Florida Life Insurance, Annuity & Variable Products Review
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A set of vocabulary flashcards based on the Florida Life Insurance, Annuity & Variable Products practice exam, covering regulatory bodies, prohibited practices, and product definitions.
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14 Terms
Florida Department of Financial Services
The primary government department responsible for regulating insurance companies and agents within the state of Florida.
Florida Insurance Code
A body of laws established to protect consumers and regulate insurance practices.
Free-look period
A duration of at least 14 days during which a policyholder can cancel a policy for a full refund.
Twisting
The prohibited practice of misrepresenting policies to induce a policyholder to replace their existing insurance.
Variable life insurance
A type of insurance regulated by both the SEC/FINRA and the state, which combines traditional insurance with investment components.
Annuity suitability
The requirement that an annuity product must fit the specific financial needs and objectives of the client.
Annuity
A financial product designed to provide an income stream, typically used for retirement purposes.
Churning
The practice of making frequent policy replacements solely for the purpose of generating commissions for the agent.
Florida OIR/DFS
The entities responsible for the enforcement of insurance laws in Florida (Office of Insurance Regulation and Department of Financial Services).
Variable products
Financial products that combine insurance with underlying investments like stocks and bonds, resulting in fluctuating market-based values.
Suitability
The standard used to determine whether a specific insurance product fits the needs of a client.
Life insurance
A financial contract that provides a death benefit, as opposed to an income stream.
Misrepresentation
A prohibited practice that remains illegal regardless of whether a client agrees to the terms.
Replacement rules
Regulatory requirements designed to protect consumers when they are replacing one insurance policy with another.