CE TEST

With a limited payment whole life policy,

1. the premium payment is limited to a lump sum. 2. the insurance company is limited to paying the insured only if there is an accidental death. 3. the policy remains in full force for the "whole of life" but premiums are paid for a limited period of time only. 4. the whole payment is due upfront and immediately.

CS/SB 292 requires admitted and nonadmitted insurance carriers to provide a loss run statement to an insured within how many days of receipt of a written request submitted by the insured?

15

The unethical practice of making, publishing or circulating any oral, written or printed statement which is false, or maliciously critical of or derogatory to the financial condition of any insurance company, or which is calculated to injure any person engaged in the business of life insurance is called what?

Cultural Insensibility 2. Defamation 3. Deceptive Documentation 4. Censorship

A modified life insurance policy...

1. is a term life insurance policy. 2. is a whole life policy with early premiums lower than typical whole life policies. 3. premiums remain level throughout the life of the insured. 4. is a policy that changes every month.

Which of the business unit of the Offices of Insurance Regulation (OIR) is responsible for is responsible for data collections, data analysis, market research and reporting, application maintenance and support, and technology innovation and planning?

Market Research and Technology Unit

A transfer by the policy owner of all rights in his/her life insurance policy...

ASSIGMENT

Which of the following is a suitability consideration per NAIC's Suitability Model Regulation?

Age

Which of the following the Bureau that is part of the Offices of Financial Regulation (OFR)?

Bureau of Government Affairs 2. Bureau of Financial Investigators 3. Bureau of Consumer Protection 4. Bureau of Financial Institutions (WRONG)

Representing to the applicant that a specific ancillary coverage or product is included in the policy applied for without an additional charge when such charge is required is called ______________ .

4. Sliding YES

View your license, apply for a license, change your address, or print a duplicate license through what Florida online portal?

OnGuard 2. eAppoint 3. DFS Portal 4. MyProfile(CORRECT

What do you call any combination of words, any acronym standing for a combination of words, or any job title that indicates or implies that a licensee has special knowledge or training in advising or servicing consumers beyond the knowledge or training required for the license held?

Signature Line 2. Designation ( CORRECT 3. Certification 4. Lines of Authority

Which is NOT a Division within the Office of Financial Regulation?

1. Division of Government Affairs YES

Insurance _______________ risk.

1. eliminates 2. transfers 3. increases 4. changes( WRONG

The unethical practice of making, issuing, circulating, or causing to be made, issued, or circulated, any estimate, circular, or statement misleading the terms of any policy issued or to be issued is called ____________ .

1. Misrepresentation(CORREC 2. Twisting 3. Rebating 4. Overpromisin

A licensed insurer or its agent is allowed to give gifts to insureds, prospective insureds, and others, for the purpose of advertising, any article of merchandise so long as its value does not exceed

. $5 2. $10 3. $100 4. $50

Usually, the effective date of a life insurance policy is...

. the date the insured died. 2. when the application is signed. 3. the date from which coverage starts. 4. the date when the client calls for initial information.

It is unlawful for an insurer to make an adverse decision solely because of information contained in a(n) ________ without consideration of any other underwriting or rating factor.

1. Driving Record 2. Credit Report 3. Income Analysis 4. Debt-to-Income Ratio Analysis

Which of the following is NOT one of the 11 business units that make up the Offices of Insurance Regulation (OIR)? Company Admissions Life and Health Financial Oversight Market Research and Technology Specialty Product Administration Legal Services Life and Health Product Review Property and Casualty Financial Oversight Communications Government Affairs Market Regulation Property and Casualty Product Review[6]

1. Life and Health Financial Oversight 2. Consumer Finance (CORRECT 3. Market Research and Technology 4. Legal Services

Which division is comprised of the Bureau of Fire prevention and the Bureau of Fire Standards and Training?

1. Treasury 2. Fire and Rescue 3. Risk Management 4. State Fire Marshal(CORRECT

The sale of one fund and purchase of another within a variable life insurance policy is

1. a taxable event. 2. not a taxable event. 3. not permitted. 4. illegal.

Which of the following is one way an agent can have his or her insurance licenses suspended or revoked?

Be licensed to sell insurance in more than one state at a time 2. Stop selling insurance products for a period of six months or more 3. Be convicted of a crime that is punishable by imprisonment of one year or more (CORECT 4. Agency that agent is associated with files for bankruptcy

What do you call it when an insurance agent knowingly permits or offers to make or make any contract of life insurance, life annuity or disability insurance, or agreement as to such contract other than as plainly expressed in the contract issued thereon?

