Free Life Insurance Basics Practice Questions
Florida Life including Variable Annuity (2-14) exam (series 2-14) — 144 practice questions.
Subtopics: Buyer's guide and policy summary, Life settlement broker, Replacement notice, Recommendation to surrender, Stranger-originated life insurance, Severe disability discrimination, Advertising, Viatical settlement broker, Agent identification, Advisory titles, Dividend disclosure, Failure to deliver buyer guide, Buyer guide exemptions, Policy summary contents, Comparing policy costs, Insurable interest, Insurable interest relationships, Genetic information, HIV testing consent, Sickle-cell trait, Policy delivery, Readability, Viatical rescission, Viatical provider license, Broker fiduciary duty, Viatical escrow, Insurable interest parties, Personal uses, Liquidity, Human life value, Needs approach, Buy-sell funding, Key person, Term vs permanent, Participating policies, Separate account, Variable products licensing, Premium factors, Mortality, Interest assumption, Premium mode, Field underwriting, Application accuracy, Sources of underwriting, Risk classification, Substandard risk, Effective date, Statement of good health, Backdating, MIB, Unfair discrimination underwriting, Group vs individual, Warranties vs representations, Disclosure statement, Estate conservation, Executive compensation, Expense factor, Declined risk, Surrender comparison index, Net amount at risk, Legal reserve, CSO mortality table, Level premium funding, Cash value accumulation, Endowment maturity, Free look period, Policy replacement rules, Twisting, Churning, Rebating, Defamation, Binding receipt, Insuring clause, Consideration clause, Owner vs insured, Suitability, Sales illustration, Producer appointment, Paramedical exam, Inspection report, Nonmedical limit, Split-dollar plan, Section 162 executive bonus, Dependency period need, Social Security blackout period, Capital retention approach, Final expense need, Insurance age, Flat extra premium, Postponed risk, Agent's report, Policy summary, Material misrepresentation, Estate creation, Cash accumulation, Charitable giving, Buy-sell cross purchase, Buy-sell entity purchase, Cross purchase count, Key person beneficiary, Deferred compensation, Split dollar collateral assignment, Executive bonus taxation, Business overhead uses, Information for needs analysis, Group vs individual class, Nonparticipating policy, Fixed vs variable, Variable minimum death benefit, Gross vs net premium, Modal factors, Mortality table use, Gender and mortality, Producer delivery duties, Constructive delivery, Rated policy delivery, Conditional receipt insurability, No premium with application, Application signatures, Application corrections, Insurable interest third party, Self insurable interest, Attending physician statement, MIB adverse decisions, MIB pre-notice, Underwriting prohibited factor, Rated policy, Standard risk, Prescription database, Social Security fully insured, Currently insured, Survivor benefits children, Spouse caring for child, Blackout period end, Lump-sum death benefit, Full retirement age, Social Security disability, Social Security as offset, Producer report purpose
Read the Life Insurance Basics study guide
Sample questions & answers
1. Florida requires that a prospective life insurance purchaser be given a buyer's guide and a policy summary:
Before accepting the initial premium, unless the policy provides at least a 14-day unconditional refund
The insurer must deliver a buyer's guide and policy summary before accepting the initial premium unless the policy provides at least a 14-day unconditional refund.
2. A person who negotiates a viatical (life) settlement on behalf of a Florida policyowner must hold:
A Florida life agent license, self-appointed as a viatical settlement broker
Since October 1, 2006, only a licensed Florida life agent may act as a viatical settlement broker, and the agent must self-appoint as a broker with the Department before doing so.
3. When a Florida life sale will replace an existing policy, the producer generally must:
Present the Notice Regarding Replacement no later than when the application is taken
The replacing agent must give the applicant the replacement notice (Form OIR-B2-312), signed by both, no later than when the application is taken, and leave copies of all sales proposals; the replacing insurer then notifies the existing insurer.
4. Before a Florida producer recommends that a consumer surrender an annuity or life policy to buy another, the producer must:
Provide a written disclosure comparing values and consequences of the surrender
Florida requires a written comparative disclosure when recommending the surrender of an annuity or life policy, so the consumer can evaluate the consequences.
All Life including Variable Annuity (2-14) topics
Practice: Life Insurance Basics
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
