Florida Life Insurance State Exam

Florida Life Insurance State Exam

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Florida Life Insurance State Exam

• A provision in a life insurance policy that pays the policy owner an amount that does not

surpass the guaranteed cash value is called the:

Answer: Policy Loan Provision

• Florida's 14-day free-look period for life insurance policies begins at the

Answer: -date of delivery

• Under an Interest Sensitive Whole Life policy

Answer: cash values are determined by interest rate

• A (n) Life policy combines investment choices with a form of Term cover- age

Answer: Variable Universal

• Information obtained from a phone conversation to the proposed insured can be found in

which part of these reports?

Answer: Inspection Report

• According to Florida law, group life insurance conversion privileges must NOT

Answer: require evidence of insurability

7. A Rate of Premium life insurance policy is:

Answer: Whole life and Increasing term

• What is the initial source of underwriting for an insurance policy?

Answer: Application containing statements from the insured

• Which of the following policies is characterized by a flexible premium and death benefit

and allows the policyowner control of the investment aspect of the plan?

Answer: Variable Universal Life

• S is covered by a whole life policy. Which insurance product can cover his children?

Answer: Child term rider

• Which type of life policy contains a monthly mortality charge as well as self-directed

investment choices?

Answer: Variable Universal Life

• In order for a domestic, foreign, or alien insurance company to conduct business, it must

by whom?

Answer: The state where they are conducting business

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• T has an annuity that guarantees an income payment for the rest of the life. The contract also

guarantees that if T dies before receiving payments for 20 years, the remaining payments will be paid to his son for the balance of the 20 years. What type of annuity is this?

Answer: Life Annuity with Period Certain

• Company XYZ offers a group Term Life insurance plan to its employees. What does each

employee covered under this plan receive?

Answer: Certificate of Insurance

• According to Florida law, which of the following information does NOT need to be

obtained by an agent recommending an annuity purchase?

Answer: Martial status

• What would be an accurate definition of "controlled business"?

Answer: Insurance business that is written on the agent's own life, property, or interests?

• K, age 45, and his wife, age 43, have three children. They purchase a family policy that

covers K's wife to age 65. All of these situations will pay a death benefit EXCEPT

Answer: K's wife dies at 66

• Which provision is not a requirement in a group life policy?

Answer: Accidental

• 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

Answer: Office of Financial Regulation

• In order for coverage on a non-medical insurance application to take effect the same day,

the producer must collect a signed application and

Answer: the initial premium

• Which entity approves the insurance policy forms used in FL?

Answer: Office of Insurance Regulation

• Which type of insurance company is domiciled in England, but conducts business in FL

Answer: Alien

• Which type of contract liquidates an estate through recurrent payments?-

Answer: Annuity

• A Universal Life policy is sometimes referred to as an unbundled Life Policy because the

owner can see the interest earned, expense charges, and the

Answer: cost of insurance

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