FLORIDA 2-15 EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS, Exams of Nursing

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FLORIDA 2-15 EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS 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? - Precise Answer ✔✔6 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. - Precise Answer ✔✔general buyer's guide; policy summary 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? - Precise Answer ✔✔Usually 2 years, but in some states only 1 year 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 when he receives the death benefit. Which policy provision, clause or rider best fits his situation? - Precise Answer ✔✔Spendthrift Provision The following life policy settlement options are available to the policy's beneficiary EXCEPT: - Precise Answer ✔✔Interest-Free Option When dividends are issued, the policyowner has the following dividend options in utilizing a return EXCEPT: - Precise Answer ✔✔Life Income Option 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? - Precise Answer ✔✔Waiver of premium and Disability Income Riders 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? - Precise Answer ✔✔Payor Rider According to the NAIC Model Group Life Insurance Provisions, what is the standard grace period? - Precise Answer ✔✔30-31 days Which statement regarding annuities is CORRECT? - Precise Answer ✔✔Variable annuity units are fixed but the annuity payment will vary according to the value of the annuity unit. For individuals who have reached their normal retirement age, their spouses are entitled a retirement benefit that is equal to what percentage of the retired worker's primary insurance amount (PIA)? - Precise Answer ✔✔50% Susan has been paying premiums on her whole life policy for the past 14 years. Recently, she decided to stop making payments, but did not select a nonforfeiture option. Since she did not select such option, what actions will her insurer take? - Precise Answer ✔✔Her insurer will issue a paid- up term life policy with the same face value as the original whole life policy and a term length based on the amount of cash value that the forfeited whole life policy can purchase. In a group life contract, evidence of insurability is - Precise Answer ✔✔required only after the enrollment period ends. Per Stirpes Rule - Precise Answer ✔✔Death proceeds from an insurance policy are divided equally among the named beneficiaries. If a named beneficiary is deceased, his or her share then goes to the living descendants of that individual. Per Capita Rule - Precise Answer ✔✔Death proceeds from an insurance policy are divided equally among only the living primary beneficiaries. Revocable Beneficiary Designation - Precise Answer ✔✔Allows the policyowner to change beneficiaries after the policy becomes in force, if he or she so chooses, without the consent of the beneficiary. Irrevocable Beneficiary Designation - Precise Answer ✔✔The policyowner gives up the right to control the policy. Once a policy becomes in force as an irrevocable policy, it cannot be changed in the future without the consent of the beneficiary. Estate Conservation (Retention) - Precise Answer ✔✔Income is derived only from interest gained on the principal. Income is indefinite and creates a legacy for next of kin or for charity. Viatical (Life) Settlement - Precise Answer ✔✔If a policyowner is considered terminally ill, an option exists to sell the insurance policy after its contestability period has ended to a viatical settlement company who, in return, will pay anywhere from 60% to 80% of the face amount Human Life Value Approach - Precise Answer ✔✔An individual's life in terms of earning potential is calculated to determine a life insurance value to replace such individual's earnings Buy-Sell Agreements - Precise Answer ✔✔Life insurance can also be used to fund a partnership or corporation after the death of one of its partners or corporate shareholders. Cross-Purchase Plan (Few Partners) - Precise Answer ✔✔2 partners x 1 policy on each other = 2 total policies 3 partners x 2 policies each = 6 total policies 4 partners x 3 policies each = 12 policies Entity Plan (Several Partners) - Precise Answer ✔✔An entity plan is typically used if several partners exist within a company. Instead of each partner purchasing multiple life policies, the company itself purchases a life policy on each partner and serves as the policyowner of each policy. Interim Term - Precise Answer ✔✔A type of convertible term policy, referred to as an Interim Insuring Agreement, is commonly provided by insurers to ensure immediate temporary term life protection during the underwriting of a whole life policy Long-term care policies generally provide coverage for what period of time? - Precise Answer ✔✔3 to 5 years If an insurance company fails to provide proper claims forms to the insured within 15 days from the time the insurance company was notified of a claim, the insured: - Precise Answer ✔✔can submit proof of loss in any form, explaining the occurrence and extent of loss for which the claim is submitted How many days of skilled nursing facility care will Medicare provide benefits before a daily copayment is required? - Precise Answer ✔✔20 days In the event that an insured becomes disabled due to loss of limbs or vision as a result of an accident, what will an AD&D policy pay the insured? - Precise Answer ✔✔A lump-sum benefit called the 'capital sum'