214 Florida Insurance Exam Questions and Answers (Solved)

Errors and Omissions Insurance - 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? Waiver - Which of the following terms is known as the voluntary relinquishment of a given right or privilege? United States v. Southeastern Underwriters Association (1944) - 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? Probationary period, he can sign up after 90 days - 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? The date of his application or the day he completed any required medical exam - 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? Life Income Option - When dividends are issued, the policyowner has the following dividend options in utilizing a return EXCEPT: Waiver of premium and Disability Income Riders - 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? 75% - In a contributory group plan, what percentage of eligible employees must be covered? Variable annuity units are fixed but the annuity payment will vary according to the value of the annuity unit. - Which statement regarding annuities is CORRECT? 6 - 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. Old Age Survivors and Disability Insurance (OASDI) - Social security is also known as: Speculative Risk - Insurance is not intended to protect against? Whole Life - Under a family plan life insurance policy, coverage on the breadwinner is often provided by which of the following insurance types? 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. - Which of the following statements regarding annuity settlement or payout options is NOT true? Plans rarely have a matching contribution component by an employer - The following statements regarding 401(k) retirement plans are correct EXCEPT: If the insurance coverage is less than $75,000, employees do not have to report the employer-paid premiums as income - All of the statements below pertaining to group life insurance are correct EXCEPT: Coercion - According to Florida Statues, entering into any agreement to commit any act of intimidation resulting in the business of insurance is known as: