XCEL Exam Simulator FL questions with verified answers
A characteristic of Preferred Provider Organizations (PPO's) would be:
-discounted fees for the patient
-not allowed to see out-of-network physicians
-Physicians are paid on a capitation basis
-A primary care physician is required Ans✓✓✓ discounted fees for the patient
patient fees are discounted in return for using listed providers
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 Ans✓✓✓ Recurrent Disability provision.
In this situation, the insurer will provide the same benefits without a new
elimination period under the recurrent disability provision.
A licensed agent must be appointed by an insurance company to solicit insurance
in Florida. The agent's license will terminate if a certain period of time elapses
without being appointed. How long is this period of time? Ans✓✓✓ 48 months
An agent's license will terminate if the agent allows 48 months to elapse without
being appointed for the class or classes of insurance listed on the license.
,A life insurance policyowner may sell their policy to a(n) _____ in order to receive
a percentage of the policy's face value.? Ans✓✓✓ Viatical settlement provider.
A person insured under a health policy is required to give the insurance company
a Notice of Claim within how many days after a covered loss? Ans✓✓✓ Twenty
A physician opens up a new practice and qualifies for a $7,000/month Disability
Income policy. What rider would the physician add if he wants the ability to
increase his policy benefit as his practice and income grow? Ans✓✓✓
Guaranteed insurability option rider
A policy loan is made possible by which of these life insurance policy features?
-extended term provision
-cash value provision
-owner's rights provision
-consideration clause Ans✓✓✓ cash value provision
A policyowner would like to change the beneficiary on a Life insurance policy and
make the change permanent. Which type of designation would fulfill this need?
-revocable
-contingent
-irrevocable
-primary Ans✓✓✓ irrevocable
,A student pilot can pay regular premium costs for her life insurance policy with
the addition of which of the following? Ans✓✓✓ Aviation exclusion
A type of annuity that promises: if the annuitant dies before receiving payments
equal to the correct value, the payments will be continued to a beneficiary until
an amount equal to the contract value has been paid Ans✓✓✓ An installment
refund annuity
ABC Insurance Company has accepted a life insurance application which contains
unanswered questions. The company then makes the application part of the life
contract. In this situation, the insurer has
-waived one of its legal rights
-issued a voidable policy
-committed an act of fraud
-assigned the risk to a reinsurer Ans✓✓✓ waived one of its legal rights
According to Florida Law, in which of the following situations would a dependent
handicapped child NOT be covered under a Family Health policy?
-The handicapped child has reached the limiting age
-The premiums for the handicapped child are not paid
-The handicapped child becomes a full-time student
, -The family moves outside the provider network Ans✓✓✓ The premiums for the
handicapped child are not paid
According to Florida law, when must an agent deliver the Outline of Coverage to a
Medicare Supplement applicant? Ans✓✓✓ At the time of application
According to Florida's life insurance replacement laws, a policyowner must be
provided with a written Comparison and Summary Statement when its requested
by:
-the policyowner
-the insurer
-the Chief Financial Officer
-the Financial Services Commission Ans✓✓✓ The policyowner
According to Florida's rules on disclosure, a life insurance applicant is expected to
be provided with
-a certificate of coverage and buyer's guide
-a summary statement and buyer's guide
-a buyer's guide and policy summary
-a written comparison and policy summary Ans✓✓✓ a buyer's guide and a policy
summary
A characteristic of Preferred Provider Organizations (PPO's) would be:
-discounted fees for the patient
-not allowed to see out-of-network physicians
-Physicians are paid on a capitation basis
-A primary care physician is required Ans✓✓✓ discounted fees for the patient
patient fees are discounted in return for using listed providers
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 Ans✓✓✓ Recurrent Disability provision.
In this situation, the insurer will provide the same benefits without a new
elimination period under the recurrent disability provision.
A licensed agent must be appointed by an insurance company to solicit insurance
in Florida. The agent's license will terminate if a certain period of time elapses
without being appointed. How long is this period of time? Ans✓✓✓ 48 months
An agent's license will terminate if the agent allows 48 months to elapse without
being appointed for the class or classes of insurance listed on the license.
,A life insurance policyowner may sell their policy to a(n) _____ in order to receive
a percentage of the policy's face value.? Ans✓✓✓ Viatical settlement provider.
A person insured under a health policy is required to give the insurance company
a Notice of Claim within how many days after a covered loss? Ans✓✓✓ Twenty
A physician opens up a new practice and qualifies for a $7,000/month Disability
Income policy. What rider would the physician add if he wants the ability to
increase his policy benefit as his practice and income grow? Ans✓✓✓
Guaranteed insurability option rider
A policy loan is made possible by which of these life insurance policy features?
-extended term provision
-cash value provision
-owner's rights provision
-consideration clause Ans✓✓✓ cash value provision
A policyowner would like to change the beneficiary on a Life insurance policy and
make the change permanent. Which type of designation would fulfill this need?
-revocable
-contingent
-irrevocable
-primary Ans✓✓✓ irrevocable
,A student pilot can pay regular premium costs for her life insurance policy with
the addition of which of the following? Ans✓✓✓ Aviation exclusion
A type of annuity that promises: if the annuitant dies before receiving payments
equal to the correct value, the payments will be continued to a beneficiary until
an amount equal to the contract value has been paid Ans✓✓✓ An installment
refund annuity
ABC Insurance Company has accepted a life insurance application which contains
unanswered questions. The company then makes the application part of the life
contract. In this situation, the insurer has
-waived one of its legal rights
-issued a voidable policy
-committed an act of fraud
-assigned the risk to a reinsurer Ans✓✓✓ waived one of its legal rights
According to Florida Law, in which of the following situations would a dependent
handicapped child NOT be covered under a Family Health policy?
-The handicapped child has reached the limiting age
-The premiums for the handicapped child are not paid
-The handicapped child becomes a full-time student
, -The family moves outside the provider network Ans✓✓✓ The premiums for the
handicapped child are not paid
According to Florida law, when must an agent deliver the Outline of Coverage to a
Medicare Supplement applicant? Ans✓✓✓ At the time of application
According to Florida's life insurance replacement laws, a policyowner must be
provided with a written Comparison and Summary Statement when its requested
by:
-the policyowner
-the insurer
-the Chief Financial Officer
-the Financial Services Commission Ans✓✓✓ The policyowner
According to Florida's rules on disclosure, a life insurance applicant is expected to
be provided with
-a certificate of coverage and buyer's guide
-a summary statement and buyer's guide
-a buyer's guide and policy summary
-a written comparison and policy summary Ans✓✓✓ a buyer's guide and a policy
summary
