Chapter 27- Florida laws and Rules pertinent to Life insurance

For an individual life contract on an insured 64 years if age or older, the insurer must advise the applicant ? A.Of their right to a large print copy of the policy if required B. Of their right to designate a secondary addressee to receive a copy of any policy lapse notice C if ab extended free look period D of their right to name a trustee to exercise ownership rights under the policy

Of their right to designate a secondary addressee to receive a copy of any policy lapse notice

During what period is a new life insurance policy owner entitled to review a policy and return it for a full refund A During the 14 days prior to the effective date B Within 14 days after delivery of the policy C Within 30 days of purchase D afetr receipt, but only with the prior approval if the agent

Within 14 days after delivery of the policy

All of the following statements are correct about group life insurance EXCEPT? A a member may assign her incidents of ownershio B Certificate holders need not be notified if the policy expires C. rates are typically more favorable than for individual policies D it is typically written as 1- year renewable term plan

B Certificate holders need not be notified if the policy expires

In which of the following ways is a beneficiary protected from the creditors of the deceased insured? A. The proceeds of a policy can always be claimed by the deceased insured's creditors B. When the policy is made payable to the estate, the proceeds are protected from the creditors. C. If the policy is made payable to a named beneficiary, the the creditors can make no claim on the proceeds D. The cash surrender Value of a life insurance policy can be attached by an ordinary creditor

C. If the policy is made payable to a named beneficiary, the the creditors can make no claim on the proceeds

Which of the following applies when an insured wishes to convert industrial insurance policies into an ordinary policy? A This is not permitted under Florida Law B It is possible to convert $3,000 or more of industrial insurance C Any such conversion requires a physical examination D The multiple policies can only be reissued as one industrial insurance

It is possible to convert $3,000 or more of industrial insurance

Which of the following is the Correct number of lives required in Florida for a group insurance policy? A. 3 B 8 C 10 D no minimum

No Minimum

Which of the following rules would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? A Conversion rule B. Disclosure Rule C. Replacement Rule D.Reinstatement Rule

Replacement rules

All of the following groups are eligible for group life insurance EXCEPT? A. Employers and Employee Groups B Labor Unions C Trustee groups D. Social Clubs

Social Clubs

suitability information gathered from consumers must be retained for review by the Department A. For 3 years by agents only B. FOr 4 years by insurers only C. by neither agents or insurerers D. by both agents and insurers for 5 years

by both insurers and agents for 5 years