Risk Management and Insurance > EXAM > FLORIDA INSURANCE 2-15 LICENSE EXAM COMPLETE TEST STUDY QUESTIONS AND VERIFIED ANSWERS 2024 (GUARANT (All)

FLORIDA INSURANCE 2-15 LICENSE EXAM COMPLETE TEST STUDY QUESTIONS AND VERIFIED ANSWERS 2024 (GUARANTEED PASS) | RATED A+

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Roland invested $30,000 in a deferred annuity when he was 30 years old, which grew to $60,000 in 20 years. At age 50, he decides to take a partial withdrawal in the amount of $15,000. What are the t... ax implications? - Answer>>>The $15,000 withdrawal is taxable as ordinary income plus a 10% premature distribution penalty applies. In 2004, the Florida legislature addressed the special needs of senior consumers with regard to annuity investments. For instance, an agent is required to maintain records relating to such transactions for _ years. - Answer>>>five Toni decides to take a special vacation on her 40th birthday and withdraws $4,000 from her IRA. What penalty will she be subject to on the amount withdrawn? - Answer>>>$400 Group health plans that are issued by mutual companies usually provide dividends, which are most likely to be paid if are less than anticipated. - Answer>>>expenses and claims costs An immediate annuity is designed to provide income: - Answer>>>Immediately. Henry has a Life with Period Certain annuity (life or ten years) in which is wife, Harriet, is beneficiary. If Henry dies after 5 years, what will Harriet receive? - Answer>>>Payments for the remaining five years Prior to retirement, the purchaser of a variable annuity pays an agreed-upon periodic premium amount. When these periodic premiums are paid, the purchaser is credited with: - Answer>>>a number of accumulation units. An organization outside the members of a self-insurance group which, for a fee, processes claims, completes benefits paperwork and often analyzes claims information is known as the: - Answer>>>third-party administrator (TPA). Buy-sell agreements can only be drafted by: - Answer>>>an attorney. HMOs and PPOs are required under Florida law to provide members direct access to which of the following? - Answer>>>All - Dermatologists and chiropractors, optometrists and OB gynecologists, and podiatrists Insurance is a contract of: - Answer>>>utmost good faith. The Deficit Reduction Act gives governors more flexibility to design benefits that efficiently and affordably meet their states' needs. - Answer>>>Medicaid The health policy that always renews without an increase of premium could be identified as: - Answer>>>noncancelable [Show More]

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