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60-HOUR FLORIDA HEALTH, LIFE AND ANNUITY INSURANCE LICENSE PRACTICE TEST COMPLETE STUDY QUESTIONS AND EXPERT ANSWERS (GUARANTEED PASS) | RATED A+
What 3 techniques do insurance companies use to provide insurance to applicants with a
substandard risk designation? - Answer>>>Charge an extra premium to compensate for higher
risk factor
Limit the type of policy or its parameters
Include an exclusion for the high-risk factor of the applicant
What type of policy provides coverage for injury from accident but excludes sickness and where
benefits may be paid for all or any of the following death, disability dismemberment & hospital
and medical expense? - Answer>>>Accidental Death and Dismemberment (AD&D)
What provides a life insurance agent a timely opportunity to renew the contract and its provision,
exclusions, and riders once the policy has been issued? - Answer>>>In-Person policy delivery
What type of policy involves a large one-time-only premium payment at the beginning of the
policy and then from that point is completely paid for? - Answer>>>Single premium whole life
What type of life insurance is a variation of whole life insurance characterized by considerable
flexibility and allows its policyowner to determine the amount and frequency of premium
payment and to adjust the policy face up or down to reflect changes in needs? -
Answer>>>Universal life
What is the FICA tax rate - Answer>>>7.65%
When can a surviving spouse receive reduced benefits? - Answer>>>age 62
What is the maximum amount of earnings to which the FICA tax can be applied? -
Answer>>>2026 limit: $168,600
2026 limit: $160,200
2018 limit: $128,000
What is the FICA tax for Self-employed workers ? - Answer>>>12.4% Social Security tax, plus
a 2.9% Medicare tax.
NOTE: Fortunately, if you're self-employed, you'll get to deduct half of the tax (7.65%) when
you file your tax return. The self-employment tax deduction is an above-the-line deduction that
you can use to lower your income tax bill.
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