Florida Life Insurance State Exam
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Florida Life Insurance State Exam
- A provision in a life insurance policy that pays the policy owner an amount that does not
surpass the guaranteed cash value is called the:
Answer: Policy Loan Provision
- Florida's 14-day free-look period for life insurance policies begins at the
Answer: -date of delivery
- Under an Interest Sensitive Whole Life policy
Answer: cash values are determined by interest rate
- A (n) Life policy combines investment choices with a form of Term cover- age
Answer: Variable Universal
- Information obtained from a phone conversation to the proposed insured can be found in
which part of these reports?
Answer: Inspection Report
- According to Florida law, group life insurance conversion privileges must NOT
Answer: require evidence of insurability
7. A Rate of Premium life insurance policy is:
Answer: Whole life and Increasing term
- What is the initial source of underwriting for an insurance policy?
Answer: Application containing statements from the insured
- Which of the following policies is characterized by a flexible premium and death benefit
and allows the policyowner control of the investment aspect of the plan?
Answer: Variable Universal Life
- S is covered by a whole life policy. Which insurance product can cover his children?
Answer: Child term rider
- Which type of life policy contains a monthly mortality charge as well as self-directed
investment choices?
Answer: Variable Universal Life
- In order for a domestic, foreign, or alien insurance company to conduct business, it must
by whom?
Answer: The state where they are conducting business
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- T has an annuity that guarantees an income payment for the rest of the life. The contract also
guarantees that if T dies before receiving payments for 20 years, the remaining payments will be paid to his son for the balance of the 20 years. What type of annuity is this?
Answer: Life Annuity with Period Certain
- Company XYZ offers a group Term Life insurance plan to its employees. What does each
employee covered under this plan receive?
Answer: Certificate of Insurance
- According to Florida law, which of the following information does NOT need to be
obtained by an agent recommending an annuity purchase?
Answer: Martial status
- What would be an accurate definition of "controlled business"?
Answer: Insurance business that is written on the agent's own life, property, or interests?
- 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
Answer: K's wife dies at 66
- Which provision is not a requirement in a group life policy?
Answer: Accidental
- A life insurance policyowner would like to file a complaint against a life insurance agent.
In Florida, the entity that oversees these complaints is called the
Answer: Office of Financial Regulation
- In order for coverage on a non-medical insurance application to take effect the same day,
the producer must collect a signed application and
Answer: the initial premium
- Which entity approves the insurance policy forms used in FL?
Answer: Office of Insurance Regulation
- Which type of insurance company is domiciled in England, but conducts business in FL
Answer: Alien
- Which type of contract liquidates an estate through recurrent payments?-
Answer: Annuity
- A Universal Life policy is sometimes referred to as an unbundled Life Policy because the
owner can see the interest earned, expense charges, and the
Answer: cost of insurance
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