Final exam -Florida life and health questions and answers already passed

Final exam -Florida life and health questions and answers already passed Which of the following factors affect the amount of monthly disability benefits payable under social security? The THE AMOUNT OF BENEFITS AVAILABLE from other sources Which of the following provisions specifies how long a policy owner's health coverage will remain in effect if the policy owner does not pay the premium when it is due? Grace period As a condition for a loan, a bank requires the borrower to purchase credit insurance from a specific company. What is the bank guilty of? Coercion A physician opens up a new practice and qualifies for a $7,000/monthly Disability income policy. What rider would the physician add if he wants the ability to increase his policy benefits as his practice and income grow? Guaranteed insurability option rider Which of these types of coverage is best described as a short term medical policy INTERIM coverage The COBRA gives workers (and their families) whose employment has been terminated the right to... Continue group health benefits Under Florida law, which of the following provisions is NOT required in a Medicare Supplement policy? Limitation on pre-existing conditions for up to 12 months. What are adjustable rates for life policy loans in Florida based on? Moody's corporate bond index A policyowner's rights are limited under which beneficiary designation? Irrevocable A trustee-to-trustee transfer or rollover funds in a qualified plan allows a participant to avoid: Mandatory income tax withholding on the transfer amount. J is an agent who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? Twisted (got me twisted) Who's life is covered on a life insurance policy that contains a payor benefit clause? Child Which of the following annuities pays benefits based on units rather that specific dollar amounts A Variable annuity the USA Patriot Act was enacted in 2001 What type of rider would be added to an Accident and Health Policy if the policy owner wants to ensure the policy will continue if he/she ever becomes totally disabled? Waiver of Premium Rider A Disability Income policyowner suffers a disability which was due to the same cause as a previous disability. Both disabilities occurred within a five-month period. The insurer may cover the second disability without a new elimination period under the: Recurrent disability provision What is the purpose of the Life and Health Insurance Guaranty Association? Protect policy owners against insolvent insurance companies In Florida, which of the following practitioners normally do NOT receive payment from health insurance policies? Naturopaths S would like to use dividends from her life insurance policy to purchase paid-up additions. All of these would be factors that determine how much coverage can be purchased EXCEPT S's attained age In regards to representations or warranties which of these statements is true if materialto the Risk, false representation will void the policy Which of these action should be a producer take went to submitting and insurance application to an insurer? Inform insure relevant information not included on the application An immediate annuity consist of a: Single premium A life insurance application must be signed by all of these except The beneficiary (kid) Additional coverage can be added to a whole life policy by adding a(n): Decreasing term rider Under what system do a group of doctors and hospitals in a designated area contact with an insurer to provide any service to a prearrange cost to the insured PPO W is a 39-year-old female who just purchased an annuity to provide income for life starting at age 60. All of these would be acceptable annuity choices except Immediate annuity Florida 14 day free look period for life insurance policy begins at the Date of delivery What is considered to be a characteristic of a conditionally renewable health insurance policy? Premiums may increase at time of renewal Whole life insurance policy are contractually guaranteed to provide each of the following except Partial withdrawal features Biada surrender charge period Group life policy is in Florida are required to contain conversion privilege that allows for conversion To individual policy for stated period of time The percentage of an individual's Primary Insurance Amount (PIA) determines the benefits paid in which of the following programs Social Security Disability Income During the course of in insurance transaction, if an agent makes a false or incomplete statement, he/she would be found guilty of Misrepresentation Long-term care policies will usually pay for the eligible benefits use in which of the following methods ? Expense Incurred When employee is terminated which of the statements about a group term life conversion is true? Policy proceeds will be paid if the employee dies during the conversion period. Basic medical expense insurance Has lower benefit limits K has a health policy that must be renewed by the insurer and the premiums can only be increased if applied to the entire class of insureds. This type of policy is considered Guaranteed renewable Information obtained from a phone conversation to the purpose insured can be found in which of these reports Inspection report Which of the following statements describe what an accident and