nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
Final Exam: Florida Life and Health
Misrepresentation
Which Unfair Trade Practice involves making a false statement on an insurance application in order to
receive money from an insurer?
A stock insurance company is owned by its stockholders.
Who owns a stock company?
Coercion
In Florida, which of the following is considered an Unfair Trade Practice?
Prescription drugs are an allowable expense when paid for by a medical flexible spending account.
Which of these options can an individual use their medical flexible spending account to pay for?
The conversion privilege allows an individual to leave the group term plan and continue his or her
insurance without providing evidence of insurability.
Which of the following features of a group Term Life policy enables an individual to leave the group and
continue his or her insurance without providing evidence of insurability?
nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
,nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
An insurer exaggerating its dividends in a magazine advertisement
An example of false advertising would be
Aleatory.
Insurance contracts are aleatory in that the amount the insured will pay in premiums is unequal to the
amount that the insurer will pay in the event of a loss.
Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first six months. Q dies
suddenly and the beneficiary is paid $500,000. This exchange of unequal values reflects which of the
following insurance contract features?
Making a material misrepresentation to an insured is considered to be an unfair trade practice.
An example of an unfair trade practice is
A contingent beneficiary will receive the policy proceeds if the primary beneficiary dies before the
insured's death.
How would a contingent beneficiary receive the policy proceeds in an Accidental Death and
Dismemberment (AD&D) policy?
Risk classification.
nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
,nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
Underwriting, another term for risk selection, is the process of reviewing the many characteristics that
make up the risk profile of an applicant to determine if the applicant is insurable and, if so, at standard
or substandard rates.
Which of these terms accurately defines an underwriter's assessment of information on a life insurance
application?
Conditional receipt.
A conditional receipt binds the insurer to coverage as of the date of the application or medical exam,
provided the proposed insured is determined to be an acceptable risk.
T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage
as of the date of the application or medical examination, whichever is later. Assuming that T is an
acceptable risk, what item is given to T?
Small group benefit plans are to be issued on a "guarantee-issue" basis
What is required in the Florida Employee Health Care Access Act?
P.
In this situation, benefits will be paid to P because P survived the accident and is the primary
beneficiary.
P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and
Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in
a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to
nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
,nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
Medicaid- is funded by both the federal and state governments and administered by individual states.
The health insurance program which is administered by each state and funded by both the federal and
state governments is called
Nonrenewable.
A typical short-term medical expense policy is best described as nonrenewable.
Which of the following BEST describes a short-term medical expense policy?
A minimum number of employees is required to participate". Noncontributory employee group life
insurance plans must cover ALL eligible employees at all times
Which of the following statements about noncontributory employee group life insurance is FALSE?
Claim will be paid and coverage will remain in force.
After a policy has been in force for 2 (sometimes 3) years, it enters the incontestable period, in which
the insurer may not deny a claim based on information not disclosed at the time of application.
A Disability Income policyowner recently submitted a claim for a chronic neck problem that has now
resulted in total disability. The original neck injury occurred before the application was taken 5 years
prior. The neck injury was never disclosed to the insurer at the time of application. How will the insurer
handle this claim?
Entire Contract.
nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
Final Exam: Florida Life and Health
Misrepresentation
Which Unfair Trade Practice involves making a false statement on an insurance application in order to
receive money from an insurer?
A stock insurance company is owned by its stockholders.
Who owns a stock company?
Coercion
In Florida, which of the following is considered an Unfair Trade Practice?
Prescription drugs are an allowable expense when paid for by a medical flexible spending account.
Which of these options can an individual use their medical flexible spending account to pay for?
The conversion privilege allows an individual to leave the group term plan and continue his or her
insurance without providing evidence of insurability.
Which of the following features of a group Term Life policy enables an individual to leave the group and
continue his or her insurance without providing evidence of insurability?
nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
,nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
An insurer exaggerating its dividends in a magazine advertisement
An example of false advertising would be
Aleatory.
Insurance contracts are aleatory in that the amount the insured will pay in premiums is unequal to the
amount that the insurer will pay in the event of a loss.
Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first six months. Q dies
suddenly and the beneficiary is paid $500,000. This exchange of unequal values reflects which of the
following insurance contract features?
Making a material misrepresentation to an insured is considered to be an unfair trade practice.
An example of an unfair trade practice is
A contingent beneficiary will receive the policy proceeds if the primary beneficiary dies before the
insured's death.
How would a contingent beneficiary receive the policy proceeds in an Accidental Death and
Dismemberment (AD&D) policy?
Risk classification.
nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
,nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
Underwriting, another term for risk selection, is the process of reviewing the many characteristics that
make up the risk profile of an applicant to determine if the applicant is insurable and, if so, at standard
or substandard rates.
Which of these terms accurately defines an underwriter's assessment of information on a life insurance
application?
Conditional receipt.
A conditional receipt binds the insurer to coverage as of the date of the application or medical exam,
provided the proposed insured is determined to be an acceptable risk.
T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage
as of the date of the application or medical examination, whichever is later. Assuming that T is an
acceptable risk, what item is given to T?
Small group benefit plans are to be issued on a "guarantee-issue" basis
What is required in the Florida Employee Health Care Access Act?
P.
In this situation, benefits will be paid to P because P survived the accident and is the primary
beneficiary.
P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and
Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in
a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to
nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
,nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
Medicaid- is funded by both the federal and state governments and administered by individual states.
The health insurance program which is administered by each state and funded by both the federal and
state governments is called
Nonrenewable.
A typical short-term medical expense policy is best described as nonrenewable.
Which of the following BEST describes a short-term medical expense policy?
A minimum number of employees is required to participate". Noncontributory employee group life
insurance plans must cover ALL eligible employees at all times
Which of the following statements about noncontributory employee group life insurance is FALSE?
Claim will be paid and coverage will remain in force.
After a policy has been in force for 2 (sometimes 3) years, it enters the incontestable period, in which
the insurer may not deny a claim based on information not disclosed at the time of application.
A Disability Income policyowner recently submitted a claim for a chronic neck problem that has now
resulted in total disability. The original neck injury occurred before the application was taken 5 years
prior. The neck injury was never disclosed to the insurer at the time of application. How will the insurer
handle this claim?
Entire Contract.
nal Final
ExamFinal
Exam
Florida
Exam
Florida
LifeFlorida
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and
LifeHealth.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
and Health.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$
