Skip to main content

Lesson 21 Quiz

The following quiz is provided for your information to help you measure your retention level on the material covered within this lesson. It is not graded. Only the final examination is graded.

Answer or complete each question to the best of your knowledge and click on the "Check your answer" button. If your answer is incorrect, you will be instructed where to find the correct answer. It is not necessary to repeat the quiz if you exit this page; however, your answers will not be saved once you exit. This feature is provided for future practice purposes.

1

Match the following with their respective definitions.

a) Stock company turns to mutual company
b) Mutual company turns to stock company
c) Sells both par and nonpar policies
a) Mutualization

b) Demutualization

c) Mixed Company
Check your answer

2

Before an entity may practice insurance in Florida, the entity must obtain:

a) health insurance for its employees.
b) life and health insurance for its employees.
c) a Certificate of Authority.
d) a Certificate of Insurance.
CORRECTTRY AGAIN
Check your answer

3

An insurance company owned and controlled by a group of stockholders whose investment in the company provides the safety margin necessary in issuance of guaranteed, fixed premium nonparticipating policies is called a . An insurance company characterized by having no capital stock and is owned by its policyowners and usually issues participating insurance is called a .


Word bank: mutual insurer, stock company

An insurance company owned and controlled by a group of stockholders whose investment in the company provides the safety margin necessary in issuance of guaranteed, fixed premium nonparticipating policies is called a stock company. An insurance company characterized by having no capital stock and is owned by its policyowners and usually issues participating insurance is called a mutual insurer.

Check your answer

4

Match the following insurers with their respective definitions.

a) An insurance company operating in Florida and incorporated in Alabama.
b) An insurance company operating in Florida and incorporated in Florida.
c) An insurance company operating in Florida and incorporated in Italy.
a) Foreign insurer

b) Domestic insurer

c) Alien insurer
Check your answer

5

The Florida Life and Health Guaranty Association's liability for contractual obligations of an insolvent insurer cannot exceed ___________ in cash values, or __________ for all benefits including cash values with respect to any one life.

a) $1,000; $10,000
b) $10,000; $100,000
c) $100,000; $200,000
d) $100,000; $300,000
CORRECT - CONGRATULATIONS on completing Lesson 21. TRY AGAIN
Check your answer

Congratulations on your course completion!

IMPORTANT NOTICE

As stated in the introductory lesson, prior to January 2010, the state examination will be based on the 23rd edition of the Florida Life, Health, and Variable Annuity Study Manual. After January 2010, the state examination will be based on the 24th edition of the study manual. Most of the changes concern statistical updates (2008 figures vs. 2009 figures, which are the latest available for publication). For this reason, both 2008 and 2009 figures have been noted within the course material. If you do not know when you are planning to take the state examination, you should familiarize both. In January 2010, the course online final exam will be based on the 24th edition.

You may take the online course final examination as many times as necessary to pass. There is no waiting period to retake the final exam and there are no additional charges. You will receive a percentage based on your correct answers. Passing grade is 70% or better.

Be sure to click on the following question so you will know what to expect when you apply for the state exam.

After I have completed this course, how do I schedule the state exam?

If you feel you are ready to take the final exam for this course now, click on the "My Account" button above and choose "Begin the exam now." After you have completed the final exam, you will receive your grade score and further instructions.

If you pass the final exam, you will be given the option of downloading your Certificate of Completion. An additional hard copy will be sent to you in the mail. The paper Certificate of Completion is for your records.

- DO NOT SEND YOUR CERTIFICATE OF COMPLETION TO THE STATE -

We will report your certification to the Department of Financial Services electronically.

CONGRATULATIONS ON PASSING THIS COURSE AND GOOD LUCK ON YOUR EXAMS!