Florida Life Insurance Study Guide

Florida Life Insurance Study Guide

By ExamNavigator

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Florida Life Insurance Study Guide

• Mutual Insurance Companies

Answer: organized and incorporated under state laws. No stockholders.

• Mutual companies

Answer: Participating, they pay dividends.

• Stock company

Answer: Owns Stock. Nonparticipating (no dividends)

• Risk Retention Group

Answer: Mutual company formed to insure ppl in the same business, occupation, profession (pharmacists, dentists, engineers)

• Fraternal Benefit Societies

Answer: Non profit organization, lodge system that includes ritualistic work, and maintain a rep form of gov with elected officers.

6. FICA

Answer: Made up of Social Security and Medicare

• Variable Product

Answer: Dual license. One license issued by FINRA & the other Life & Annuity (issued by the state)

• Fair Credit Reporting Act

Answer: Consumers have the right to question what is on their credit report

• Domestic insurer

Answer: company doing business in the state in which it is incorporated

• Foreign insurer

Answer: company licensed & doing business in states other than the one in which it is incorporated

• Buyers Guides

Answer: generic (explain various types of life insurance products, including variable annuities)

• Policy Summaries

Answer: Specific to the Policy - ids the agent, insurer, policy, each rider, and includes info about premiums, dividends, benefit amounts, cash surrender values, policy loan interest rates, and

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