beneficiary? Correct
Answer - Anytime
, An insured's inability to perform two or more activities of daily
living may trigger which type of life policy rider? Correct Answer
- Long term care
Three law partners form a Cross-Purchase Buy and Sell agreement.
This agreement is funded with individual life insurance. How many
total life policies are needed for this agreement? Correct Answer -
6
Which of these actions should a producer take when submitting an
insurance application to an insurer? Correct Answer - Inform
insurer of relevant information not included on the application
Rick recently died and left behind an individual IRA account in his
name. His widow was forwarded the balance of the IRA. The widow
qualifies for the: Correct Answer - marital deduction
The Accelerated Death Benefit provision in a life insurance policy is
also known as a(n): Correct Answer - Living Benefit
L takes out a life insurance policy and dies 10 years later. During the
claim process, the insurer discovers that L had understated her age
on the application. Under the Misstatement of Age provision, the
insurer will: Correct Answer - adjust the death benefit to a
reduced amount
M has an insurance policy that also has an outstanding policy loan at
the time of M's death. The insurer will deduct the outstanding loan
balance from the: Correct Answer - policy proceeds
An individual participant personally received eligible rollover funds
from a profit-sharing plan. What is the income tax withholding
requirements for this transaction? Correct Answer - 20% is
withheld for income taxes
