Xcel solutions Exam 1
According to Florida law, which of the following statements accurately describes in
admitted mail, order insurance company - answer Admitted solicit insurance business
by mail without the assistance of a licensed agent
According to Florida law and additional labs, notice must be issued after the standard
grace period has expired for policy owners age - answer64 years or older
Which action can result in a hearing being ordered by the department of financial
services - answer Performing insurance transactions without a license
Which of the following professional organization has its code of ethics incorporated into
Florida law - answer National Association of Insurance and Financial Advisors (NAIFA)
Which entity approve the insurance policy forms used in Florida - answer Office of
insurance regulations
In Florida agents are allowed to engage in rebating if - answer The correct answer is
"offered to all insureds in the same actuarial class". Rebating is allowed in Florida if the
agent rebates insureds in the same actuarial class.
In Florida when agents recommend changes be made for existing coverage, the agent
must follow establish procedures. The name of this rule is called the - answer Florida
replacement rule
In Florida, an element of an insurance transaction would be - answer The correct
answer is "issuing an insurance contract". The issuance of an insurance contract is
considered to be an element of an insurance transaction.
The bureau of unclaimed property is overseen by - answerChief Financial Officer
One of the state of purposes of life and health insurance guaranty association is -
answerassist in the prevention of insurer insolvencies
The life and health insurance guaranty association is funded by - answer"Assessments
on member companies"
The purpose of the Guaranty Fund is to - answerensure that claims filed against
insolvent insurance companies will be paid
The rules and regulations of the life and health insurance guaranty association apply to
- answerLife and Health policies issued by companies authorized in that particular state
, The fund that assured policy holder payments of benefits on life and health policies of
the company is insolvent at the time of the claim is called the - answer
A stock, life insurance company that issues both participating and nonparticipating
policies is doing business on - answera mixed plan
The stock insurance company is owned by - answerits stockholders
Who is a mutual insurance company owned by? - answerIts policyholders
Which type of insurance company allows their policy owners to elect a governing body -
answermutual
What percentage of eligible persons must a policy cover in a non-contributory group -
answer100%
Which of the following employer task does a professional employer organization
normally handle? - answerAdministration task
The coordination of benefits, COB provision exist in order to - answeravoid duplication
of benefit payments
M completes an application for health insurance, but does not pay the initial premium.
All of these actions must occur before Ms policy goes into affect, except. - answerFreak
look. Has expired.
Q applied for life insurance and submitted the initial premium on January 1. The policy
was issued February 1, but it was not delivered by the agent until February 7. Q is
dissatisfied and returns the policy February 13. How will the insurer handle this
situation? - answerPolicy was returned within the free-look period, premium will be fully
refunded
According to Florida law, which of the following information does not need to be
obtained by a agent recommending an annuity purchase - answerMarital status
K is an agent who made an improper sale of an annuity to a client. Which of the
following corrective actions would the Department of Financial Services likely order K to
take? - answer*Pay monetary restitution to the client
(The Department of Financial Services may order the agent to pay monetary restitution
to the client.)
Under Florida law, a variable annuity policy owner must be notified of the accumulated
value of the contract - answeronce each year
According to Florida law, which of the following statements accurately describes in
admitted mail, order insurance company - answer Admitted solicit insurance business
by mail without the assistance of a licensed agent
According to Florida law and additional labs, notice must be issued after the standard
grace period has expired for policy owners age - answer64 years or older
Which action can result in a hearing being ordered by the department of financial
services - answer Performing insurance transactions without a license
Which of the following professional organization has its code of ethics incorporated into
Florida law - answer National Association of Insurance and Financial Advisors (NAIFA)
Which entity approve the insurance policy forms used in Florida - answer Office of
insurance regulations
In Florida agents are allowed to engage in rebating if - answer The correct answer is
"offered to all insureds in the same actuarial class". Rebating is allowed in Florida if the
agent rebates insureds in the same actuarial class.
In Florida when agents recommend changes be made for existing coverage, the agent
must follow establish procedures. The name of this rule is called the - answer Florida
replacement rule
In Florida, an element of an insurance transaction would be - answer The correct
answer is "issuing an insurance contract". The issuance of an insurance contract is
considered to be an element of an insurance transaction.
The bureau of unclaimed property is overseen by - answerChief Financial Officer
One of the state of purposes of life and health insurance guaranty association is -
answerassist in the prevention of insurer insolvencies
The life and health insurance guaranty association is funded by - answer"Assessments
on member companies"
The purpose of the Guaranty Fund is to - answerensure that claims filed against
insolvent insurance companies will be paid
The rules and regulations of the life and health insurance guaranty association apply to
- answerLife and Health policies issued by companies authorized in that particular state
, The fund that assured policy holder payments of benefits on life and health policies of
the company is insolvent at the time of the claim is called the - answer
A stock, life insurance company that issues both participating and nonparticipating
policies is doing business on - answera mixed plan
The stock insurance company is owned by - answerits stockholders
Who is a mutual insurance company owned by? - answerIts policyholders
Which type of insurance company allows their policy owners to elect a governing body -
answermutual
What percentage of eligible persons must a policy cover in a non-contributory group -
answer100%
Which of the following employer task does a professional employer organization
normally handle? - answerAdministration task
The coordination of benefits, COB provision exist in order to - answeravoid duplication
of benefit payments
M completes an application for health insurance, but does not pay the initial premium.
All of these actions must occur before Ms policy goes into affect, except. - answerFreak
look. Has expired.
Q applied for life insurance and submitted the initial premium on January 1. The policy
was issued February 1, but it was not delivered by the agent until February 7. Q is
dissatisfied and returns the policy February 13. How will the insurer handle this
situation? - answerPolicy was returned within the free-look period, premium will be fully
refunded
According to Florida law, which of the following information does not need to be
obtained by a agent recommending an annuity purchase - answerMarital status
K is an agent who made an improper sale of an annuity to a client. Which of the
following corrective actions would the Department of Financial Services likely order K to
take? - answer*Pay monetary restitution to the client
(The Department of Financial Services may order the agent to pay monetary restitution
to the client.)
Under Florida law, a variable annuity policy owner must be notified of the accumulated
value of the contract - answeronce each year
