Florida Statutes, Rules, and Regulations Pertinent to Life Insurance
Which of the following insurance products will be subject to the regulation on life insurance solicitation?
A term life policy
When replacing life insurance, the duties of the replacing insurance company include all of the following EXCEPT
Maintaining a copy of the Notice Regarding Replacement and all sales proposals used for at least 5 years.
All of the following information about a customer must be used in determining annuity suitability EXCEPT
beneficiary's age
If an employee is accepted into a group insurance plan, which status will the employee have?
certificate holder
An insured received a new life insurance policy 5 days ago, but after a closer inspection of the policy provisions, decided to return it to the insurer. What provision would allow the insured to return the policy for a full premium refund?
free look
What kind of policy does NOT typically require proof of insurability?
group insurance
What kind of policy issues certificates of insurance to insureds?
group insurance
A person insured under a group life insurance policy can make an assignment of all or any part of the incidents of ownership conferred on the insured by the policy or by law, to any of the following EXCEPT
policyholder
Who does the secondary addressee provision protect?
the insured over the age of 64
An employee will be taxed on the cost of group life insurance paid by the employer if the amount of coverage exceeds
$50,000
An agent delivers a life insurance policy to the proposed insured. The insured makes a decision not to accept the policy. The insured may return the policy for a full refund of premium within how many days?
14
How long must insurers maintain records of the information collected from senior consumers and other information used in making recommendations that were the basis for insurance transactions?
For 5 years after the insurance transaction is completed by the insurer
Under what conditions will proof of insurability NOT be required of an employee wanting to enroll in a group insurance plan?
If the employee enrolls within a certain time period
Can a group that is formed for the sole purpose of obtaining group insurance qualify for group coverage?
No, the group must be formed for a purpose other than obtaining group insurance.
During replacement of life insurance, a replacing insurer must do which of the following?
Obtain a list of all life insurance policies that will be replaced