Chapter Exam - FL Laws and Rules
a life insurance policy's grace period entitles the insured a period of no less than (blank) days to make the premium payment
30
what type of insurance company is domiciled in england but conducts business in florida
alien
which of the following is a standard provision of the conversion privileges in a group life policy?
group life coverage can be converted to an individual policy at regular rates on an attained age basis.
a stock insurance company
is owned exclusively by its shareholders.
an example of an unfair claims settlement practice is
turning down a claim without providing the basis of denial
a life insurance policyowner may sell their policy to a(n) _____ in order to receive a percentage of the policy's face value.?
viatical settlement provider
which of the following activities will not result in the suspension of an agent's license
working for a foreign insurer
which of the following is not considered rebating
sharing commissions with a licensed agent in the same line of business
under which circumstance may a licensed agent in florida represent an unauthorized entity
NEVER
as a condition for a loan, a bank requires the borrower to purchase credit insurance from a specific company. what is the bank guilty of?
coercion
j is an agent who recently told a claimant that his rights might be impaired if he does not complete a release form within a specified time. what could this agent be found guilty of?
coercion
what type of insurance company is domiciled in england but conducts business in florida
coercion
which of the following areas of state regulation is NOT protected by the savings clause in ERISA?
commerce
an applicant who pays the initial premium at the time of application is typically given a(n)
conditional reciept
which two entities regulate variable annuities
department of financial services and securities exchange commission
in florida an insurer domiciled and incorporated in this state is called a(n)
domestic company
in florida which employee is eligible for an employer's group term life plan
employee who works more than 40 hours per week
which of the following employees may not be excluded from a group life plan
full-time employees after the probation period.
which of the following situations are NOT subject to florida life insurance laws?
insurance companies' day-to-day operations
what is the main reason for regulating the insurance industry
maintain the solvency of insurance companies.
according to florida law, which of the following information does NOT need to be obtained by an agent recommending an annuity purchase?
marital status
which type of insurance company allows their policyowners to elect a governing body
mutual
a life insurance policy owner would like to file a complaint against a life insurance agent. in florida, the entity that oversees these complaints is called the
office of financial regulation
under a life insurance policy, the (blank) has the authority to name the beneficiary.
owner
in florida most life insurance policies have a contestability period of
2 years
what percentage of eligible persons must a policy cover in a noncontributory group?
100%
in florida which agency is responsible for the rehabilitation or liquidation of insurers
Department of Financial Services
a variable life insurance agent must be licensed and appointed as a life and variable contract agent, as well as a(n)
broker dealer
k is insured under a group life insurance policy. k is considered to be a(n)
certificate holder
an example of sliding would be
charging for an additional product without the applicant's consent
how many days does an insurance company have to reject a reinstatement application before it is automatically reinstated.
45
in florida what is the maximum percentage of controlled business an agent may produce
50%
j owns a business and has a group life policy coverage on her employees. j decides to cancel the policy by letting it lapse on the renewal date. what action must be taken?
all of the employees must be notified of the cancellation either by the insurance company or through j
all of the following entries are classified under the four principal areas of florida insurance law except
an agent's commission
which of the following acts is an agent NOT authorized to do on behalf of an insurer
authorize claim payments
all of the following are nonforfeiture options except
automatic premium loan option
which of these is NOT a legal entity for selling life insurance in Florida?
risk management advisers
which of the following factors is not considered when the department of financial services determines if an agent's home is an insurance agency?
the amount of premium collected at this location
W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim?
the proceeds would be reduced based on whatever the premium would have been if purchased at age 59
group life policies in florida are required to contain a conversion privilege that allows for conversion
to an individual policy for a stated period of time
