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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Under a family plan life insurance policy, coverage on the breadwinner is often provided bywhich of the following insurance types? - Whole LifeWhich of the following statements regarding annuity settlement or payout options is NOTtrue? - If the annuitant dies before the principal sum is depleted, the Refund Life AnnuityOption will pay the entire annuity amount to the beneficiary in a lump sum payment orover scheduled installments.The following statements regarding 401(k) retirement plans are correct EXCEPT: - Plansrarely have a matching contribution component by an employerAll of the statements below pertaining to group life insurance are correct EXCEPT: - If theinsurance coverage is less than $75,000, employees do not have to report the employer-paid premiums as incomeAccording to Florida Statues, entering into any agreement to commit any act ofintimidation resulting in the business of insurance is known as: - CoercionWilliam, age 67, has owned his life insurance policy for the past 15 years and has mailed hismonthly premiums to his life insurance company. Last month he failed to mail the monthlypayment on his premium due date as well as during his policy's grace period. As a result,which of the following scenarios will MOST likely occur? - The insurer will providenotification of impending lapse in coverage, and allow at least 21 additional days beyondthe grace period to make a payment to prevent the policy from lapseBefore executing an exchange of an annuity contract resulting from a recommendation to asenior consumer, an insurance agent should make reasonable efforts to obtain informationfrom 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 oftime must an agent submit this form to the insurer once it is complete? - Within 10 daysShelly is considered to be terminally ill and has decided to sell her life insurance policy inexchange for living benefits to fulfill some final comforts and expenses before her death. Inselling her life insurance policy, Shelly is referred to as a(n)_________and she will receive apercentage of her life policy's face amount in exchange for ownership of her policy. - ViatorWhich of the following is NOT a type of speculative risk? - UnemploymentWhich agency collects and provides reliable medical information regarding an applicant'shealth history? - The MIBTonya failed to pay her life policy's premium on the date in which it is normally due and iscurrently 23 days late. As a result of her policy's grace period provision, which outcomewill occur? - Tonya is within her grace period and can pay her premium up to 30 or 31 daysafter the date in which the premium is normally due; however, she does not need to payback any outstanding loans to the insurer.

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Which type of E&O policy provides permanent coverage for the actions of an agent duringwhich time he or she was covered under such policy, regardless of when a lawsuit is filedagainst the agent? - Occurrence PolicyIn a group life contract, evidence of insurability is - Required only after the enrollmentperiod ends.Peril - For purposes of insurance, which of the following is NOT considered a hazard?The loss must be speculative - All of the following are characteristics of pure risk EXCEPTTwisting - When an agent persuades a client to cancel his or her current coverage for apolicy from an entirely different company solely to produce another first year commissionis called?Grace Period Provision - In the event a policy's premium is paid late, which of the followingprovisions will keep the policy in force for a short period of time thereafter to allow thepolicyowner to submit payment?Payor Rider - In the event that a parent dies or becomes disabled, which rider allowssurviving child coverage to continue until the child reaches a specified age?30-31 days - According to the NAIC Model Group Life Insurance Provisions, what is thestandard grace period?50% - For individuals who have reached their normal retirement age, their spouses areentitled a retirement benefit that is equal to what percentage of the retired worker'sprimary insurance amount (PIA)?Interest is not taxed upon withdrawal due its funding from post-tax dollars - Which of thefollowing statements is CORRECT in regards to a Roth IRA?Fails the 7-Pay Test - An insurance contract becomes a Modified Endowment Contract(MEC) if which of the following occurs?Buy-Sell agreement - Which type of business life insurance 'buyout' agreement is used topurchase the interest of a deceased partner so that the business can continue to operatewithout financial interruption?The death of the insured due to an accident - In order for a beneficiary to receive doubleindemnity, which of the following scenarios must occur?Agents selling insurance products for an agency are not required to be individuallylicensed, as long as the agency itself is. - Which of the following statements regardinginsurance agencies in Florida is INCORRECT?

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