- | P a g e
Florida 2-15 exam Questions And Correct Detailed Answers (Verified Answers) Already Graded A+
- Which statement regarding annuities is CORRECT?
- According to the NAIC Model Group Life Insurance Provisions, what is the standard
• A) Variable annuity units are fixed but the annuity payment will vary according to the value of the annuity unit.• B) Fixed annuities provide a variable rate of return based on market performance.• C) Variable annuities guarantee a specific monthly income for life regardless of market conditions.• D) Accumulation units in a fixed annuity fluctuate in value daily.Correct Answer: A) Variable annuity units are fixed but the annuity payment will vary according to the value of the annuity unit.
grace period?• A) 10-15 days • B) 30-31 days • C) 45 days • D) 60 days
Correct Answer: B) 30-31 days
- In the event that a parent dies or becomes disabled, which rider allows surviving
child coverage to continue until the child reaches a specified age?• A) Juvenile Rider • B) Guaranteed Insurability Rider
- | P a g e
• C) Payor Rider • D) Family Term Rider
Correct Answer: C) Payor Rider
- Which two life insurance riders can Bill purchase to guarantee that his policy will
continue without further commitment from him and that income will be paid to him if he becomes totally and permanently disabled?• A) Payor rider and Term rider • B) Waiver of premium and Disability Income Riders • C) Return of premium and Cost of living rider • D) Accidental death and Guaranteed insurability riders
Correct Answer: B) Waiver of premium and Disability Income Riders
- When dividends are issued, the policyowner has the following dividend options in
utilizing a return EXCEPT:
• A) Cash Dividend Option • B) Accumulate at Interest • C) Paid-Up Additions • D) Life Income Option
Correct Answer: D) Life Income Option
- The following life policy settlement options are available to the policy's beneficiary
EXCEPT:
• A) Fixed Period Option • B) Fixed Amount Option • C) Life Income Option • D) Interest-Free Option
Correct Answer: D) Interest-Free Option
- Mr. Baker has named his son as the beneficiary to his life insurance policy, but he is
worried about his son's spending habits and the money his son might already owe
- | P a g e
when he receives the death benefit. Which policy provision, clause or rider best fits his situation?• A) Accelerated Death Benefit • B) Spendthrift Provision • C) Automatic Premium Loan • D) Guaranteed Insurability Rider
Correct Answer: B) Spendthrift Provision
- The Incontestable Clause states that the insurer cannot contest the validity of a life
insurance policy as long as it remains in force after what period of time?• A) Usually 6 months • B) Usually 2 years, but in some states only 1 year • C) Usually 5 years • D) Usually 10 years
Correct Answer: B) Usually 2 years, but in some states only 1 year
- According to the NAIC Life Insurance Solicitation Model, when soliciting life
insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed.• A) policy brief; producer report • B) financial statement; prospect guide • C) general buyer's guide; policy summary • D) company overview; detailed illustration
Correct Answer: C) general buyer's guide; policy summary
- In a 3 partner cross-purchase plan, how many policies need to be purchased in
order to protect each partner against the loss of any other partner?
• A) 3
• B) 6
• C) 9
- | P a g e
• D) 12
Correct Answer: B) 6
- For individuals who have reached their normal retirement age, their spouses are
entitled to a retirement benefit that is equal to what percentage of the retired worker's primary insurance amount (PIA)?
• A) 25%
• B) 50%
• C) 75%
• D) 100%
Correct Answer: B) 50%
- In order to be considered currently insured and thus eligible for limited survivor
benefits from Social Security, a worker must have earned ___ credits during the 13- quarter period ending with the quarter in which the worker died.
• A) 6
• B) 10
• C) 20
• D) 40
Correct Answer: A) 6
- Due to the historical mismanagement of employee retirement plans, which federal
law did Congress pass to protect employee retirement plans against misuse?
• A) COBRA
• B) HIPAA
• C) Employee Retirement Income Security Act (ERISA)
• D) OBRA
Correct Answer: C) Employee Retirement Income Security Act (ERISA)
- In a qualified employer retirement plan, an employee is entitled to what
percentage of the vested interest in benefits that accrue from his or her contributions?
