Florida Insurance Exam questions and answers 2024

Florida Insurance Exam questions and answers 2024 The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the: - ANSWERS Insuring clause K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved. What kind of receipt was used? - ANSWERS Conditional A life insurance arrangement which circumvents insurable interest statutes is called: - ANSWERS Investor-Originated Life Insurance Which of the following health policy provisions states that the producer does NOT have the authority to change the policy or waive any of its provisions? - ANSWERS Entire Contract Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund? - ANSWERS 30 Which of the following is NOT an unfair claim settlement practice? - ANSWERS Needing written documentation of claim details Who is NOT required to sign a life insurance application? - ANSWERS Beneficiary To be eligible for Social Security disability benefits, an employee must be unable to perform: - ANSWERS any occupation The type of annuity that can be purchased with one monetary deposit is called a(n): - ANSWERS Immediate annuity A life insurance application must be signed by all of these, EXCEPT: - ANSWERS beneficiary Which of the following is considered an accurate statement of an unfair trade practice? - ANSWERS Twisting involves an agent using misrepresentation to convince a policyowner to cancel their current policy so that they can purchase a new life insurance policy with another company The Accelerated Death Benefit provision in a life insurance policy is also known as a(n): - ANSWERS Living Benefit Which of the following policy features allows an insured to defer current health charges to the following year's deductible instead of the current year's deducitble? - ANSWERS Carryover provision Insurance policies are considered aleatory contracts because - ANSWERS performance is conditioned upon a future occurrence Within how many days must a licensee notify the Department of Financial Services of a change in address? - ANSWERS 30 Which organization was established to provide funds to protect an insured in the event of an insurer's insolvency? - ANSWERS Florida Life and Health Insurance Guaranty Association The clause in an Accident and Health policy which defines the benefit amounts the insurer will pay is called the: - ANSWERS Insuring clause When a policyowner cash surrenders a Universal Life insurance policy in it's early years, this may be considered a red flag for a(n): - ANSWERS Anti-Money Laundering violation According to the Time Payment of Claims provision, the insurer must pay Disability Income benefits no less frequently than which of the following options? - ANSWERS Monthly What would the Medical Information Bureau (MIB) identify? - ANSWERS Testing positive for marijuana use from a previous screening How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - ANSWERS If the primary beneficiary dies before the insured Under a Renewable Term policy, - ANSWERS the renewal premium is calculated on the basis of the insured's attained age Which of the following statements is true about most Blue Cross/Blue Shield organizations? - ANSWERS They are nonprofit organizations If a policyowner does not pay the premium by the due date, the - ANSWERS policyowner can make the premium payment during the grace period According to Florida law, which of the following information does NOT need to be obtained by an agent recommending an annuity purchase? - ANSWERS Marital status Which of these characteristics is consistent with a Straight Life policy? - ANSWERS Premiums are payable for as long as there is insurance coverage in force P completes an application for a $10,000 life policy, but does not give the producer the initial premium. P's coverage becomes effective when: - ANSWERS P receives the policy and pays the premium On August 6, D submitted an application for a $50,000 Life Insurance policy and did not pay the initial premium. On August 18, D went to his doctor complaining of chest pains and some tests were given by the doctor. The life policy was delivered by the producer on August 20 and D explains what had recently taken place with the doctor. What action should the producer then take? - ANSWERS Collect initial premium along with a signed health statement A life insurance policyowner may sell their policy to a(n) _____ in order to receive a percentage of the policy's face value. - ANSWERS viatical settlement provider According to Florida law, when must an agent deliver the Outline of Coverage to a Medicare Supplement applicant? - ANSWERS At the time of application Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE? - ANSWERS It is taxed as ordinary income The automatic premium loan provision is designed to: - ANSWERS avoid a policy lapse A term life insurance policy matur