Hours 3

FLA-Senior Suitability for Agents

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Lessons

FLA-Senior Suitability for Agents Chapter 2

Overview of Recent Legislation and Rules Safeguard Our Seniors Legislation Amendment Supplement SOURCE: http://www.myfloridacfo.com/Division/Agents/Licensure/Education/Providers/specialCourses/seniorSuitability/SOSLegisAmendSupp.pdf 624.310(1)(a)5, F.S. – Amends the definition of an ‘affiliated party’ to bring subjected marketers under the…

FLA-Senior Suitability for Agents Chapter 3

III. PRODUCTS Discuss and compare and contrast the main structure and differences among: Fixed Annuities, Equity Indexed Annuities, Variable Annuities and Group Annuities. Annuity Contract means a fixed annuity, equity…

FLA-Senior Suitability for Agents Chapter 4

Equity Indexed Annuities (including Market Value Adjusted Annuities): An equity-indexed annuity is an annuity that earns interest that is linked to a stock or other equity index. One of the…

FLA-Senior Suitability for Agents Chapter 5

Variable annuities: A variable annuity is a contract between you and an insurance company, under which the insurer agrees to make periodic payments to you, beginning either immediately or at…

FLA-Senior Suitability for Agents Chapter 6

DUTIES OF INSURERS AND INSURANCE AGENTS Discuss the duties of both Insures and the Insurance agent as they relate to making a reasonable informed decision concerning annuities. Data collection activities,…

FLA-Senior Suitability for Agents Chapter 7

Duties of Insurers and Insurance Agents In all insurance transactions both the agents recommending and selling the products and the insurers who issue the contracts have responsibilities. When the product…

FLA-Senior Suitability for Agents Chapter 8

A reasonable basis that a recommendation is suitable for a senior consumer. There are different types of annuities; some types are better for an individual than others. As we know…

FLA-Senior Suitability for Agents Chapter 9

Development of a Supervisory System Ethics, Rules of Selling, Advertising, Scope Insurance companies, insurance agencies, and managing general agents will be developing some type of supervisory system to ensure recommendations…

FLA-Senior Suitability for Agents Chapter 10

MITIGATION OF RESPONSIBILITY Salient points that lead to mitigation of responsibility by making appropriate presentation, using material correctly, indentifying one’s expertise correctly, and avoiding false and misleading statement and the…

FLA-Senior Suitability for Agents Chapter 11

VII. UNFAIR METHODS OF COMPETITION AND UNFAIR OR DECEPTIVE ACTS (Per FS 626.9541, F.S. 626.9521) Misrepresentation and false advertising of insurance policies includes knowingly making, issuing, or circulating any estimate,…

FLA-Senior Suitability for Agents Chapter 12

VIII. PENALTIES There are penalties and consequence that befall those insurance agents and insurers that fail to keep the public trust paramount while fulfilling their duties to the public. Agents…

FLA-Senior Suitability for Agents Chapter 13

LIFE INSURANCE SOLICITATION Insurer responsibility prior to accepting initial premium Buyers guide “Free Look” Life insurance and Annuities – Unconditional refund of premiums during free look period. For fixed annuities,…

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