Florida Life Insurance

how long does an employee have to convert a group policy to an individual policy without evidence of insurability? 10 31 60 90

31 days

which of the following retirement plans is special tax favored plan for nonprofit charitable educational or religious groups? HR-10 401k 403(B) tax-sheltered annuities simplified employee pension

403b

At what age can a participant recieve distribtuions from a qualified plan without incurring a 10% penalty? 45 55 1/2 59 59 1/2

59 1/2

If a misstatement of age is discovered during the processing of a life insurance claim, what will the underwriter do? Rescind the policy because incorrect information was given on the application adjust the death benefit based on the premiums that were paid automatically pay the total death benefit to the primary beneficiary pay half of the death benefit to the primary beneficiary

adjust the death benefit based on the premiums that were paid

Which type of policy allows the insured to change the amount of the death benefit, amount of premium or the type of coverage as their needs change? Adjustable life universal life decreasing term life variable life

adjustable life

the legal transfer of all or part of a policy owners rights, title or interest is called a assignment waiver modification counteroffer

assignment

betty is the only beneficiary named on bobs policy. they get in an accident and bob dies instantly. betty lives for 29 days. Bob has the common diaster provision. who will recieve the death benefit? betty bettys estate bobs children bobs estate

bobs estate

what do employees receive under a group contract? individual policy certificate of insurance master policy buyers guide

certificate of insurance

the receipt given to a life insurance applicant when the application is completed and the initial premium is recieved is called an Insurable Receipt Conditional receipt unconditional receipt ensuring receipt

conditional receipt

The most common type of whole life insurance where premiums are payable over the whole life of the insured to age 100 is called limited payment life paid-up premium continuous premium (straight) life Single premium whole life

continuous premium (straight) life

underwriting is the process of writing policy forms to conform to state insurance department guidelines comparing policies between insurance companies dividing business between two insurance companies determining the insurance company's risk regarding a proposed insured

determining the insurance company's risk regarding a proposed insured

The policy and a copy of the application, along with any riders and amendements, is called the whole contract complete contract entire contract primary contract

entire contract

each of the following is a typical characteristic of group life insurance EXCEPT evidence of insurability is usually required the master policy is issued to the sponsor or group the plan has a grace period individual certificates are issued

evidence of insurability is usually required

the federal law that permits an applicant for insurance to question why the validity and source of any credit information is called medical information bureau disclosure USA patriot act equal oppurtunity act fair credit reporting act

fair credit reporting act

a life settlement option that pays out the death benefit incrementally, in a specified amount untill all of the proceeds are exhausted is called interest only fixed-amount installments fixed-period installments life income

fixed-amount installments

a producer delivers a policy to an insured, but nine days later the insured returns the policy and wants a refund. what provision allows this? consideration entire contract free look owners rights

free look

the premium payment mode can be best described as amount of the policy premium payment method of the policy premium the frequency with which the policy premium will be paid mortalituy table used to calculate the premium

frequency with which the policy premium will be paid

which rider would allow additional insurance at specified dates or events without evidence of insurability? cost of living return of premium guaranteed insurability disability income

guaranteed insurability

an annuity in which investment growth is dependent on the performance of an index such as the S and P 500 is called a s and p 500 fixed annuity indexed annuity market value adjusted annuity variable universal annuity

indexed annuity

to prevent individuals from profiting from a loss, insurance companies must be certain that the owner and the insured are related there is no cash value in the policy the face amount of the policy is only five times the insureds annual salary insurable interest exsists

insurable interest exists

which of the following reports would contain information concerning a persons character, reputation, collected thru an interview with friends or associates? investigative consumer report fair credit report consumer report producers report

investigative consumer report

a beneficary who has a vested interest in the proceeds of a life insurance policy is the irrevocable beneficary primary beneficiary secondary beneficary contingent beneficiary

irrevocable beneficicary

Which settlement option guarantees an income for two or more recipients for as long as they live? single life option fixed amount installments life income joint and survivior

joint and survivor

a whole life product that covers two lives and provides for payment of the death benefit on the death of the first insured is called universal life variable life joint and survivor life joint life

joint life

what type of permanent insurance allows the policy owner to pay for a policy in a specified period of time, and the policy owner does not have to make any more premium payments for the life of the policy single premium inderteminate premium limited payment continuos premium

