Every number on the Florida 2-14, with its source
32 exact values pulled out of the study guides and put in one place, each one carrying the statute, rule or standard it comes from. These are the figures the exam turns on and the ones people lose points to — the difference between 14 days and 21 days is a whole question.
32 values
Florida Licensing and Agent Conduct for the 2-14
| 2-14 prelicensing course | 30 hours of approved coursework in life insurance, annuities and variable contracts, 3 hours on ethics, within the 4 years before the application (s. 626.7851, F.S.) |
| Minimum age and residency for licensure | At least 18, bona fide Florida resident, U.S. citizen or legal alien with federal work authorization (s. 626.731, F.S.); must not hold a resident license in another state |
| Transacting insurance without a license | Knowingly transacting insurance, or aiding an unlicensed person, is a felony of the third degree (s. 626.112(10), F.S.) |
| Appointment renewal | Renewal request filed by the appointing entity in the appointee's birth month (natural persons), and every 24 months thereafter (s. 626.381(1), F.S.) |
| Continuing education — standard | 4-hour update course specific to a license held + 20 elective hours every 2 years = 24 hours (s. 626.2815, F.S.) |
| CE after 6 or more years licensed | 4-hour update + 16 electives = 20 hours (s. 626.2815, F.S.) |
| CE after 25 or more years licensed with CLU, CPCU or qualifying degree | 4-hour update + 6 electives = 10 hours (s. 626.2815, F.S.) |
| Premium trust funds | Trust funds received in a fiduciary capacity; no commingling; preserve records of premium payments at least 3 years after payment (s. 626.561(1)–(2), F.S.) |
| Premium diversion — criminal tiers | $300 or less: 1st-degree misdemeanor; more than $300 but less than $20,000: 3rd-degree felony; $20,000 or more but less than $100,000: 2nd-degree felony; $100,000 or more: 1st-degree felony (s. 626.561(3), F.S.) |
| Rebating — the five conditions | Available to all insureds in the same actuarial class; per a rebating schedule filed with the issuing insurer; applied uniformly by policy and amount; not given where the insurer prohibits agent rebating; schedule prominently displayed in public view with a free copy on request (s. 626.572, F.S.) |
| Lawful solicitation hours | No in-person or telephone solicitation after 9 p.m. or before 8 a.m. local time of the prospective customer, unless the prospective customer requested it (s. 626.621(17), F.S.) |
| Reporting a felony plea or conviction | Within 30 days; failure is a discretionary ground (s. 626.621(10), F.S.) |
| Unfair trade practice fines (general) | Up to $12,500 per nonwillful and $100,000 per willful violation; aggregate $50,000 nonwillful and $500,000 willful for violations arising out of the same action (s. 626.9521(2), F.S.) |
| Twisting or churning penalty | 1st-degree misdemeanor; administrative fine up to $12,500 nonwillful, up to $187,500 willful if fraudulent; aggregate $125,000 / $625,000 for the same action (s. 626.9521(3)(a) and (3)(d), F.S.) |
| Guaranty association — life insurance | $100,000 in net cash surrender and net cash withdrawal values (s. 631.717(12)(a), F.S.) |
| Guaranty association — deferred annuity | $250,000 in net cash surrender and net cash withdrawal values (s. 631.717(12)(b), F.S.) |
| Guaranty association — all other benefits | $300,000 including cash values (s. 631.717(12)(c), F.S.); the association may never be used in advertising or solicitation to induce a purchase (s. 631.735, F.S.) |
Florida Life and Annuity Law for the 2-14
| Free look — individual life | Unconditional refund for at least 14 days (s. 626.99(4)(a), F.S.) |
| Free look — annuity | Unconditional refund for at least 21 days (s. 626.99(4)(b), F.S.) |
| Grace period — individual life | Not less than 30 days for any premium after the first; policy continues in force (s. 627.453, F.S.) |
| Incontestability — individual life | Incontestable after in force during the insured's lifetime for 2 years from date of issue (s. 627.455, F.S.) |
| Senior lapse secondary notice | Insured 64 or older and policy in force at least 1 year: at least 21 days notice before lapse to the policyowner, any designated secondary addressee and the agent of record (s. 627.4555, F.S.) |
| Replacement — forms | Form OIR-B2-312, Notice to Applicant Regarding Replacement of Life Insurance (rev. 07/23), and Form OIR-B2-313, Comparative Information Form (rev. 07/23), adopted by Rule 69O-151.010, F.A.C. |
| Replacement — duties of the replacing insurer | Require the completed Form OIR-B2-312 from the agent with the application; send a copy to the existing insurer immediately upon receipt at its home or regional office; send Form OIR-B2-313 within 5 working days when requested; retain forms, sales proposals and a cross-indexed replacement register at least 3 years (Rule 69O-151.007, F.A.C.) |
| Repealed replacement rules | 69O-151.005 (Duties of Agent) and 69O-151.006 (Duties of Replacing Agent) repealed effective January 4, 2024 |
| Annuity best interest standard | Obligations of care, disclosure, conflict of interest and documentation (s. 627.4554(5)(a), F.S.) |
| Annuity surrender charge — consumer 65 or older | May not exceed 10% of the amount withdrawn (s. 627.4554(9), F.S.) |
| Recommendation to surrender (no replacement recommended) | Before the surrender executes, give written information on estimated surrender charge, loss of minimum interest rate guarantees, possible tax consequences, forfeited death benefit and other forfeited performance guarantees; keep a copy and the date provided (s. 627.4553, F.S.) |
| Group life conversion | Apply and pay the first premium within 31 days after termination of eligibility, without evidence of insurability; the group policy may exclude the option to elect term insurance (s. 627.566, F.S.) |
| Effect of divorce on a beneficiary designation | A designation naming the decedent's former spouse is void as of the time the marriage was judicially dissolved or declared invalid, subject to statutory exceptions (s. 732.703, F.S.) |
| Life proceeds and cash values vs creditors | Proceeds are exempt from the claims of the insured's creditors unless the policy or a valid assignment provides otherwise; if payable to the insured or the insured's estate they become part of the estate (s. 222.13, F.S.). Cash surrender values of life policies and proceeds of annuity contracts are exempt from legal process (s. 222.14, F.S.) |
| HIV testing for insurance | Insurer must disclose its intent to test and obtain written informed consent; strict confidentiality of results; sexual orientation may not be used in underwriting or to determine who is tested (s. 627.429, F.S.) |