Florida Statutes, Rules, and Regulations Pertinent to Life Insurance
What is the maximum allowed value of promotional gifts that an agent may give to a prospective insured?
$100
An employee will be taxed on the cost of group life insurance paid by the employer if the amount of coverage exceeds?
$50,000
An annuity contract is issued to a senior consumer over age 65. What is the maximum surrender charge for a withdrawal of money allowed on this annuity?
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 agent delivers a life insurance policy to the proposed insured. The insured makes a decision not to accept the policy. The insured may return the policy for a full refund of premium within how many days?
14. The free-look provision in Florida allows the insured to return a life policy or annuity after 14 days if dissatisfied for any reason.
When a group policy terminates, every individual insured under the policy will be entitled to have an individual policy if the insured has been insured by the group policy for at least how many years prior to policy termination?
5 years. When a group policy terminates, every individual insured under the policy at the date of such termination who has been so insured for at least 5 years prior to such termination date will be entitled to have issued to him by the insurer an individual policy of life insurance.
In life policies issued in this state, insurers are permitted to charge interest during the policy grace period for the number of days elapsing before the premium is paid. What is the maximum annual interest rate?
8%
Which of the following insurance products will be ubject to the regulation of life insurance solicitation?
A term life policy
Who does the secondary notice provision protect?
Elderly Insureds
Licensed life insurance agents are expected to be familiar with which of the following laws?
All of the insurance laws and regulations. While the other laws may have particular significance, an agent should be generally aware of all insurance laws.
Under what conditions will proof of insurability NOT be required of an employee wanting to enroll in a group insurance plan?
If the employee enrolls within a certain time period
When replacing life insurance, the duties of the replacing insurance company include all of the following EXCEPT?
Maintaining a copy of the Notice Regarding Replacement and all sales proposals used for at least 5 years.
If an employer decides to change its life insurance policy to a similar one with a different insurer, which of the following describes the extent that replacement regulations will be exercised?
Replacement regulations will not apply in this situation.
How will a life insurance beneficiary designation naming a spouse be changed by divorce?
The beneficiary designation will be voided.
Which of the following dates must be contained in a policy summary?
The date the summary was prepared
A person insured under a group life insurance policy can make an assignment of all or any part of the incidents of ownership conferred on the insured by the policy or by law, to any of the following EXCEPT?
The policyholder
When does a free look period begin on a life insurance policy?
When the policy is delivered to the insured
All advertisements are the responsibility of the?
insurer
Who does the secondary addressee provision protect?
the insured over the age of 64
Under a group plan, Certificates of Insurance must include all of the following EXCEPT?
the name of the writing agent
Can a group that is formed for the sole purpose of obtaining group insurance qualify for group coverage?
No, the group must be formed for a purpose other than obtaining group insurance.
Which term describes the benefits of a life insurance policy that the policy owner does not automatically relinquish even if the policy lapses?
Nonforfeiture values
Which of the following documents must be provided to the policyowner or applicant during policy replacement?
Notice Regarding Replacement
During replacement of life insurance, a replacing insurer must do which of the following?
Obtain a list of all life insurance policies that will be replaced