CHAPTER TWELVE: FL STATUTES, RULES, AND REGULATION PERTINENT TO LIFE INSURANCE

Insurer must maintain records of the info collected from senior for how many years?

5 years after the transaction completed by insurer

Annuity age recommendation?

65

Employee is accepted to GROUP LIFE INSURANCE, he/ she status is...

Certificate Holder

When replacing life insurance with new, agent is required to give applicant a written comparison and summary statement at the request of the Policy holder. What is this called?

Florida Replacement Rule

What is the maximum allowed value of promotional gifts that an agent may give to a prospective insured?

No more than $100

In replacement of life insurance, the replacing insurer must do what?

Obtain a list of all life insurance policies that will be replaced

Any person insured under group life insurance policy can make to any person, other than who?

Policy holder

Certificate of insurance for GPI requires... What is not required?

Policy number, description of insurance protection and name of the insured the name of the writing agent

If a life insurer holds the proceeds of any policy it issues then....

Proceed may be exempt from any creditors claim against a benef. other that the policy owner

If agent knows an applicant will cash the old policy for a new one and purchase new insurance, what rule is it and what must be submitted?

Replacement Rule/ Replacement form

Policy summary must be a _________ document with the sales illustration

Separate

Who is taxed when the cost of the GROUP LIFE INSURANCE is $50k?

employee

An agent should be aware of all_____

insurance laws and regulations

All advertisements are the responsibility of the

insurer