FLORIDA LIFE INSURANCE: STUDY GUIDE FOR THE

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FLORIDA LIFE INSURANCE: STUDY GUIDE FOR THE

LICENSING EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -30 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: One time Only Death Benefit for eligible survivor from Social Security.

Answer:

$255 Question 2: Notice insurer must give insureds if terminating all individual or groups policies.

Answer:

180 Days

Question 3: Guaranteed Insurability Riders Benefits.

Answer:

25-40 Question 4: Number of employees that must contribute if group plan is contributory.

Answer:

75%

Question 5: Maximum IRA contribution limits(2020).

Answer:

$6000

Question 6: Waiting period for Social Security Disability. Benefits begin in 6th month.

Answer:

• full moons

Question 7: Latest someone must begin taking money out of a traditional IRA.

Answer:

72 Question 8: Time for conversion from group coverage. Grace period for Group Life.

Answer:

31 days Question 9: Grace period, from second notice, to which a life policy-owner at least 64 years of age is entitled. Free look period for Annuities and Variable Annuities.

Answer:

21 days Question 10: Wavier of Premium waiting period(policy-owner pays premium but is reimbursed after period).

Answer:

3-6 months Question 11: Period in which an agent's commissions from controlled business cannot exceed 50% Variable policies must report value to annuitant.

Answer:

12 months Question 12: Grace period for life insurance. Notice agent must give Department after felony conviction. Notice insurer must give Department of change in appointed contact agent. Notice agent must give Department of name or address change

Answer:

30 days

Question 13: Maximum loan rate if fixed, (if variable, tied to Moody's Corporate Bond Index), Penalty for withdrawal from an IRA prior to 59 1/2.

Answer:

10% Question 14: The Armstrong Investigation. Established the New York Insurance Code. Used as a model for insurance laws throughout the country.

Answer:

1905 Question 15: Penalty for first violation, for not reporting name/address change to the Dept. of Fin. Services within 30-days. Penalty for late CE.

Answer:

$250 Question 16: Earliest age someone can remove money from an IRA, qualified or annuity plan without a penalty.

Answer:

59 1/2

Question 17: IMPORTANT NUMBER FOR LIFE INSURANCE: Free look period for life insurance policies.

Answer:

14 days Question 18: Minimum number of members required for an "association" group life insurance if plan is contributory. Age at which whole life endows.

Answer:

100

Question 19: Fully insured under Social Security.

Answer:

40 quarters

Question 20: Grace period for industrial life insurance.

Answer:

28 days

Question 21: Rollover IRA must be reinvested. Rule of Constructive Receipt.

Answer:

60 days

Question 22: Incontestability period. Suicide Clause.

Answer:

• years

Question 23: Agents must keep records for annuity transactions.

Answer:

• years

Question 24: Accidental Death must occur.

Answer:

90 days

Question 25: Grace period (total) for policy-owner age 64 or older.

Answer:

51 days

Question 26: Agents must keeps records.

Answer:

• years

Question 27: Number of employees that must participate if group plan is noncontributory.

Answer:

100%