FLORIDA 2-15 INSURANCE LICENSE EXAM |50 NEW QUESTIONS AND ANSWERS + RATIONALE

FLORIDA 2-15 INSURANCE LICENSE EXAM |50 NEW QUESTIONS AND ANSWERS + RATIONALE What is the minimum free look period for life insurance policies in Florida? Select one: a. 14 days b. 21 days c. 30 days d. 31 days Rationale: The unconditional refund time (free look period) for life insurance policies in Florida is at least 14 days. Tim has a special savings medical plan whereby the funds do not rollover from year to year. This plan is a: Select one: a. Group health insurance b. HRA c. HSA d. FSA Rationale: FSA funds are available on a use-it or lose-it basis, and must be used in the plan year they are contributed to the FSA, or they will be forfeited. What does a producer do at delivery if, he submits an application with a premium. After underwriting, the insurer sends back the policy, rated, with an impairment rider. Select one: a. Explain that the policy is rated. b. Explain the issue and collect an additional premium. c. Tell the applicant that they were declined. d. Nothing Rationale: If the policy is rated, the producer needs to explain the issue and collect an additional premium. What is an entity which, in return for a prepayment, undertakes to provide or arrange for, or provide access to, the provision of a limited health service to enrollees through an exclusive panel of providers? Select one: a. EPO b. MEWA c. PLHSO d. DMPO Rationale: Prepaid limited health service organization (PLHSO) is defined as any person, corporation, partnership, or any other entity which, in return for a prepayment, undertakes to provide or arrange for, or provide access to, the provision of a limited health service to enrollees through an exclusive panel of providers.