Florida 2-15 Insurance License Exam

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