Ch. 6: Fl. Statutes, Rules and Regulations Pertinent to Life

Which of the following documents must be provided to the policy owner or applicant during policy replacement?

• Buyer's Guide and Policy Summary

• Policy illustrations

• Notice Regarding Replacement

• Disclosure Authorization Form

What kind of policy does NOT typically require proof of insurability?

• Term Insurance

• Individual Insurance

• Group Insurance

• Variable Life Insurance

Regulations for annuity recommendations would apply when a consumer is at least what age?

• 50 years old

• 62 years old

• 65 years old

• 70 years old

Which of the following dates must be contained in a policy summary?

• The date that the policy was issued

• The date that the producer was licensed

• The date the summary was prepared

• The date the application was signed

An employee will be taxed on the cost of group life insurance paid by the employer if the amount of coverage exceeds

• 10,000

• 15,000

• 25,000

• 50,000

Which statement is NOT true regarding a policy summary?

• It is generally given to applicants before acceptance of the initial premium.

• It must include the generic name of the basic policy and each rider.

• It must include the date the policy summary is prepared.

• It must be combined with a sales illustration.

Who does the secondary addressee provision protect?

• Contingent (secondary) beneficiaries

• The insured whose policy is being replaced

• The insurance company

• The insured over the age of 64

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?

• 6%

• 8%

• 10%

• 15%

Which term describes the benefits of a life insurance policy that the policy owner does not automatically relinquish even if the policy lapses?

• Permanent values

• Cash values

• Guaranteed values

• Nonforfeiture values

The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known as the

• Incontestability clause.

• Beneficiary protection clause.

• Spendthrift clause.

• Benefit protection clause.