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%
Which of the following insurance products will be subject to the regulation on life insurance solicitation?
A Term life policy
An individual wants to purchase a life insurance policy. His agent asks if the transaction will involve replacing any existing life insurance policies. If the customer replies, "Yes," which of the following best describes the agent's next step?
The agent must provide a replacement notice to the applicant.
What kind of policy does NOT typically require proof of insurability?
group insurance
The minimum age for purchasing life insurance policy in Florida is
15
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
policyholder
Which of the following dates must be contained in a policy summary?
The date the summary was prepared
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.
An insured received a new life insurance policy 5 days ago, but after a closer inspection of the policy provisions, decided to return it to the insurer. What provision would allow the insured to return the policy for a full premium refund?
Free look
Which term describes the benefits of a life insurance policy that the policyowner does not automatically relinquish even if the policy lapses?
Nonforfeiture values
All of the following are correct about life insurance policy loan interest rate EXCEPT
There are no restrictions or limitations on policy loan rates.
Certificates of coverage are issued to
participants in a group plan
A customer with an existing life insurance contract is considering exchanging it for a newer contract. What Florida insurance regulation should the customer's insurance agent consult?
The Florida Replacement Rule
Who does the secondary addressee provision protect?
The insured over the age of 64.
Who does the secondary notice provision protect?
Elderly Insureds