214 FLORIDA INSURANCE EXAM ACTUAL EXAM 150 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+<\/p>\n\n\n\n
214 FLORIDA INSURANCE EXAM 2023-2024 ACTUAL
EXAM 150 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A+
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
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
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<\/p>\n\n\n\n
When dividends are issued, the policyowner has the following dividend Under a family plan life insurance policy, coverage on the breadwinner
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? – ANSWERVariable 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 _<\/em>
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<\/p>\n\n\n\n
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
William, age 67, has owned his life insurance policy for the past 15
years and has mailed his monthly premiums to his life insurance
company. Last month he failed to mail the monthly payment on his
premium due date as well as during his policy’s grace period. As a result,
which of the following scenarios will MOST likely occur? – ANSWER<\/p>\n\n\n\n