Florida Life & Health Insurance Exam Study Guide (Latest Updated)

One time Only Death Benefit for eligible survivor from Social Security. {Ans: $255}Waiting period for Social Security Disability. Benefits begin in 6th month. {Ans: 5 full moons}Number of employees that must contribute if group plan is contributory. {Ans: 75%}Guaranteed Insurability Riders Benefits. {Ans: 25-40}Grace period for industrial life insurance. {Ans: 28 days}Grace period (total) for policy-owner age 64 or older. {Ans: 51 days}The McCarran-Fergusson Act. Made it law that states are to regulate insurance. {Ans: 1945}Latest someone must begin taking money out of a traditional IRA. {Ans: 72}Agents must keep records for annuity transactions. {Ans: 5 years}Penalty for first violation, for not reporting name/address change to the Dept. of Fin. Services within 30-days. Penalty for late CE. {Ans: $250}Maximum IRA contribution limits(2020). {Ans: $6000}Notice insurer must give insureds if terminating all individual or groups policies. {Ans: 180 Days}Maximum loan rate if fixed, (if variable, tied to Moody's Corporate Bond Index), Penalty for withdrawal from an IRA prior to 59 1/2. {Ans: 10%}Time for conversion from group coverage. Grace period for Group Life. {Ans: 31 days}Minimum number of members required for an "association" group life insurance if