Florida 2-15 Insurance License Exam
with Complete Solutions
Accumulation units are converted into annuity units: - ANSWER-at the time of annuity
payout.
A group life insurance plan in which the employer pays the entire premium is known as
a ________________ plan. - ANSWER-noncontributory
If a disabled worker covered under Social Security disability benefits recovers and then
is disabled again within five years, a new waiting period is required before benefits
begin again. - ANSWER-FALSE
Robert had an accident and qualified for Social Security disability. Given the waiting
period, when will Robert begin to receive benefits? - ANSWER-After 5 months
The Insuring Clause includes all of the following EXCEPT the - ANSWER-beneficiary
Mutualization occurs when a stock company turns to a __________ company. -
ANSWER-mutual
To provide a safeguard for insureds, most major medical policies contain a
____________ feature that limits the insured's out-of-pocket expenses. - ANSWER-
stop-loss
Tom is a newly appointed life, health and variable annuity agent with Acme Insurance
Agency. He is writing his first insurance policy on his brother-in-law's life. Who does
Tom legally represent in this transaction? - ANSWER-Acme Insurance Agency
An insurance clause is a distinct article in a formal document that establishes the rules
in the contract that _____________________ must adhere to. - ANSWER-both the
insurer and the insured
"ACC" refers to the type of disability that prevents someone from performing the job he
was performing prior to the disability. - ANSWER-FALSE
Which statement is CORRECT about the Department of Financial Services' right to
examine an agent's records? - ANSWER-An examination can be conducted at any time
to discover any unfair trade practices.
, Bill gives Jim a couple of tickets to a Florida Gators game to thank him for purchasing a
policy. This is an example of: - ANSWER-rebating
____________ term insurance provides a level amount of protection for a specified
period, after which the policy expires. - ANSWER-Level
Business overhead expense (B.O.E.) insurance does not provide benefits to cover the
business owner's salary. - ANSWER-TRUE
Level, decreasing, and increasing insurance are all basic forms of ____________
insurance. - ANSWER-term
Hospice services are covered under Medicare Part A. - ANSWER-TRUE
Under Florida law, group health insurers must offer mental and nervous disorder
insurance to policyowners. - ANSWER-TRUE
Deductibles under a group major medical plan usually run from $250 to $500; whereas
individual health plans usually run from: - ANSWER-$1,000 plus.
An agreement that provides that upon a business owner's death, surviving owners will
purchase the deceased's interest, often with funds from life insurance policies owned by
each principal on the lives of all other principals is the: - ANSWER-Buy-Sell plan.
In Florida, which of the following groups are eligible for group life insurance? -
ANSWER-Typically, any type of legitimate group is eligible to purchase a group life
insurance policy.
In a guaranteed renewable health policy, the company may increase premiums: -
ANSWER-only for an entire class of insureds.
Under the Uniform Provisions Law, which of the following provisions are optional for a
health policy? - ANSWER-Change of Occupation
The person who has a health maintenance contract is referred to as the: - ANSWER-
subscriber
In order to qualify for Medicaid benefits, applicants must be at least age ____, blind or
disabled, and meet other eligibility requirements. - ANSWER-65
Under the Unfair Trade Practices Act, claim forms must be sent to the insured within
_______ from the date a claim is reported. - ANSWER-15 DAYS
A life insurance policy's cash value belongs to the insured. - ANSWER-FALSE
with Complete Solutions
Accumulation units are converted into annuity units: - ANSWER-at the time of annuity
payout.
A group life insurance plan in which the employer pays the entire premium is known as
a ________________ plan. - ANSWER-noncontributory
If a disabled worker covered under Social Security disability benefits recovers and then
is disabled again within five years, a new waiting period is required before benefits
begin again. - ANSWER-FALSE
Robert had an accident and qualified for Social Security disability. Given the waiting
period, when will Robert begin to receive benefits? - ANSWER-After 5 months
The Insuring Clause includes all of the following EXCEPT the - ANSWER-beneficiary
Mutualization occurs when a stock company turns to a __________ company. -
ANSWER-mutual
To provide a safeguard for insureds, most major medical policies contain a
____________ feature that limits the insured's out-of-pocket expenses. - ANSWER-
stop-loss
Tom is a newly appointed life, health and variable annuity agent with Acme Insurance
Agency. He is writing his first insurance policy on his brother-in-law's life. Who does
Tom legally represent in this transaction? - ANSWER-Acme Insurance Agency
An insurance clause is a distinct article in a formal document that establishes the rules
in the contract that _____________________ must adhere to. - ANSWER-both the
insurer and the insured
"ACC" refers to the type of disability that prevents someone from performing the job he
was performing prior to the disability. - ANSWER-FALSE
Which statement is CORRECT about the Department of Financial Services' right to
examine an agent's records? - ANSWER-An examination can be conducted at any time
to discover any unfair trade practices.
, Bill gives Jim a couple of tickets to a Florida Gators game to thank him for purchasing a
policy. This is an example of: - ANSWER-rebating
____________ term insurance provides a level amount of protection for a specified
period, after which the policy expires. - ANSWER-Level
Business overhead expense (B.O.E.) insurance does not provide benefits to cover the
business owner's salary. - ANSWER-TRUE
Level, decreasing, and increasing insurance are all basic forms of ____________
insurance. - ANSWER-term
Hospice services are covered under Medicare Part A. - ANSWER-TRUE
Under Florida law, group health insurers must offer mental and nervous disorder
insurance to policyowners. - ANSWER-TRUE
Deductibles under a group major medical plan usually run from $250 to $500; whereas
individual health plans usually run from: - ANSWER-$1,000 plus.
An agreement that provides that upon a business owner's death, surviving owners will
purchase the deceased's interest, often with funds from life insurance policies owned by
each principal on the lives of all other principals is the: - ANSWER-Buy-Sell plan.
In Florida, which of the following groups are eligible for group life insurance? -
ANSWER-Typically, any type of legitimate group is eligible to purchase a group life
insurance policy.
In a guaranteed renewable health policy, the company may increase premiums: -
ANSWER-only for an entire class of insureds.
Under the Uniform Provisions Law, which of the following provisions are optional for a
health policy? - ANSWER-Change of Occupation
The person who has a health maintenance contract is referred to as the: - ANSWER-
subscriber
In order to qualify for Medicaid benefits, applicants must be at least age ____, blind or
disabled, and meet other eligibility requirements. - ANSWER-65
Under the Unfair Trade Practices Act, claim forms must be sent to the insured within
_______ from the date a claim is reported. - ANSWER-15 DAYS
A life insurance policy's cash value belongs to the insured. - ANSWER-FALSE
