FLA 0214 Final Exam Questions with Correct Answers 100% Verified

FLA 0214 Final Exam Questions with Correct Answers 100% Verified Common Disaster Clause provides that if both the insured and the sole named beneficiary were to die in a common accident, which of the following is true? - Correct Answer This clause provides the payment of proceeds to the insured's estate Under a life insurance policy the ___ has the authority to name the beneficiary? - Correct Answer owner B recently died and was insured with a life insurance policy for over five years. During the claims process, the insurer discovered that B had understated his age by 5 years at the time of application. In this situation, the insurer will - Correct Answer Pay the amount that the premium would have purchased at the correct age. Which Unfair Trade Practice involves an agent suggesting that an insurance policy is like a share of stock? *Twisting *Intimidation *Misrepresentation *Sliding - Correct Answer misrepresentation L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer discovers that L had understated her age on the application. Under the Misstatement of Age provision, the insurer will - Correct Answer adjust the death benefit to a reduced amount W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim? - Correct Answer The proceeds would be reduced based on whatever the premium would have been if purchased at age 59 The financial services commission may hold hearings - Correct Answer for any reason deemed necessary In Florida, which agency is responsible for the rehabilitation or liquidation of insurers? - Correct Answer The Department of Financial Services All of the following entries are classified under the four principles areas of Florida insurance law EXCEPT - Correct Answer An agent's commission All of the following are Nonforfeiture Options EXCEPT - Correct Answer Automatic Premium Loan Option