Florida 2-15 Exam Answered 100% Correct<\/p>\n\n\n\n
Florida 2-15 Exam Answered [Answer: Payor Rider
100% Correct
In a 3 partner cross-purchase plan, how many policies need to be purchased in
order to protect each partner against the loss of any other partner? [Answer: 6
According to the NAIC Life Insurance Solicitation Model, when soliciting life
insurance, a producer is required to provide a prospect with a _ and a __<\/strong><\/em><\/strong>
specific to the product being marketed.
[Answer: general buyer’s guide; policy summary
The Incontestable Clause states that the insurer cannot contest the validity of a life
insurance policy as long as it remains in force after what period of time?
[Answer: Usually 2 years, but in some states only 1 year
Mr. Baker has named his son as the beneficiary to his life insurance policy, but he is
worried about his son’s spending habits and the money his son might already owe
when he receives the death benefit. Which policy provision, clause or rider best fits
his situation?
[Answer: Spendthrift Provision
The following life policy settlement options are available to the policy’s beneficiary
EXCEPT:
[Answer: Interest-Free Option
When dividends are issued, the policyowner has the following dividend 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 the event that a parent dies or becomes disabled, which rider allows surviving
child coverage to continue until the child reaches a specified age?<\/p>\n\n\n\n
According to the NAIC Model Group Life Insurance Provisions, what is the standard
grace period?
[Answer: 30-31 days
Which statement regarding annuities is CORRECT?
[Answer: Variable annuity units are fixed but the annuity payment will vary
according to the value of the annuity unit.
For individuals who have reached their normal retirement age, their spouses are
entitled a retirement benefit that is equal to what percentage of the retired worker’s
primary insurance amount (PIA)?
[Answer: 50%
n 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
Due to the historical mismanagement of employee retirement plans, which federal
law did Congress pass to protect employee retirement plans against misuse?
[Answer: Employee Retirement Income Security Act (ERISA)
In a qualified employer retirement plan, an employee is entitled to what percentage
of the vested interest in benefits that accrue from his or her contributions?
[Answer: 100%
Under the 1035 policy exchange provision, which of the following will NOT receive
favorable tax treatment?
[Answer: An annuity contract exchanged for a life insurance policy
Barbara is currently in her Social Security ‘blackout’ period. Which answer BEST
describes this period?
[Answer: The period after a surviving spouse’s youngest child is no longer eligible
and before the surviving spouse turns age 60, or age 50 if he or she is disabled.
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