8 - Florida Laws and Rules Pertinent to
Insurance (Test only has 40
Questions) & Answers9
Which of the following is NOT required in the Outline of Coverage for a health insurance policy?
- ANSWERS-Projection of the policy's future costs
(
"Projection of the policy's future costs". A table indicating the policy's projected future costs is
not required in an Outline of Coverage.
A person insured under a health policy is required to give the insurance company a Notice of
Claim within how many days after a covered loss? - ANSWERS-Twenty
(Correct.) Written notice of a claim must be given to the insurer within 20 days.
How many hours of continuing education must a newly licensed agent complete every two
years? - ANSWERS-24
(
"24". A newly licensed agent must complete 24 hours of continuing education every 2 years.
A life policy loan in Florida cannot charge a fixed rate of interest higher than - ANSWERS-10%
(Correct.) The maximum fixed interest rate permitted on a life policy loan is 10%.
What is the purpose of the Life and Health Insurance Guaranty Association? - ANSWERS-
Protects policyowners against insolvent insurance companies
(
, "Protects policyowners against insolvent insurance companies". The Life and Health Insurance
Guaranty Association is an association that protects policyowners against insolvent insurance
companies.
Nonprofit life insurance providers that are covered by a special section in the Florida insurance
code are called - ANSWERS-Fraternal life insurance organizations
(Correct.) A fraternal life insurance organization is a nonprofit provider of life insurance that is
covered by a special section of the Florida insurance code.
What is the required minimum percentage of employee participation for a noncontributory
group health insurance plan according to Florida Law? - ANSWERS-0%
(
"0%". Most noncontributory group health plans require 100% participation by eligible members.
Under Florida law, there is no specific minimum percentage participation for employees covered
by employee group health insurance.
In Florida, most life insurance policies have a contestability period of - ANSWERS-2 years
(Correct.) The maximum contestability period for most life insurance policies is 2 years.
A licensed agent must be appointed by an insurance company to solicit insurance in Florida. The
agent's license will terminate if a certain period of time elapses without being appointed. How
long is this period of time? - ANSWERS-48 months
(Correct.) An agent's license will terminate if the agent allows 48 months to elapse without
being appointed for the class or classes of insurance listed on the license.
Which of the following is a standard provision of the conversion privileges in a Group Life
policy? - ANSWERS-Group Life coverage can be converted to an individual policy at regular rates
on an attained-age basis
Insurance (Test only has 40
Questions) & Answers9
Which of the following is NOT required in the Outline of Coverage for a health insurance policy?
- ANSWERS-Projection of the policy's future costs
(
"Projection of the policy's future costs". A table indicating the policy's projected future costs is
not required in an Outline of Coverage.
A person insured under a health policy is required to give the insurance company a Notice of
Claim within how many days after a covered loss? - ANSWERS-Twenty
(Correct.) Written notice of a claim must be given to the insurer within 20 days.
How many hours of continuing education must a newly licensed agent complete every two
years? - ANSWERS-24
(
"24". A newly licensed agent must complete 24 hours of continuing education every 2 years.
A life policy loan in Florida cannot charge a fixed rate of interest higher than - ANSWERS-10%
(Correct.) The maximum fixed interest rate permitted on a life policy loan is 10%.
What is the purpose of the Life and Health Insurance Guaranty Association? - ANSWERS-
Protects policyowners against insolvent insurance companies
(
, "Protects policyowners against insolvent insurance companies". The Life and Health Insurance
Guaranty Association is an association that protects policyowners against insolvent insurance
companies.
Nonprofit life insurance providers that are covered by a special section in the Florida insurance
code are called - ANSWERS-Fraternal life insurance organizations
(Correct.) A fraternal life insurance organization is a nonprofit provider of life insurance that is
covered by a special section of the Florida insurance code.
What is the required minimum percentage of employee participation for a noncontributory
group health insurance plan according to Florida Law? - ANSWERS-0%
(
"0%". Most noncontributory group health plans require 100% participation by eligible members.
Under Florida law, there is no specific minimum percentage participation for employees covered
by employee group health insurance.
In Florida, most life insurance policies have a contestability period of - ANSWERS-2 years
(Correct.) The maximum contestability period for most life insurance policies is 2 years.
A licensed agent must be appointed by an insurance company to solicit insurance in Florida. The
agent's license will terminate if a certain period of time elapses without being appointed. How
long is this period of time? - ANSWERS-48 months
(Correct.) An agent's license will terminate if the agent allows 48 months to elapse without
being appointed for the class or classes of insurance listed on the license.
Which of the following is a standard provision of the conversion privileges in a Group Life
policy? - ANSWERS-Group Life coverage can be converted to an individual policy at regular rates
on an attained-age basis
