214 Florida Insurance Latest Update 2024-2025 500+ Questions and Verified Correct Answers Guaranteed A+
- year - CORRECT ANSWER: An 'in force' life insurance policy illustration is defined as
an illustration that is furnished at any time after the policy that it depicts has been in force for at least how long?
4 credits - CORRECT ANSWER: What is the maximum number of Social Security
credits an individual can earn per year?
6 - CORRECT ANSWER: In a 3 partner cross-purchase plan, how many policies need
to be purchased in order to protect each partner against the loss of any other partner?
7 - CORRECT ANSWER: Under a stock redemption corporate buy-sell agreement,
how many policies must be written if the corporation is owned by 7 shareholders?
14 days for life policies and 21 days for annuities - CORRECT ANSWER: Under Florida law, how long must an individual be allowed to review a new life policy or annuity contract with the option of an unconditional refund if not fully satisfied?
24 - CORRECT ANSWER: How many hours of continuing education must a life and/or
health insurance agent complete who has held an insurance license for a period of less than 6 years?
25-year $85,000 Decreasing Term Life policy - CORRECT ANSWER: Charles has a
$85,000 25-year mortgage and wants to purchase a life insurance policy that would cover any outstanding balance on the mortgage if he were to pre-maturely die, which of the following policies would be the most logical for him to purchase?
30 days - CORRECT ANSWER: Within what amount of time must a licensed insurance
agent report to the Florida Department of Financial Services that he/she has been found guilty of or has pleaded guilty to a felony or crime punishable by imprisonment of 1 year or more?
30 days - CORRECT ANSWER: Within what period of time must an agent notify the
Florida Department of Financial Services of any change in address?
30-31 days - CORRECT ANSWER: According to the NAIC Model Group Life Insurance
Provisions, what is the standard grace period?
40 credits - CORRECT ANSWER: What is the full amount of Social Security credits
needed to be fully insured for benefits?
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50% - CORRECT ANSWER: For individuals who have reached their normal retirement
age, their spouses are entitled a retirement benefit that is equal to what percentage of the retired worker's primary insurance amount (PIA)?
50% - CORRECT ANSWER: For individuals who have reached their normal retirement
age, their spouses are entitled a retirement benefit that is equal to what percentage of the retired worker's primary insurance amount (PIA)?
60 days - CORRECT ANSWER: If an individual wants to transfer funds from their
401(k) plan into a Rollover IRA, what is the maximum allowed time in order to be eligible for a tax-free rollover?
60 days - CORRECT ANSWER: If an individual wants to transfer funds from their
401(k) plan into a Rollover IRA, what is the maximum allowed time in order to be eligible for a tax-free rollover?
100% - CORRECT ANSWER: A non-contributory group policy requires which
percentage of eligible employees to be covered?
100% - CORRECT ANSWER: When an employee makes contributions into a pension
plan, what percentage of his or her own contributions are vested?
1000x24 months = ? - CORRECT ANSWER: Carl purchased an Immediate Annuity
with a 5-year 'life with period certain option,' which pays him $1,000 per month. Exactly
- years after his policy start date Carl dies. How much money will his beneficiary
receive for the remainder of the policy?
A beneficiary - CORRECT ANSWER: Which of the following does not have the
responsibility of acting as a fiduciary?
A broker - CORRECT ANSWER: Raymond, a licensed insurance producer, solicits
insurance through more than one insurer and negotiates on behalf of his clients; therefore, he is considered to be
A master contract is issued by the insurer to the employer, while employees are given certificates of insurance - CORRECT ANSWER: In regards to group insurance, which of the following statements below is correct?
A master contract is issued by the insurer to the employer, while employees are given certificates of insurance - CORRECT ANSWER: In regards to group insurance, which of the following statements below is correct?
A new application for insurance must be established - CORRECT ANSWER: In the
event that a life insurance policy has lapsed, which of the following actions is NOT required of the policyowner before an insurance company will reinstate the policy?
