Name: 
 

Law & Ethics Update - Chapter 3 Review



Multiple Choice
Identify the choice that best completes the statement or answers the question.
 

 1. 

Following policy expiration, an agent must retain records for at least:
 
a.
5 years
b.
3 years
c.
2 years
d.
1 year
 

 2. 

Under the Florida Information Protection Act of 2014 (FIPA), breaches must be reported to the Florida Department of Legal Affairs within:
 
a.
24 hours
b.
30 days
c.
45 days
d.
90 days
 

 3. 

The AGENT IN CHARGE must be licensed in
 
a.
no lines.
b.
at least one line that the location handles.
c.
at least 2 lines that the location handles.
d.
every line that the location handles.
 

 4. 

The Unconditional Refund Period for all purchasers of fixed and variable annuities to:
a.
7 Days
b.
10 Days
c.
14 Days
d.
21 Days
 

 5. 

A life agent applicant can meet their experience requirement as long as they hold which of the following, within the four years preceding their application:
a.
Chartered Financial Consultant (ChFC) or Certified Financial Planner (CFP)
b.
Fellow, Life Mgmt Institute (FLMI) or Chartered Financial Consultant (ChFC)
c.
Certified Financial Planner (CFP)
d.
All of the above
 

 6. 

When surrendering an annuity, which of the following needs to be included in  written notice:     
a.
the amount of any estimated surrender charge
b.
the loss of any minimum interest rate guarantees
c.
the possibility of tax consequences
d.
all of the above
 



 
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