FLA 0214 (BUSINESS INSURANCE) FINAL
EXAM QUESTIONS AND ACCURATE
SOLUTIONS RATED AND VERIFIED A.
What is the main reason for regulating the insurance industry?
Maintain the solvency of insurance companies
T is an employee covered under a Group Life policy. If T's employment is
terminated, the conversion privilege gives T the right to convert
To an individual policy upon employment termination.
Advertising gifts not to exceed ___ are allowed to be given by an agent to
a prospective client.
$100
What are adjustable rates for life policy loans in Florida based on?
Moody's corporate bond index
The Bureau of Unclaimed Property is overseen by the
Chief Financial Officer
K has inherited a large sum of money. K purchases an annuity with this
sum on July 1, and starts receiving payments August 1. These payments
will continue for as long as she and her spouse lives. Which type of
annuity did K purchase?
Single Premium immediate Joint With Survivor Annuity
Insurance policies are offered on a take it or leave it basis, which make
them
Contracts of Adhesion
What is Old Age and Survivors Health Insurance (OASDHI) also known
as?
, social security
Which of the following employer tasks does a Professional Employer
Organization normally handle?
Administration Tasks
An example of rebating would be
offering a client something of value not stated in the contract in exchange for
their business
What is the purpose of the Insurance Guaranty Fund Association?
Protects policyowners against insolvent insurance companies
What is considered to be a characteristic of an immediate annuity?
Benefit payments start within one payment period of purchase
An insured inability to perform two or more activities of daily living may
trigger which type of policy rider?
long term care
A life insurance policyowner would like to file a complaint against a life
insurance agent. In Florida, the entity that oversees these complaints is
called the
Office of Financial Regulation
N is a 40-year old applicant who would like to retire at age 70. He is
looking to buy a life insurance policy with level premiums, permanent
protection, and be paid-up at retirement. Which of these should N
purchase?
30 Pay Life
Which of these is NOT considered rebating
sharing commissions with an agent licensed in the same line of business
___ can be defined as "using the contract values of an existing policy to
purchase a new policy with an existing insurer"
EXAM QUESTIONS AND ACCURATE
SOLUTIONS RATED AND VERIFIED A.
What is the main reason for regulating the insurance industry?
Maintain the solvency of insurance companies
T is an employee covered under a Group Life policy. If T's employment is
terminated, the conversion privilege gives T the right to convert
To an individual policy upon employment termination.
Advertising gifts not to exceed ___ are allowed to be given by an agent to
a prospective client.
$100
What are adjustable rates for life policy loans in Florida based on?
Moody's corporate bond index
The Bureau of Unclaimed Property is overseen by the
Chief Financial Officer
K has inherited a large sum of money. K purchases an annuity with this
sum on July 1, and starts receiving payments August 1. These payments
will continue for as long as she and her spouse lives. Which type of
annuity did K purchase?
Single Premium immediate Joint With Survivor Annuity
Insurance policies are offered on a take it or leave it basis, which make
them
Contracts of Adhesion
What is Old Age and Survivors Health Insurance (OASDHI) also known
as?
, social security
Which of the following employer tasks does a Professional Employer
Organization normally handle?
Administration Tasks
An example of rebating would be
offering a client something of value not stated in the contract in exchange for
their business
What is the purpose of the Insurance Guaranty Fund Association?
Protects policyowners against insolvent insurance companies
What is considered to be a characteristic of an immediate annuity?
Benefit payments start within one payment period of purchase
An insured inability to perform two or more activities of daily living may
trigger which type of policy rider?
long term care
A life insurance policyowner would like to file a complaint against a life
insurance agent. In Florida, the entity that oversees these complaints is
called the
Office of Financial Regulation
N is a 40-year old applicant who would like to retire at age 70. He is
looking to buy a life insurance policy with level premiums, permanent
protection, and be paid-up at retirement. Which of these should N
purchase?
30 Pay Life
Which of these is NOT considered rebating
sharing commissions with an agent licensed in the same line of business
___ can be defined as "using the contract values of an existing policy to
purchase a new policy with an existing insurer"