health policyowner may not do? Adjust the premium payment Which of the following is considered to be a misrepresentation An agent guaranteeing a Passy's dividends The Legal Actions provision of an insurance contract is designed to do all of the following except Protect the producer Which of the following statements best describe what the legal action pro vision of an accident and health policy requires Insured must wait at least 60 days after proof of loss has been submitted before lawsuit can't be filed And insurance company normally has two years to contest information provided on an accident and health application this 2 year period begins on the day that the Insurer days the policy I found my income policy is a combination of a whole life and Decreasing term insurance N Is covered by a term life policy and does not meet the required premium payment which was due August 1. N dies September 15. What action will the insurer take? Claim will be denied On delivery of policy, a signed statement of good health is typically requested if The application was submitted it without the initial premium Which of the action is taken when the policy owner uses the life insurance policy as a collateral for a bank loan Collateral assignment A non-contributory group term life plan is characterized by The entire cost of the plane is paid for by the employer Which of the following action require a policy owner to provide proof of insurability in an Adjustable life policy Increase face amount In Florida, I have policy that is paid on a Quarterly basis requires a grace period of 31 days According to Florida law which of the following information does not need to be obtained by the agent recommending an annuity purchased Marital status The coordination of benefits (COB) provision exist in order to Avoid duplication of benefit payments What are the nonforfeiture option continue a build up of cash value Reduced paid up In a disability income policy which of the closet act as A deductible? Elimination period Which of the following is NOT considered rebating (bad) Share commissions with an agent license in the same line of business A metro insurance company and a start insurance company have one main difference between them. What is the major contrast? Stock company is owned by its shareholders. Mutual company is owned by its policyholders What are the following statements is correct about the period in which a term policy can be converted It varies according to the contract The provision that can be used to put in insurance policy back in force afterIt has lapsed due to nonpayment is called Reinstatement A life policy with the death benefit they can fluctuate according to the performance of its underlining investment portfolio is referred to as Variable life An applicant's medical information received from the medical information bureau (MIB) may be furnished to be. Applicants physician Replacement is Closely regulated and requires full disclosure An insurer must provide an insured with claim forms within ____ days after receiving notice of loss Which of these types of life Insurance allows the policyowner to have level premiums and to also choose from a selection of investment option Variable life Insurance can contest the life insurance contact you to application file within 2 year Statement Made on the insurance application that I believe to be true to the best of the applicants knowledge are called Representations According to the mandatory uniform Policy Provisions, what is the maximum amount of time after premium due date during which the policy remains of force even though the premium has not been paid 31 days Which type of plan allows employers to give money to an employee for buying a life in insurance policy and also permits the employee to select the beneficiary Split-dollar Variable whole life insurance can be described as Both an insurance and securities product Which health policy clause Specifies the amount of benefits to be paid Insuring With optionally renewable health policies, the insurer may Renew the policy annually and Determine whether or not to renew it. A student piolt can pay regular premium cost for her life insurance policy with them addition of which of the following Aviation exclusion Under Florida law, a variable annuity policyowner must be notified of the accumulated value of the contract Once a year In health insurance policies a waiver of premium provision keep the coverage in force without premium payments After an insured has become totally disabled as defined in the policy What is Florida definition of life insurance replacement A transaction in which a new policy is brought and an old policy is terminated The Bureau of Unclaimed Property is overseen by the Chief Financial Office What is the main reason for regulating the insurance industry Maintain the solvency of insurance company Which of the following situations are not subject to Florida life insurance law Insurance companies day-to-day operations The provision that the fonts to Home Depot sure will pay and benefits to is called Payment of claims How long does individual have to rollover funds from an IRA or qualified plan? 60 days According to Florida law a group life insurance policy requires a minimum of how many insureds? No minimum How are surrender charges deducted in a life policy with the rear-in located provision