Florida Life Insurance Study Guide

Florida Life Insurance Study Guide
1. Mutual Insurance Companies
Answer: organized and incorporated understate laws.Nostockholders.
2. Mutual companies
Answer: Participating, they pay dividends.
3. Stock company
Answer: Owns Stock. Nonparticipating (no dividends)
4. Risk Retention Group
Answer: Mutual company formed to insure ppl in the same business, occupation, profession
(pharmacists, dentists, engineers)
5. Fraternal Benefit Societies
Answer: Non profit organization, lodge system that includesritualistic work, and maintain a
rep form of gov with elected officers.
6. FICA
Answer: Made up of Social Security and Medicare
7. Variable Product
Answer: Dual license. One license issued by FINRA & the other Life &Annuity (issued by the
state)
8. Fair Credit Reporting Act
Answer: Consumers have the right to question what is on theircredit report
9. Domestic insurer
Answer: company doing businessin the state in which it isincorporated
10. Foreign insurer
Answer: company licensed & doing business in states other than theone in which it is
incorporated
11. Buyers Guides
Answer: generic (explain various types of life insurance products, including variable
annuities)
12. Policy Summaries
Answer: Specific to the Policy - ids the agent, insurer, policy, each rider, and includesinfo
about premiums, dividends, benefit amounts, cash surrendervalues, policy loan interestrates, and