Life, Health, & Annuity 2-15 Exam
Questions and Answers
When replacing a life insurance policy an insurance producer must submit a notice to
both the applicant and the insurance producers own company regarding the
replacement - ANSWER-Replacing a life insurance policy
Agents name & signature, the name of the company and the agents license number -
ANSWER-All must appear on all applications
Can be delayed up to 90 days depending on the policy - ANSWER-disability benefits
Includes all of the following: preliminary negotiations towards the sale of insurance,
solicitation or inducement to purchase insurance, and effecting a contract of insurance. -
ANSWER-Transaction insurance
When an agent replaces a policy w/out doing a full and fair comparison for the client -
ANSWER-Unethical Conduct
an unfair trade practice that applies to all insurance products - ANSWER-Sliding
One that is licensed by the Florida OIR to transact specified classes of insurance -
ANSWER-Admitted Insurance Company
Preferred risk premium rates are generally lower than standard risk rates - ANSWER-
Classification of Applicants
the only kind of risk that is insurable and involves only the chance of loss; there is never
a possibility of gain or profit - ANSWER-Risk
A person who has a habit of driving recklessly - ANSWER-Morale Hazard
Allows a company to cancel a policy under certain conditions - ANSWER-Conditionally
Renewable
Loss must be filed w/the carrier w/in 90 days from the date of loss - ANSWER-Proof of
Loss
, Employer is not the master policyholder, they are the sponsor of the plan, and collect
premiums from the employees and remits them to the insurance company; each person
received an individual policy. - ANSWER-Franchise (Wholesale) Insurance
48 months - ANSWER-Loss of an Appointment for ANY line
Makes up for what medicare doesn't cover - ANSWER-Medicare Supplement (Medigap)
All premiums are waived during a period of total and permanent disability prior to
reaching a specific age - ANSWER-Waiver of Premium Rider
An applicant who is charged an extra premium - ANSWER-Substandard Risk Applicants
a standard in life insurance policies - ANSWER-Accelerated Benefits Provision
30 days - ANSWER-Name Change or Address Change to DFS (timeframe)
30 days - ANSWER-Grace period for an ordinary life policy (timeframe)
Can examine the financial conditions, affairs, and management of any person/company,
may issue subpoenas & summon witnesses to aid in the examination, and is
responsible for licensing & supervising agents/brokers. - ANSWER-CFO and OIR
The employee can start their own IRA - ANSWER-Covered by a qualified pension plan,
works part time, and the employer offers no retirement plan
Does not apply to proceeds paid in one lump sum, it shelters the unpaid death proceeds
from the claims of beneficiary's creditors, and shelters the unpaid death proceeds from
the claims of the policy owner's creditors. - ANSWER-Spendthrift Clause
5 months - ANSWER-Waiting period for disability income benefits under the SS
program
Program designed to provide hospital and medical expenses insurance to those age 65
and older. - ANSWER-Medicare
Accumulation units held by an investor - ANSWER-Flexible premium deferred annuity
war or any acts of war, pre-existing illnesses, and injuries received while committing or
attempting to commit a felony. - ANSWER-Health Policy Exclusions
Before this is issued an application must be signed and premium deposit paid -
ANSWER-Conditional Receipt
the employer is the applicant of this - ANSWER-Group Insurance Plan
Questions and Answers
When replacing a life insurance policy an insurance producer must submit a notice to
both the applicant and the insurance producers own company regarding the
replacement - ANSWER-Replacing a life insurance policy
Agents name & signature, the name of the company and the agents license number -
ANSWER-All must appear on all applications
Can be delayed up to 90 days depending on the policy - ANSWER-disability benefits
Includes all of the following: preliminary negotiations towards the sale of insurance,
solicitation or inducement to purchase insurance, and effecting a contract of insurance. -
ANSWER-Transaction insurance
When an agent replaces a policy w/out doing a full and fair comparison for the client -
ANSWER-Unethical Conduct
an unfair trade practice that applies to all insurance products - ANSWER-Sliding
One that is licensed by the Florida OIR to transact specified classes of insurance -
ANSWER-Admitted Insurance Company
Preferred risk premium rates are generally lower than standard risk rates - ANSWER-
Classification of Applicants
the only kind of risk that is insurable and involves only the chance of loss; there is never
a possibility of gain or profit - ANSWER-Risk
A person who has a habit of driving recklessly - ANSWER-Morale Hazard
Allows a company to cancel a policy under certain conditions - ANSWER-Conditionally
Renewable
Loss must be filed w/the carrier w/in 90 days from the date of loss - ANSWER-Proof of
Loss
, Employer is not the master policyholder, they are the sponsor of the plan, and collect
premiums from the employees and remits them to the insurance company; each person
received an individual policy. - ANSWER-Franchise (Wholesale) Insurance
48 months - ANSWER-Loss of an Appointment for ANY line
Makes up for what medicare doesn't cover - ANSWER-Medicare Supplement (Medigap)
All premiums are waived during a period of total and permanent disability prior to
reaching a specific age - ANSWER-Waiver of Premium Rider
An applicant who is charged an extra premium - ANSWER-Substandard Risk Applicants
a standard in life insurance policies - ANSWER-Accelerated Benefits Provision
30 days - ANSWER-Name Change or Address Change to DFS (timeframe)
30 days - ANSWER-Grace period for an ordinary life policy (timeframe)
Can examine the financial conditions, affairs, and management of any person/company,
may issue subpoenas & summon witnesses to aid in the examination, and is
responsible for licensing & supervising agents/brokers. - ANSWER-CFO and OIR
The employee can start their own IRA - ANSWER-Covered by a qualified pension plan,
works part time, and the employer offers no retirement plan
Does not apply to proceeds paid in one lump sum, it shelters the unpaid death proceeds
from the claims of beneficiary's creditors, and shelters the unpaid death proceeds from
the claims of the policy owner's creditors. - ANSWER-Spendthrift Clause
5 months - ANSWER-Waiting period for disability income benefits under the SS
program
Program designed to provide hospital and medical expenses insurance to those age 65
and older. - ANSWER-Medicare
Accumulation units held by an investor - ANSWER-Flexible premium deferred annuity
war or any acts of war, pre-existing illnesses, and injuries received while committing or
attempting to commit a felony. - ANSWER-Health Policy Exclusions
Before this is issued an application must be signed and premium deposit paid -
ANSWER-Conditional Receipt
the employer is the applicant of this - ANSWER-Group Insurance Plan
