Chapter 19/3: Florida Life Review

Direct response life insurance advertisements may contain which of the following phrases?

Direct response life insurance advertisements may not contain the phrases: "no salesman will call", "no agent will call", or "by eliminating the agent and/or commission, we can offer this low cost plan," or similar wording. The correct answer is: "Save money"

What is the minimum free look period for a fixed annuity in Florida?

The unconditional refund time (free look period) for a fixed annuity in Florida is at least 21 days. The correct answer is: 21 days

What is issued to each person insured under a group life insurance policy?

A group life insurer must issue to the policyholder an individual certificate containing the group number for each person insured. The correct answer is: An individual certificate

When does an applicant have the right to designate a second addressee?

An applicant for has a right to designate a second addressee at the time of the policy application or at any time the policy is in force. The correct answer is: At the time of the policy application or at any time the policy is in force

What happens if the age of an insured person has been misstated on a life policy?

An equitable adjustment of premiums or benefits will be made if the age of an insured person has been misstated on a life policy. The correct answer is: An equitable adjustment of premiums or benefits will be made.

In Florida, what is the maximum interest rate that may be charged for late payments for individual insurance polices?

Maximum percentage rate that may be charged by an insurance company on late payments for individual insurance polices is 8%. The correct answer is: 8%

When must an insurance agent provide a Buyer's Guide to the applicant of a policy that contains an unconditional refund provision?

An insurance agent must provide a Buyer's Guide and a Policy Summary prior to or with policy delivery if the policy contains an unconditional refund provision for a period of at least 14 days. The correct answer is: With the policy delivery

What is the minimum grace period for group life insurance policies in Florida?

The grace period for group life insurance policies in Florida is at least 31 days. The correct answer is: 31 days

Where replacement is involved, it is the duty of the existing insurer to maintain all related records for at least:

Where replacement is involved, the existing insurer must maintain copies of the Notices to Applicant Regarding Replacement of Life Insurance and Comparative Information Forms for at least 3 years or until the next examination, whichever is later. The correct answer is: 3 years

Where replacement is involved, what is the replacing insurance company's duty to the existing insurer?

Where replacement is involved, the replacing insurance company must give the existing insurer a copy of the Notice to Applicant Regarding Replacement of Life Insurance immediately on receipt. The correct answer is: Send a copy of the Notice to Applicant Regarding Replacement of Life Insurance immediately

In Florida, who of the following cannot be the beneficiary of a life insurance policy for a family member?

A life insurance agent who is not a family member cannot be the beneficiary of a life insurance policy. The others are all considered "family." The correct answer is: The life insurance agent

Where replacement is involved, it is the duty of the replacing insurance company to maintain all related records for at least:

Where replacement is involved, the replacing insurance company must maintain copies of the Notices to Applicant Regarding Replacement of Life Insurance, Comparative Information Forms, and all sales materials for at least 3 years or until the next examination, whichever is later. The correct answer is: 3 years

Where replacement is involved, when must the replacing insurance company provide a Buyer's Guide to the applicant of a policy that contains an unconditional refund provision?

Where replacement is involved, the replacing insurance company must provide a Buyer's Guide and a Policy Summary prior to or with policy delivery if the policy contains an unconditional refund provision for a period of at least 10 days. The correct answer is: With the policy delivery

With the exception of nonpayment of premium, a group life insurance policy is incontestable after:

With the exception of nonpayment of premium, a group life insurance policy is incontestable after 2 years. The correct answer is: 2 years

What must an insurance agent provide to the applicant of a life insurance policy that does not contain an unconditional refund provision prior to accepting the applicant's initial premium?

An insurance agent must provide a Buyer's Guide and a Policy Summary prior to accepting the applicant's initial premium if the policy does not contain an unconditional refund provision. The correct answer is: Buyer's Guide and Policy Summary

Insurance advertisements may not imply that dividends or divisible surplus is:

Insurance advertisements may not imply that dividends or divisible surplus is guaranteed. The correct answer is: Guaranteed

Insurance advertisements may not refer to premiums as:

Insurance advertisements may not refer to premiums as deposits. The correct answer is: Deposits

What is the minimum free look period for a variable annuity in Florida?

The unconditional refund time (free look period) for a variable annuity in Florida is at least 21 days. The correct answer is: 21 days

What is the minimum free look period for life insurance policies in Florida?

The unconditional refund time (free look period) for life insurance policies in Florida is at least 14 days. The correct answer is: 14 days

In Florida, what is the minimum number of members required for a group policy?

In Florida, there is no minimum number of members required for a group policy. The correct answer is: There is no minimum.

In Florida, what is the maximum percentage rate that may be charged on a fixed rate policy loan?

Maximum percentage rate that may be charged by an insurance company on a fixed rate policy loan is 10%. The correct answer is: 10%

What is the minimum grace period for individual life insurance policies in Florida?

The grace period for individual life insurance policies in Florida is at least 30 days. The correct answer is: 30 days

Where replacement is involved, what else must an agent give the insurer with an application for life insurance?

Where replacement is involved, an agent must give the insurer with an application for life insurance a copy of the Notice to Applicant Regarding Replacement of Life Insurance and a copy of all sales proposals used for the presentation to the applicant. The correct answer is: Notice to Applicant Regarding Replacement of Life Insurance and a copy of all sales proposals

Where replacement is involved, the existing insurer must provide the policyowner a Comparative Information Form within:

Where replacement is involved, the existing insurer must provide a Comparative Information Form to the policyowner within 10 days of receiving the Notice to Applicant Regarding Replacement of Life Insurance. The correct answer is: 10 days

Where replacement is involved, what must the replacing insurance company provide to the applicant of a policy that does not contain an unconditional refund provision prior to accepting the applicant's initial premium?

Where replacement is involved, the replacing insurance company must provide a Buyer's Guide and a Policy Summary prior to accepting the applicant's initial premium if the policy does not contain an unconditional refund provision. The correct answer is: Buyer's Guide and Policy Summary