87-108

How long does an individual have to "rollover" funds from an IRA or qualified plan?

60 days

Which product would best serve a retired individual looking to invest a lump-sum of money through an insurance company?

Annuity

When can a policyowner change a revocable beneficiary?

Anytime

Which statement about a whole life policy is true?

Cash value may be borrowed against

Which of the following features of a group Term Life policy enables an individual to leave the group and continue his or her insurance without providing evidence of insurability?

Conversion privilege

K becomes ill after traveling overseas and is unable to work for 3 months. What kind of policy would cover her loss of income?

Disability Income

Which of the following consists of an offer, acceptance, and consideration?

Estoppel

T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight Life Annuity. What will this transaction provide?

Income that cannot be outlived by the owner

What is the purpose of a Policy Summary?

It highlights the critical parts of the policy issued

According to Florida law, which of the following information does NOT need to be obtained by an agent recommending an annuity purchase?

Marital status

All of these statements concerning Settlement Options are true, EXCEPT:

Only the beneficiary may select

The underwriting process involves all of these, EXCEPT for:

Policy loan

An insured covered by Accidental Death and Dismemberment (AD&D) insurance has just died. What will happen if the primary beneficiary had already died before the insured and contingent beneficiary?

Proceeds will go to the contingent beneficiary

What must the policyowner provide to the insurer for validation that a loss has occurred?

Proof of Loss

Agent J takes an application and initial premium from an applicant and sends the application and premium check to the insurance company. The insurance company returns the check back to J because the check is made out to J instead of the insurance company. What action should J take?

Return to the customer, collect a new check made out to the insurance company, and send the new check out to the insuranc company

A(n) ____ beneficiary may be changed by the policyowner WITHOUT the consent of the beneficiary

Revocable

To be eligible for Social Security disability benefits, an employee must be unable to perform:

any occupation

A(n) ___ of benefits of a Health Policy transfers payments to someone other than the policy owner.

assignment

The policy summary contains specific information on all of the following, EXCEPT:

commission

The Legal Actions provision of an insurance contract is designed to do all of the following, EXCEPT:

protect the producer