Life Insurance Florida Statutes, Rules, and Regulations Exam 2026|2027
Advanced Questions and Answers with Complete A+ Solutions 100%
Correct!!!
Protection of Beneficiaries from Creditors - Correct Answer -• Spendthrift Clause - protects proceeds
while being held by the insurer from the claims of the beneficiary's creditors; does not apply to lump-sum
payments
Competent Parties - Correct Answer -- Must be of legal age (age 15 in Florida)
- Must not be under the influence of drugs or alcohol when entering into a contract
Group Policies general Characteristics - Correct Answer -• Purpose of group must not be to buy
insurance
• No minimum of participants as long as it's a natural group
• Employer holds the master contract (policyholder); members receive certificates of insurance
• Usually written as annually renewable term
• Conversion: within 31 days of policy termination; no evidence of insurability
• Payment of proceeds: within 30 days after receipt of proof death
Eligible Groups - Correct Answer -• Employee-employer groups - coverage must be offered to all eligible
employees
• Debtor groups
, • Labor Union groups (union is the policyholder)
• Credit Union groups
• Trustee groups
• Association groups
Duties of Agents - Correct Answer -• "Notice to Applicant Regarding Replacement of Life Insurance"
signed by applicant & a copy left with the applicant
• Leave original or copy of all sales proposals
• Submit to replacing insurer a copy of the "Notice" and a copy of all sales proposals
Duties of Replacing Insurers - Correct Answer -• Obtain a list of the applicant's life insurance contracts
to be replaced
• Send the applicant a completed Comparative Information Form with information about the proposed
insurance within 5 working days
• Send a copy of the replacement notice to the existing insurer immediately
• Keep copies of replacement notices, statement, any sales material, and the application for at least 3
years
Duties of Existing Insurers - Correct Answer -• Send a policy summary to the policyowner within 10 days
of receiving written communication of replacement (upon request)
• Keep all replacement notifications for either 3 years of the examination by the Department, whichever
is later
Advanced Questions and Answers with Complete A+ Solutions 100%
Correct!!!
Protection of Beneficiaries from Creditors - Correct Answer -• Spendthrift Clause - protects proceeds
while being held by the insurer from the claims of the beneficiary's creditors; does not apply to lump-sum
payments
Competent Parties - Correct Answer -- Must be of legal age (age 15 in Florida)
- Must not be under the influence of drugs or alcohol when entering into a contract
Group Policies general Characteristics - Correct Answer -• Purpose of group must not be to buy
insurance
• No minimum of participants as long as it's a natural group
• Employer holds the master contract (policyholder); members receive certificates of insurance
• Usually written as annually renewable term
• Conversion: within 31 days of policy termination; no evidence of insurability
• Payment of proceeds: within 30 days after receipt of proof death
Eligible Groups - Correct Answer -• Employee-employer groups - coverage must be offered to all eligible
employees
• Debtor groups
, • Labor Union groups (union is the policyholder)
• Credit Union groups
• Trustee groups
• Association groups
Duties of Agents - Correct Answer -• "Notice to Applicant Regarding Replacement of Life Insurance"
signed by applicant & a copy left with the applicant
• Leave original or copy of all sales proposals
• Submit to replacing insurer a copy of the "Notice" and a copy of all sales proposals
Duties of Replacing Insurers - Correct Answer -• Obtain a list of the applicant's life insurance contracts
to be replaced
• Send the applicant a completed Comparative Information Form with information about the proposed
insurance within 5 working days
• Send a copy of the replacement notice to the existing insurer immediately
• Keep copies of replacement notices, statement, any sales material, and the application for at least 3
years
Duties of Existing Insurers - Correct Answer -• Send a policy summary to the policyowner within 10 days
of receiving written communication of replacement (upon request)
• Keep all replacement notifications for either 3 years of the examination by the Department, whichever
is later
