Chapter Six

In this state, what is the maximum amount of individual life insurance coverage that a person can convert two if the existing group policy has been terminated?

$10,000

An annuity contract is issued to a senior consumer over 65 years of age. What is the maximum surrender charge for a withdrawal of money allowed on this annuity?

10%

The maximum fixed policy loan interest that an insurance company may charge in Florida is...

10%

In order for a debtor group to qualify for group life insurance, what should be the minimum number of participants joining the plan every year?

100

An insured makes a decision not to accept a life insurance policy. The insured must return the policy for a full refund of premium within how many days?

14 days

What is the minimum age for purchasing life insurance in Florida?

15 years old

All life insurance policies issued in this state must have a grace period of?

30 days

Most group life plans use what type of insurance?

Annually renewable term

When are the insurers required to provide a policy summary to the insured?

At the time of policy delivery

Who does the secondary notice provision protect?

Elderly insureds

Records of the information collected from senior consumers, and other information used in making recommendations for insurance transactions must be kept by the agents and insurers for a period of at least...

Five years

What type of policy issue certificates of insurance to the insured?

Group insurance

Or what type of life insurance products would not be subject to Florida regulations on life insurance solicitation?

Individual annuities

According to the Florida regulation, regarding disclosure in life, insurance transactions, the following statement about policy summary is incorrect

It must be combined with sales illustrations

In Florida who is not eligible for group insurance?

Large families

A transaction in which a new life insurance policy is to be purchased, and an existing policy is to be laughs, surrendered, or converted to another type of insurance is called....

Replacement

Group life insurance policies delivered in this state must not contain...

Statements of the applicant that are considered warranties

The practice of making sure that the purchase or replacement of an annuity product is correct for the purchasers, investment objectives, financial status, text status, and needs is called...

Suitability

Who does the spendthrift clause in a life insurance policy protects?

The beneficiary

What Florida insurance regulation established an outline of appropriate and inappropriate business behavior for life insurance agents?

The code of ethics of the Florida Association of insurance and financial advisors

If an insured under a group policy dies during the conversion., What will the beneficiary receive?

The death benefit from the group policy

In Florida how many participants are needed to qualify for group life insurance?

There is no minimum

What could be considered a senior consumer?

A person, age 65 or older

What is the purpose of the insurability provision in group life policies?

To allow the insurer to require proof of insurability from individual applicants

When does a free look Period begin on a life insurance policy?

When the policy is delivered to the insured