Florida 2-15 exam Questions With Correct
Answers
In |a |3 |partner |cross-purchase |plan, |how |many |policies |need |to |be |purchased |in |order |to |
protect |each |partner |against |the |loss |of |any |other |partner? |- |CORRECT |ANSWER✔✔-6
According |to |the |NAIC |Life |Insurance |Solicitation |Model, |when |soliciting |life |insurance, |a |
producer |is |required |to |provide |a |prospect |with |a |______ |and |a |_______ |specific |to |the |
product |being |marketed. |- |CORRECT |ANSWER✔✔-general |buyer's |guide; |policy |summary
The |Incontestable |Clause |states |that |the |insurer |cannot |contest |the |validity |of |a |life |insurance |
policy |as |long |as |it |remains |in |force |after |what |period |of |time? |- |CORRECT |ANSWER✔✔-
Usually |2 |years, |but |in |some |states |only |1 |year
Mr. |Baker |has |named |his |son |as |the |beneficiary |to |his |life |insurance |policy, |but |he |is |worried |
about |his |son's |spending |habits |and |the |money |his |son |might |already |owe |when |he |receives |
the |death |benefit. |Which |policy |provision, |clause |or |rider |best |fits |his |situation? |- |CORRECT |
ANSWER✔✔-Spendthrift |Provision
The |following |life |policy |settlement |options |are |available |to |the |policy's |beneficiary |EXCEPT: |- |
CORRECT |ANSWER✔✔-Interest-Free |Option
When |dividends |are |issued, |the |policyowner |has |the |following |dividend |options |in |utilizing |a |
return |EXCEPT: |- |CORRECT |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? |- |CORRECT |ANSWER✔✔-Waiver |of |premium |and |Disability |
Income |Riders
, In |the |event |that |a |parent |dies |or |becomes |disabled, |which |rider |allows |surviving |child |
coverage |to |continue |until |the |child |reaches |a |specified |age? |- |CORRECT |ANSWER✔✔-Payor |
Rider
According |to |the |NAIC |Model |Group |Life |Insurance |Provisions, |what |is |the |standard |grace |
period? |- |CORRECT |ANSWER✔✔-30-31 |days
Which |statement |regarding |annuities |is |CORRECT? |- |CORRECT |ANSWER✔✔-Variable |annuity |
units |are |fixed |but |the |annuity |payment |will |vary |according |to |the |value |of |the |annuity |unit.
For |individuals |who |have |reached |their |normal |retirement |age, |their |spouses |are |entitled |a |
retirement |benefit |that |is |equal |to |what |percentage |of |the |retired |worker's |primary |insurance |
amount |(PIA)? |- |CORRECT |ANSWER✔✔-50%
n |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. |- |CORRECT |ANSWER✔✔-6
Due |to |the |historical |mismanagement |of |employee |retirement |plans, |which |federal |law |did |
Congress |pass |to |protect |employee |retirement |plans |against |misuse? |- |CORRECT |ANSWER✔✔-
Employee |Retirement |Income |Security |Act |(ERISA)
In |a |qualified |employer |retirement |plan, |an |employee |is |entitled |to |what |percentage |of |the |
vested |interest |in |benefits |that |accrue |from |his |or |her |contributions? |- |CORRECT |ANSWER✔✔-
100%
Under |the |1035 |policy |exchange |provision, |which |of |the |following |will |NOT |receive |favorable |
tax |treatment? |- |CORRECT |ANSWER✔✔-An |annuity |contract |exchanged |for |a |life |insurance |
policy
Answers
In |a |3 |partner |cross-purchase |plan, |how |many |policies |need |to |be |purchased |in |order |to |
protect |each |partner |against |the |loss |of |any |other |partner? |- |CORRECT |ANSWER✔✔-6
According |to |the |NAIC |Life |Insurance |Solicitation |Model, |when |soliciting |life |insurance, |a |
producer |is |required |to |provide |a |prospect |with |a |______ |and |a |_______ |specific |to |the |
product |being |marketed. |- |CORRECT |ANSWER✔✔-general |buyer's |guide; |policy |summary
The |Incontestable |Clause |states |that |the |insurer |cannot |contest |the |validity |of |a |life |insurance |
policy |as |long |as |it |remains |in |force |after |what |period |of |time? |- |CORRECT |ANSWER✔✔-
Usually |2 |years, |but |in |some |states |only |1 |year
Mr. |Baker |has |named |his |son |as |the |beneficiary |to |his |life |insurance |policy, |but |he |is |worried |
about |his |son's |spending |habits |and |the |money |his |son |might |already |owe |when |he |receives |
the |death |benefit. |Which |policy |provision, |clause |or |rider |best |fits |his |situation? |- |CORRECT |
ANSWER✔✔-Spendthrift |Provision
The |following |life |policy |settlement |options |are |available |to |the |policy's |beneficiary |EXCEPT: |- |
CORRECT |ANSWER✔✔-Interest-Free |Option
When |dividends |are |issued, |the |policyowner |has |the |following |dividend |options |in |utilizing |a |
return |EXCEPT: |- |CORRECT |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? |- |CORRECT |ANSWER✔✔-Waiver |of |premium |and |Disability |
Income |Riders
, In |the |event |that |a |parent |dies |or |becomes |disabled, |which |rider |allows |surviving |child |
coverage |to |continue |until |the |child |reaches |a |specified |age? |- |CORRECT |ANSWER✔✔-Payor |
Rider
According |to |the |NAIC |Model |Group |Life |Insurance |Provisions, |what |is |the |standard |grace |
period? |- |CORRECT |ANSWER✔✔-30-31 |days
Which |statement |regarding |annuities |is |CORRECT? |- |CORRECT |ANSWER✔✔-Variable |annuity |
units |are |fixed |but |the |annuity |payment |will |vary |according |to |the |value |of |the |annuity |unit.
For |individuals |who |have |reached |their |normal |retirement |age, |their |spouses |are |entitled |a |
retirement |benefit |that |is |equal |to |what |percentage |of |the |retired |worker's |primary |insurance |
amount |(PIA)? |- |CORRECT |ANSWER✔✔-50%
n |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. |- |CORRECT |ANSWER✔✔-6
Due |to |the |historical |mismanagement |of |employee |retirement |plans, |which |federal |law |did |
Congress |pass |to |protect |employee |retirement |plans |against |misuse? |- |CORRECT |ANSWER✔✔-
Employee |Retirement |Income |Security |Act |(ERISA)
In |a |qualified |employer |retirement |plan, |an |employee |is |entitled |to |what |percentage |of |the |
vested |interest |in |benefits |that |accrue |from |his |or |her |contributions? |- |CORRECT |ANSWER✔✔-
100%
Under |the |1035 |policy |exchange |provision, |which |of |the |following |will |NOT |receive |favorable |
tax |treatment? |- |CORRECT |ANSWER✔✔-An |annuity |contract |exchanged |for |a |life |insurance |
policy
