Florida life insurance Study guides, Class notes & Summaries

214 FLORIDA INSURANCE LIFE AND VARIABLE ANNUITY ACTUAL EXAM UPDATED variable annuity - CORRECT ANSWER-there is no guarantee of the dollar amount of the payments, they fluctuate according to the value of an account vest primarly in common stocks join and survivor annuity - CORRECT ANSWER-covers two or more lives and contiunes in force so long as any one of them survives period certain annuity - CORRECT ANSWER-annuity imcome option that guarantees a definite minimum peroid of paymen...

Florida Life Insurance | 272 Questions | With Complete Solutions

Which of the following types of an individual policies does NOT require a policy summary to be given? - Credit Life Which of the following is considered a producer's fiduciary responsibility? - Collect premiums and remit to the insurance company as soon as reasonably possible If an application for a producer's license has been denied, you may request a hearing within how many days after the receipt of the denial? - 30 days Which of the following activities may NOT be granted as credit for c...

Florida Life Insurance Exam Questions With Complete Solutions

Florida Life Insurance Latest 2024 Already Passed Mutual Insurance Companies organized and incorporated under state laws. No stockholders. Mutual companies Participating, they pay dividends. Stock company Owns Stock. Nonparticipating (no dividends) Risk Retention Group Mutual company formed to insure ppl in the same business, occupation, profession (pharmacists, dentists, engineers) Fraternal Benefit Societies Non profit organization, lodge system that includes ritualistic work, and maintain...

Florida Life Insurance Questions and Answers Already Passed the receipt given to a life insurance applicant when the application is completed and the initial premium is recieved is called an Insurable Receipt Conditional receipt unconditional receipt ensuring receipt conditional receipt Statements in the app that are believed to be true warranties representations waivers ambiguties warranties All of the following apply to the waiver of premium EXCEPT the premium is waived only if the i...

Single Premium - Allows the person to pay entire lump sum, is covered for life, and has the highest cash value. Level term covers - Covers for a period of time with lowest premium pay Endowment at age 70 - P owns a $25,000 Life Policy that pays the face amount to him if he lives to age 70, or to his beneficiary if he dies before age 70. What kind of policy does P own? renewable - Level term may be Modify whole life - Premium stays fixed for 5yrs, premium increases yr 6, then levels out while...

Florida life Insurance Prep Questions And Correct Answers Which of the following is an example of nonforfeiture option? - ANSWER reduced paid-up option All of the following statements about major medical benefits are true, EXCEPT: - ANSWER Benefits have no maximum limit What type of annuity has a cash value that is based upon the performance of it's underlying investment funds? - ANSWER variable An individual participant personally received eligible rollover funds from a profit-s...

FLORIDA LIFE INSURANCE ACTUAL EXAM 2024 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) AGRADE

Florida life Insurance Exam Set ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct