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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 law, to any of the following EXCEPT
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If a life insurer holds the proceeds of any policy it issues, which of the following is true?
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Chapter 11
Florida Statutes, Rules, and Regulations Pertinent to Life Insurance
| Question | Answer |
|---|---|
| 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 law, to any of the following EXCEPT | The policyholder |
| If a life insurer holds the proceeds of any policy it issues, which of the following is true? | The proceeds may be exempt from any creditor’s claims against a beneficiary other than the policy owner. |
| Which term describes the benefits of a life insurance policy that the policyowner does NOT automatically relinquish even if the policy lapses? | Nonforfeiture values |
| Which of the following insurance products will be subject to the regulation on life insurance solicitation? | A term life policy |
| Which of the following dates must be contained in a policy summary? | The date the summary was prepared |
| 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. |
| Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance? | Replacement Rule |
| An employee will be taxed on the cost of group life insurance paid by the employer if the amount of coverage exceeds | $50,000 |
| 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 |
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Hayley92