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A receipt given to an applicant when an agent collects both the application and initial premium. Under a conditional receipt, the applicant is covered against loss, should it occur, before the policy becomes effective, on the 'condition' that the applicant is found to be insurable as applied for by the insurer's underwriting department upon completion of its underwriting process. - CORRECT ANSWER: How is a conditional receipt BEST described?
A term life policy builds cash value over the policy's term. - CORRECT ANSWER:
Which of the following statements describing term life insurance is INCORRECT?
A term life policy builds cash value over the policy's term. - CORRECT ANSWER:
Which of the following statements describing term life insurance is INCORRECT?
A variable rate of growth and a variable benefit payable to the annuitant - CORRECT ANSWER: Variable annuities are characterized by:
According to Florida Statues, entering into any agreement to commit any act of intimidation resulting in the business of insurance is known as: - CORRECT ANSWER: Coercion
Accumulation Period - CORRECT ANSWER: Which of the following defines the period
during which funds grow in an annuity?
Actuary - CORRECT ANSWER: Which of the following professions analyzes and
predicts potential loss in order to set and maintain premium pricing for an insurance company?
Adhesion - CORRECT ANSWER: Which characteristic of insurance means that only
one party, the insurer, defines and prepares the insurance contract, which is non- negotiable by the other party?
Agents selling insurance products for an agency are not required to be individually licensed, as long as the agency itself is. - CORRECT ANSWER: Which of the following statements regarding insurance agencies in Florida is INCORRECT?
Agents selling insurance products for an agency are not required to be individually licensed, as long as the agency itself is. - CORRECT ANSWER: Which of the following statements regarding insurance agencies in Florida is INCORRECT?
Agents selling insurance products for an agency are not required to be individually licensed, as long as the agency itself is. - CORRECT ANSWER: Which of the following statements regarding insurance agencies in Florida is INCORRECT?
Aleatory - CORRECT ANSWER: The concept that an insurance contract is dependent
on an uncertain outcome and that one party may receive more value than given it is
said to be: 3 / 4
All of the statements below pertaining to group life insurance are correct EXCEPT: -
CORRECT ANSWER: If the insurance coverage is less than $75,000, employees do
not have to report the employer-paid premiums as income
An agent is offering to pay the premium for the first two months of my policy if I purchase life insurance through him. - CORRECT ANSWER: Which of the following is an example of sliding?
An annuity contract exchanged for a life insurance policy - CORRECT ANSWER:
Under the 1035 policy exchange provision, which of the following will NOT receive favorable tax treatment?
An insurer is required to disclose medical information to an applicant in the event the applicant is rejected due to findings in the report. - CORRECT ANSWER: Which of the following is NOT required by the Fair Credit Reporting Act of 1970?
Analyzing risk - CORRECT ANSWER: Which of the following is NOT a method of
handling risk?
Annual Renewable Term - CORRECT ANSWER: What is the most common type of
employment-related group life insurance?
Annuity Funding plan - CORRECT ANSWER: Which of the following qualified employer retirement plans is NOT recognized as a 'defined contribution' plan?
Annuity Funding Plan - CORRECT ANSWER: Which of the following qualified employer retirement plans is NOT recognized as a 'defined contribution' plan?
approving and issuing, or declining, an application for insurance in a timely manner. - CORRECT ANSWER: An agent's general responsibilities include all of the following
EXCEPT
At the time of application - CORRECT ANSWER: In determining the validity of an
insurance contract, when must insurable interest be present?
At the time of the application - CORRECT ANSWER: Insurable interest is required
Before executing an exchange of an annuity contract resulting from a recommendation to a senior consumer, an insurance agent should make reasonable efforts to obtain information from the applicant concerning the suitability of the recommendation on an approved form, which upon completion, must be signed by the applicant and agent.Within what period of time must an agent submit this form to the insurer once it is
complete? - CORRECT ANSWER: Within 10 days
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