Rebating (NO- WRONG ANSWER) 1. Twisting 2. Defaming 3. Churning

What is not a requirement if you want to transfer your insurance licenses to the State of Florida from another state?

TWO YEARS

Representing to the applicant that a specific ancillary coverage or product is required by law in conjunction with the purchase of insurance when such coverage or product is not required is called what?

Twisting 2. Sliding 3. Unlawful Packaging 4. Unfair Rebating

CS/CS/HB 1439 authorizes a financial institution to pay _____ of a deceased deposit account holder, without any additional court proceeding, order, or judgment authorizing the payment, the funds on deposit in all qualified accounts, if the total amount of such funds does not exceed $1,000.

the family member

What date is CS/HB 1409 effective?

1. July 30, 2019 2. July 1, 2020 3. January 1, 2020 4. September 1, 2020

What does CS/HB 437 specifically authorize an employer or workers' compensation insurer to use to place authorized, compensable attendant care services for the benefit of an injured worker under the Workers' Compensation Law?

A Licensed Nurse Registry

Which of the follow is NOT one of the 13 divisions of the Department of Financial Services?

Accounting and Auditing 2. Legal Litigation (CORRECT 3. Funeral, Cemetery, and Consumer Services 4. Insurance Agent and Agency

What is the practice whereby policy values in an existing life insurance policy or annuity contract, including, but not limited to, cash, loan values, or dividend values, and in any riders to that policy or contract, are directly or indirectly used to purchase another insurance policy or annuity contract with that same insurer for the purpose of earning additional premiums, fees, commissions, or other compensation is called?

Churning 2. Rebating 3. Sliding 4. Twisting

Which division is dedicated to providing accurate information regarding insurance agents, adjusters, limited surety (bail bond) agents, navigators, insurance-related entities, including education providers and instructors?

Consumer Services 2. Treasury 3. Insurance and Agency Services (CORRECT) 4. Accounting and Auditing

In 2003, the State of Florida merged the Department of Insurance, Treasury, State Fire Marshal, and the Department of Banking and Finance into what is now called

DEPARTMENT OF FINANCIAL SERVICE

Settlement options

are the exclusive right of the beneficiary. 2. are determined by the insurance company at the time the policy is issued. 3. determines how the proceeds of a life insurance policy will be paid. 4. describe where a person settles down to live.

A term rider

attaches to a life insurance policy to enhance the benefits. 2. attaches to a life insurance policy at no charge. 3. cannot be canceled without canceling the cash value policy. 4. is required for each section of the policy.

What is NOT one of the requirements to get an insurance license in the State of Florida?

Earn a college degree in finance from a state-approved university or institution

A blended course is

3. A course offered in a combination of the classroom, self-study correspondence or self-study online study methods.

What does CS/HB 747 define?

3. The bill requires health insurers and health maintenance organizations (HMOs) to provide reasonable reimbursement to air ambulances for covered services.

What was Tanya Antionette Simmons found guilty of in June of 2020?

. Manslaughter 2. One count of Conspiracy to Commit Bankruptcy Fraud, and 6 counts of Bankruptcy Fraud, felonies. (CORRECT 3. Theft 4. Possession of a Controlled Substance

A life insurance policy...

. is not a contract because it is regulated by the department of insurance. 2. is not subject to judicial review. 3. forms must be approved by the state department of insurance. 4. must be notarized.

In CS/CS/HB 1439 , how is "small intestate estates" defined?

1. Estates consisting of personal property exempt from creditor claims under the Florida Constitution or exempt under s. 732.402, F.S., and nonexempt personal property that does not exceed the sum of $10,000 and the amount of preferred funeral expenses and reasonable and necessary medical and hospital expenses of the last 60 days of the last illness.

What can the office or department do if any person or entity is found in violation of representing or aiding unauthorized insurer?

