FLORIDA 215 FINAL EVALUATION QUESTIONS WITH
ANSWERS GRADED A+ 2025/2026
Types of life insurance policies would provide the greatest amount of protection for a
temporary period during which an insured will have limited financial resources? -
The Civil Rights Act of 1979 made it mandatory that group insurance provide maternity
benefits if an insured group consists of 15 or more participants. - False
NAIC's Uniform Policy Provision Law - The ______________________ gives the Chief
Financial Officer power to regulate financial planners.
Under Workers' Compensation if a worker is killed in an industrial accident, the law
provides for payment of burial expenses, subject to a maximum amount, and
compensation for the surviving spouse or other dependents of the worker at time of
death. - True
Benefit Period - The maximum length of time that disability income benefits will be paid
to a disabled insured is known as the:
With a deferred variable annuity, continuous contributions must be made during the
accumulation period - True
Group long-term disability benefits generally represent what percentage of the
participant's income? - 60%
In an AD&D policy, the amount payable for a double dismemberment injury is referred
to as: - capital sum
Reduced Paid-up - The life nonforfeiture option, _______________, is when the
policyowner relinquishes the value of the policy for cash
Cash Surrender Value option - Cash value accumulation will continue
Exchange annuity contract for a life insurance contract on a tax free basis under Section
1035? - YES - If the life insurance contract is taken out for the exact same amount as
the annuity contract.
Describes Cafeteria Plans: - Allow employees to pick and choose benefits to custom
tailor their own benefits package.
Benefit periods for group short-term disability plans are typically short in duration, such
as 13 or 26 weeks. - True
Industrial Insurance - provides coverage for specific groups such as organizations,
associations, unions, etc.
, Describes the funding of a deferred annuity? - A deferred annnuity paid by a single
premium can be purchased to commence payments right away
Legal purpose of the Simultaneous Death Act is to expedite - Identification of the policy
beneficiary(ies).
Grant and Judy purchased a life insurance family plan policy to cover themselves and
their two children. They just found out they are expecting another child. What must they
do to make sure the newborn is covered under the same policy? - The newborn child
can be added to the policy by purchasing a policy rider
Entire Contract Clause - Which provision of a life insurance policy states that the
application is part of the contract?
Common Stock - A typical part of the investment portfolio of a variable annuity company
separate account?
What is the operating objective of a stock life insurance company? - To produce a profit
for the stockholders
Individual health insurance is typically written on a _____________ basis, while group
policies are typically written on a ____________ basis. - nonparticipating; participating
Mr. James lapsed his disability policy April 2nd. He reinstated it on April 24th. He
claimed coverage for an illness that occurred April 27th. Is the claim valid? - YES -
Coverage for illness is effective immediately upon reinstatement.
Individuals covered by a group plan receive: - COA
Regular notices sent to policyowners for payment of their life insurance policy premiums
reflect: - all net premiums.
The reinstatement clause of an insurance policy comes into play when: - Overdue
premiums have passed their grace period and the policy has been canceled.
An open-panel HMO is: - If not already part of a group medical practice, physicians may
contract with an independent practice association (IPA), which in turn contracts with the
HMO. This model is an example of an open-panel HMO, where a physician may
maintain their own office and may see non-HMO members.
Which of the following CORRECTLY describes the original purpose of Medicaid? - To
improve the health of people who might otherwise go without medical care for
themselves and their children
ANSWERS GRADED A+ 2025/2026
Types of life insurance policies would provide the greatest amount of protection for a
temporary period during which an insured will have limited financial resources? -
The Civil Rights Act of 1979 made it mandatory that group insurance provide maternity
benefits if an insured group consists of 15 or more participants. - False
NAIC's Uniform Policy Provision Law - The ______________________ gives the Chief
Financial Officer power to regulate financial planners.
Under Workers' Compensation if a worker is killed in an industrial accident, the law
provides for payment of burial expenses, subject to a maximum amount, and
compensation for the surviving spouse or other dependents of the worker at time of
death. - True
Benefit Period - The maximum length of time that disability income benefits will be paid
to a disabled insured is known as the:
With a deferred variable annuity, continuous contributions must be made during the
accumulation period - True
Group long-term disability benefits generally represent what percentage of the
participant's income? - 60%
In an AD&D policy, the amount payable for a double dismemberment injury is referred
to as: - capital sum
Reduced Paid-up - The life nonforfeiture option, _______________, is when the
policyowner relinquishes the value of the policy for cash
Cash Surrender Value option - Cash value accumulation will continue
Exchange annuity contract for a life insurance contract on a tax free basis under Section
1035? - YES - If the life insurance contract is taken out for the exact same amount as
the annuity contract.
Describes Cafeteria Plans: - Allow employees to pick and choose benefits to custom
tailor their own benefits package.
Benefit periods for group short-term disability plans are typically short in duration, such
as 13 or 26 weeks. - True
Industrial Insurance - provides coverage for specific groups such as organizations,
associations, unions, etc.
, Describes the funding of a deferred annuity? - A deferred annnuity paid by a single
premium can be purchased to commence payments right away
Legal purpose of the Simultaneous Death Act is to expedite - Identification of the policy
beneficiary(ies).
Grant and Judy purchased a life insurance family plan policy to cover themselves and
their two children. They just found out they are expecting another child. What must they
do to make sure the newborn is covered under the same policy? - The newborn child
can be added to the policy by purchasing a policy rider
Entire Contract Clause - Which provision of a life insurance policy states that the
application is part of the contract?
Common Stock - A typical part of the investment portfolio of a variable annuity company
separate account?
What is the operating objective of a stock life insurance company? - To produce a profit
for the stockholders
Individual health insurance is typically written on a _____________ basis, while group
policies are typically written on a ____________ basis. - nonparticipating; participating
Mr. James lapsed his disability policy April 2nd. He reinstated it on April 24th. He
claimed coverage for an illness that occurred April 27th. Is the claim valid? - YES -
Coverage for illness is effective immediately upon reinstatement.
Individuals covered by a group plan receive: - COA
Regular notices sent to policyowners for payment of their life insurance policy premiums
reflect: - all net premiums.
The reinstatement clause of an insurance policy comes into play when: - Overdue
premiums have passed their grace period and the policy has been canceled.
An open-panel HMO is: - If not already part of a group medical practice, physicians may
contract with an independent practice association (IPA), which in turn contracts with the
HMO. This model is an example of an open-panel HMO, where a physician may
maintain their own office and may see non-HMO members.
Which of the following CORRECTLY describes the original purpose of Medicaid? - To
improve the health of people who might otherwise go without medical care for
themselves and their children
