214 Florida Insurance Exam/ 164 Quizzes & Correct Ans/ .
In a contributory group plan, what percentage of eligible employees must be covered? - Answer: 75%
Which statement regarding annuities is CORRECT? - Answer: Variable annuity units are fixed but the annuity payment will vary according to...
214 Florida Insurance Exam/ 164 Quizzes &
Correct Ans/ 2024-2025.
In a contributory group plan, what percentage of eligible employees must be
covered? - Answer: 75%
Which statement regarding annuities is CORRECT? - Answer: Variable annuity
units are fixed but the annuity payment will vary according to the value of the
annuity unit.
In order to be considered currently insured and thus eligible for limited survivor
benefits from Social Security, a worker must have earned ___ credits during the
13-quarter period ending with the quarter in which the worker died. - Answer: 6
Page 1 of 27
,Social security is also known as: - Answer: Old Age Survivors and Disability
Insurance (OASDI)
Insurance is not intended to protect against? - Answer: Speculative Risk
Under a family plan life insurance policy, coverage on the breadwinner is often
provided by which of the following insurance types? - Answer: Whole Life
Which of the following statements regarding annuity settlement or payout options
is NOT true? - Answer: If the annuitant dies before the principal sum is depleted,
the Refund Life Annuity Option will pay the entire annuity amount to the
beneficiary in a lump sum payment or over scheduled installments.
The following statements regarding 401(k) retirement plans are correct EXCEPT: -
Answer: Plans rarely have a matching contribution component by an employer
Which type of insurance protects an agent and even pays claims if a lawsuit is
brought against the agent as a result of failing to provide a service to a client? -
Answer: Errors and Omissions Insurance
Which of the following terms is known as the voluntary relinquishment of a given
right or privilege? - Answer: Waiver
This Supreme Court case placed the regulation of insurance within the authority
of the federal government by defining insurance as a form of interstate
Page 2 of 27
, commerce? - Answer: United States v. Southeastern Underwriters Association
(1944)
Tim was just hired today by MAB INC and wants to join the company's group
insurance policy. What period of time is he currently in and when can he join the
plan? - Answer: Probationary period, he can sign up after 90 days
If Justin submitted an initial premium with his life insurance application, was
provided a conditional receipt by the insurance company and was ultimately
issued a policy as applied for, when would his insurance policy be considered in
force? - Answer: The date of his application or the day he completed any required
medical exam
When dividends are issued, the policyowner has the following dividend options in
utilizing a return EXCEPT: - Answer: Life Income Option
Which two life insurance riders can Bill purchase to guarantee that his policy will
continue without further commitment from him and that income will be paid to
him if he becomes totally and permanently disabled? - Answer: Waiver of
premium and Disability Income Riders
All of the statements below pertaining to group life insurance are correct EXCEPT:
- Answer: If the insurance coverage is less than $75,000, employees do not have
to report the employer-paid premiums as income
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