Florida Life Insurance Study Guide
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Florida Life Insurance Study Guide
- Mutual Insurance Companies
Answer: organized and incorporated under state laws. No stockholders.
- Mutual companies
Answer: Participating, they pay dividends.
- Stock company
Answer: Owns Stock. Nonparticipating (no dividends)
- Risk Retention Group
Answer: Mutual company formed to insure ppl in the same business, occupation, profession (pharmacists, dentists, engineers)
- Fraternal Benefit Societies
Answer: Non profit organization, lodge system that includes ritualistic work, and maintain a rep form of gov with elected officers.
6. FICA
Answer: Made up of Social Security and Medicare
- Variable Product
Answer: Dual license. One license issued by FINRA & the other Life & Annuity (issued by the state)
- Fair Credit Reporting Act
Answer: Consumers have the right to question what is on their credit report
- Domestic insurer
Answer: company doing business in the state in which it is incorporated
- Foreign insurer
Answer: company licensed & doing business in states other than the one in which it is incorporated
- Buyers Guides
Answer: generic (explain various types of life insurance products, including variable annuities)
- Policy Summaries
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Answer: Specific to the Policy - ids the agent, insurer, policy, each rider, and includes info about premiums, dividends, benefit amounts, cash surrender values, policy loan interest rates, and