214 FLORIDA INSURANCE EXAM LATEST
2024-2025 QUESTIONS AND CORRECT
ANSWERS |ALREADY GRADED A+
Which of the following terms is known as the voluntary
relinquishment of a given right or privilege? - ANSWER-Waiver
This Supreme Court case placed the regulation of insurance within
the authority of the federal government by defining insurance as a
form of interstate commerce? - ANSWER-United States v.
Southeastern Underwriters Association (1944)
Tim was just hired today by MAB INC and wants to join the
company's group insurance policy. What period of time is he
currently in and when can he join the plan? - ANSWER-Probationary
period, he can sign up after 90 days
Which type of insurance protects an agent and even pays claims if a
lawsuit is brought against the agent as a result of failing to provide a
service to a client? - ANSWER-Errors and Omissions Insurance
,If Justin submitted an initial premium with his life insurance
application, was provided a conditional receipt by the insurance
company and was ultimately issued a policy as applied for, when
would his insurance policy be considered in force? - ANSWER-The
date of his application or the day he completed any required medical
exam
When dividends are issued, the policyowner has the following
dividend options in utilizing a return EXCEPT: - 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? - ANSWER-Waiver of premium and Disability
Income Riders
In a contributory group plan, what percentage of eligible employees
must be covered? - ANSWER-75%
Which statement regarding annuities is CORRECT? - ANSWER-
Variable annuity units are fixed but the annuity payment will vary
according to the value of the annuity unit.
In 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. - ANSWER-6
, Social security is also known as: - ANSWER-Old Age Survivors and
Disability Insurance (OASDI)
Insurance is not intended to protect against? - ANSWER-Speculative
Risk
Under a family plan life insurance policy, coverage on the
breadwinner is often provided by which of the following insurance
types? - ANSWER-Whole Life
Which of the following statements regarding annuity settlement or
payout options is NOT true? - ANSWER-If the annuitant dies before
the principal sum is depleted, the Refund Life Annuity Option will pay
the entire annuity amount to the beneficiary in a lump sum payment
or over scheduled installments.
The following statements regarding 401(k) retirement plans are
correct EXCEPT: - ANSWER-Plans rarely have a matching contribution
component by an employer
All of the statements below pertaining to group life insurance are
correct EXCEPT: - ANSWER-If the insurance coverage is less than
$75,000, employees do not have to report the employer-paid
premiums as income
According to Florida Statues, entering into any agreement to commit
any act of intimidation resulting in the business of insurance is known
as: - ANSWER-Coercion
2024-2025 QUESTIONS AND CORRECT
ANSWERS |ALREADY GRADED A+
Which of the following terms is known as the voluntary
relinquishment of a given right or privilege? - ANSWER-Waiver
This Supreme Court case placed the regulation of insurance within
the authority of the federal government by defining insurance as a
form of interstate commerce? - ANSWER-United States v.
Southeastern Underwriters Association (1944)
Tim was just hired today by MAB INC and wants to join the
company's group insurance policy. What period of time is he
currently in and when can he join the plan? - ANSWER-Probationary
period, he can sign up after 90 days
Which type of insurance protects an agent and even pays claims if a
lawsuit is brought against the agent as a result of failing to provide a
service to a client? - ANSWER-Errors and Omissions Insurance
,If Justin submitted an initial premium with his life insurance
application, was provided a conditional receipt by the insurance
company and was ultimately issued a policy as applied for, when
would his insurance policy be considered in force? - ANSWER-The
date of his application or the day he completed any required medical
exam
When dividends are issued, the policyowner has the following
dividend options in utilizing a return EXCEPT: - 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? - ANSWER-Waiver of premium and Disability
Income Riders
In a contributory group plan, what percentage of eligible employees
must be covered? - ANSWER-75%
Which statement regarding annuities is CORRECT? - ANSWER-
Variable annuity units are fixed but the annuity payment will vary
according to the value of the annuity unit.
In 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. - ANSWER-6
, Social security is also known as: - ANSWER-Old Age Survivors and
Disability Insurance (OASDI)
Insurance is not intended to protect against? - ANSWER-Speculative
Risk
Under a family plan life insurance policy, coverage on the
breadwinner is often provided by which of the following insurance
types? - ANSWER-Whole Life
Which of the following statements regarding annuity settlement or
payout options is NOT true? - ANSWER-If the annuitant dies before
the principal sum is depleted, the Refund Life Annuity Option will pay
the entire annuity amount to the beneficiary in a lump sum payment
or over scheduled installments.
The following statements regarding 401(k) retirement plans are
correct EXCEPT: - ANSWER-Plans rarely have a matching contribution
component by an employer
All of the statements below pertaining to group life insurance are
correct EXCEPT: - ANSWER-If the insurance coverage is less than
$75,000, employees do not have to report the employer-paid
premiums as income
According to Florida Statues, entering into any agreement to commit
any act of intimidation resulting in the business of insurance is known
as: - ANSWER-Coercion