limited payment

the MIB is a nonprofit trade association that maintains motorist information on applicants for life and health insurance medical information on applicants for life and health insurance maternity info classification of risk for previous policy owners

medical information on applicants for life and health insurance

a life insurance death benefit paid in lump sum to a beneficary is not subject to any taxes not subject to estate taxes but subject to federal taxes subject to federal taxes only subject to federal, state, and estate taxes

not subject to any taxes

If the original application was missing key information and the insured dies what will the company do? return the premiums paid to the insured's estate pay the death claim because the insurer waived the right to obtain the missing information deny the claim require the beneficary to furnish the missing information

pay the death claim because the insurer waived the right to obtain the missing information

what does the payor benefit rider protect? a grace period for a whole policy disability claims benefits premium payments for a juvenile policy contestability

premium payments for a juvenile policy

a current assumption or interest-sensitive whole life policy has premiums that may vary according to interest rate fluctuations premiums that the policy owner may change based on certain assumptions a higher guaranteed cash value interest rate than traditional whole life policies interest rate assumptions that allow the policy owner to change the policy every 5 years.

premiums that may vary according to interest rate fluctuations

An annuity is considered fixed when it does all of the following EXCEPT guarantees a minimum rate of return provides level income payments pays a specified dollar amount for each annuity benefit payment provides the annuitant with either the guaranteed or current interest rate, whichever is less

provides the annuitant with either the guaranteed or current interest rate, whichever is less

to reinstate the full death benefit of a life policy that has been kept in force by the automatic premium loan provision, the policy owner must repay the loan plus interest show proof of insurability make another application obtain insurance compay apporval of the reintatment application

repay the loan plus interest

what should a producer do if information on an application for insuracne is missing or needs to be corrected?

set up appt with the applicant to fill out a new one or correct the error and get initials

an annuity that is purchased with a lump-sum payment and begins income payments within one year is a single premium immediate annuity periodic deferred annuity single premium deferred annuity flexible deferred annuity

single premium immediate annuity

what is the risk classification for those who are insurable, but present a higher than average risk? standard preferred substandard declined

substandard

variable universal life insurance offers a policy owner which of the following features? dividends that are guaranteed for the life of the policy the ability to increase the death benefit a face amount that must stay level premiums that increase each year for a specified number of years

the ability to increase the death benefit

which of the following individuals would not sign an application for life insurance the beneficiary the agent the proposed unsured the owner if different from the insured

the beneficiary

a universal life contract expires when the outstanding loan equals the death benefit the cash value equals the death benefit the cash value account becomes too small to pay the cost of the insurance a regularly scheduled premium payment is missed

the cash value account becomes too small to pay the cost of the insurance

at age 25, an individual purchased a decreasing term policy. what does that say about the coverage and the premium? both the coverage and the premium decrease the premium decreases but the coverage stays the same the coverage decreases but the premium stays the same neither the coverage nor the premium decreases

the coverage decreases but the premium stays the same

which statement is incorrect concerning policy dividends? dividends are not taxable the insurance company may guarantee dividends policy owners have several options to receive dividends dividends are paid on participating policies

the insurance company may guarantee dividends

if the cash value exceeds the premiums paid in a whole life policy, what are the tax consequences if the policy is surrendered? the portion that exceeds the premiums paid is taxable the total amount received when the policy is surrendered is taxable the interest earned is taxable the cash value is tax-free

the portion that exceeds the premiums paid is taxable

All of the following apply to the waiver of premium EXCEPT the premium is waived only if the insured is permanently disabled. there is a waiting period of 6 months before the premium is waived. the company continues the policy in force as if the premiums were being paid. there is no charge for this rider.

there is no charge for this rider

what is the purpose of the grace period in life insurance policies? to protect the policy owner against an unintentional lapse of the policy to allow a month of free coverage to allow the policy owner to examine the policy to extend coverage past the end of the policys term

to protect the policy owner against an unintentional lapse of the policy

Statements in the app that are believed to be true warranties representations waivers ambiguties

warranties

in a renewable term policy, the additional premium pays for the right to renew the policy with the same coverage amount regardless of the insureds at the same premium amount with a higher coverage amount with the same premium

with the same coverage amount regardless of the insureds