Florida Life Insurance EXAM (COMPLETE
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Terms in this set (107)
Mutual Insurance Companies organized and incorporated under state laws. No
stockholders.
Mutual companies Participating, they pay dividends.
Stock company Owns Stock. Nonparticipating (no dividends)
, Risk Retention Group Mutual company formed to insure ppl in the same
business, occupation, profession (pharmacists,
dentists, engineers)
Fraternal Benefit Societies Non profit organization, lodge system that includes
ritualistic work, and maintain a rep form of gov with
elected officers.
FICA Made up of Social Security and Medicare
Variable Product Dual license. One license issued by FINRA & the
other Life & Annuity (issued by the state)
Fair Credit Reporting Act Consumers have the right to question what is on
their credit report
Domestic insurer company doing business in the state in which it is
incorporated
Foreign insurer company licensed & doing business in states other
than the one in which it is incorporated
Buyers Guides generic (explain various types of life insurance
products, including variable annuities)
Policy Summaries 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 life insurance cost
indexes of the specific policy being considered
ANSWERS elaborations) answers 100%
satisfaction guarantee 2026 UPDATE!
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Terms in this set (107)
Mutual Insurance Companies organized and incorporated under state laws. No
stockholders.
Mutual companies Participating, they pay dividends.
Stock company Owns Stock. Nonparticipating (no dividends)
, Risk Retention Group Mutual company formed to insure ppl in the same
business, occupation, profession (pharmacists,
dentists, engineers)
Fraternal Benefit Societies Non profit organization, lodge system that includes
ritualistic work, and maintain a rep form of gov with
elected officers.
FICA Made up of Social Security and Medicare
Variable Product Dual license. One license issued by FINRA & the
other Life & Annuity (issued by the state)
Fair Credit Reporting Act Consumers have the right to question what is on
their credit report
Domestic insurer company doing business in the state in which it is
incorporated
Foreign insurer company licensed & doing business in states other
than the one in which it is incorporated
Buyers Guides generic (explain various types of life insurance
products, including variable annuities)
Policy Summaries 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 life insurance cost
indexes of the specific policy being considered
