214 Florida Insurance Practice Exam With Answers (210 Solved Questions)

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214 Florida Insurance Exam QuestionsAnd Answers (Solved)Which type of insurance protects an agent and even pays claims if a lawsuit is broughtagainst the agent as a result of failing to provide a service to a client? - Errors andOmissions InsuranceWhich of the following terms is known as the voluntary relinquishment of a given right orprivilege? - WaiverThis Supreme Court case placed the regulation of insurance within the authority of thefederal government by defining insurance as a form of interstate commerce? - United Statesv. Southeastern Underwriters Association (1944)Tim was just hired today by MAB INC and wants to join the company's group insurancepolicy. What period of time is he currently in and when can he join the plan? - Probationaryperiod, he can sign up after 90 daysIf Justin submitted an initial premium with his life insurance application, was provided aconditional receipt by the insurance company and was ultimately issued a policy as appliedfor, when would his insurance policy be considered in force? - The date of his application orthe day he completed any required medical examWhen dividends are issued, the policyowner has the following dividend options in utilizinga return EXCEPT: - Life Income OptionWhich two life insurance riders can Bill purchase to guarantee that his policy will continuewithout further commitment from him and that income will be paid to him if he becomestotally and permanently disabled? - Waiver of premium and Disability Income RidersIn a contributory group plan, what percentage of eligible employees must be covered? -75%Which statement regarding annuities is CORRECT? - Variable annuity units are fixed butthe 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 benefitsfrom Social Security, a worker must have earned ___ credits during the 13-quarter periodending with the quarter in which the worker died. - 6Social security is also known as: - Old Age Survivors and Disability Insurance (OASDI)Insurance is not intended to protect against? - Speculative Risk

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