1. Fine the insurer $250. (WRONG) 2. Fine the person in violation $1,000. 3. License the person in violation immediately to avoid any penalties or punishment. 4. Issue an immediate final order to cease and desist

According to the Policyholders Bill of Rights, policyholders have all of the following rights, EXCEPT

1. Right to obtain comprehensive coverage 2. Right to a readable policy 3. Right to competitive pricing practices and marketing methods 4. Right to free insurance coverage (CORRECT

Which commission oversee the Offices of Financial Regulation (OFR) and Insurance Regulation (OIR)

1. Warren Commission 2. Insurance Commission 3. Financial Services Commission (CORRECT 4. Trade Commission

Virtual classroom course means

1. a course that is presented online in which the student answers questions verbally to the instructor and there is no final exam. 2. a type of classroom course in which instruction is provided in an interactive learning environment created through technology in which students are separated from their teachers by time or space, or both. 3. a classroom where individuals meet with an instructor and the course is electronically presented to others who cannot attend. 4. a virtual classroom is not an approved type of class in the State of Florida.

If the owner of a traditional life insurance policy wants to borrow from the policy, he/she

1. can borrow up to the face amount of the policy. 2. can borrow nearly 100% of the cash value. 3. must get the consent of the beneficiary. 4. must include a waiver that states that is allowed.

Life insurance companies...

1. charge more for younger people. 2. require premiums to be paid in advance. 3. charge a premium calculated to cover the pure cost of probabilities only. 4. allow customers to choose premiums.

What means a minimum of 50 minutes of classroom instruction or for self-study courses, 50 minutes of time that is determined by the Department to be necessary to study text material in order to successfully complete the final examination?

1. credit unit 2. CEU 3. credit hour (CORRECT 4. course credit

All life insurance policies require premiums be...

1. fixed. 2. excessive. 3. paid in advance. 4. paid by cashier check.

A variable life insurance policy

1. has fixed premiums and a minimum death benefit. 2. is a risk-free investment. 3. is a combination of term insurance and a securities account. 4. has fluctuating premiums.

The earliest life insurance contract was written...

1. in England. 2. by wealthy individuals. 3. by the Insurance Company of North America created in 1794. 4. in Greek.

The application for a life insurance policy...

1. is the insurance company's offer to insure an individual. 2. becomes part of the insurance policy. 3. is a formality and of no consequences. 4. must be verified by a board of physicians.

Life insurance companies charge ...

1. more for smokers. 2. more for "preferred" risks than "sub-standard risks." 3. the same premium for smokers and non-smokers. 4. more for people who incorrectly fill out their application.

Juvenile insurance is a whole life policy

1. principally used for guaranteeing a college fund. 2. sold to teenagers. 3. whereby the insured must prove insurability. 4. for high-risk children.

A life insurance contract...

1. requires the parties to be legally capable of making a contract. 2. can be amended and changed by the insured. 3. is "unilateral" in nature, which means the owner must pay (legally enforceable) the premiums. 4. requires signatures from three references.

Can an agent sell or solicit products without being properly licensed?

1. sometimes 2. yes 3. no (COREECT) 4. Yes, if the individual has applied for a license and it is pending approval, or the individual applies for licensure within six months of selling or soliciting the products.

With a universal life insurance policy,

1. there are flexible premium payments. 2. there is no guaranteed death benefit. 3. a new policy is needed to reflect the different amount of insurance. 4. the premium is paid in a lump sum.

An insurance policy that is actually a whole life policy that provides a return that is limited to a portfolio of securities, is

1. universal life insurance. 2. equity-indexed annuity. 3. variable life insurance. 4. illegal.

What is the title of the person or group that heads the Department of Financial Services and is responsible for overseeing the state's finances, auditing functions and unclaimed property, auditing state agencies, collecting revenue, paying state bills, regulating cemeteries and funerals, and handling fires and arsons

Chief Financial Officer (CFO) (CORRECT 2. Governor of Florida 3. Lieutenant Governor 4. Attorney General

What is DPC?

Dominant Proper Care 2. Direct Primary Care( ORRECT 3. Direct Primary Casualties 4. Daily Physician Costs

The Insurance Agent and Agency Services Division of the Department of Insurance in the State of Florida publishes a monthly online compliance newsletter called

Insurance Insights

The term surrender means:

The owner requests to terminate the policy before its maturity date. YES The insurance policy is being revoked from the insurer. 3. The policy has lapsed for nonpayment of premium. 4. The policy has reached its maturity date.

What is the name of the online resource that is provided by the State of Florida that makes it convenient for Florida residents to pull up state financial reports, find government contracts, and search government spending details?

Transparency Florida

Making any misleading representations or incomplete or fraudulent comparison of any insurance policies or insurers for the purpose of inducing, or tending to induce, any person to lapse, forfeit, surrender, terminate, retain, or convert any insurance policy, or to take out a policy of insurance in another insurer is called

Trapping 2. Double Deception 3. Twisting 4. Rebating