Florida Life and Health Insurance Questions And Answers

Florida Life and Health Insurance
Questions And Answers
Avsituationvinvwhichvavpersonvcanvonlyvexperiencevavlossvandvnovgainvrepresentsvwhatvtypev
ofvrisk?v-vCORRECTvvANSWER-PurevRisk

Avwaivervofvpremiumvprovisionvmayvbevincludedvwithvwhatvtypevofvhealthvinsurancevpolicies
?v-vCORRECTvvANSWER-DisabilityvincomevandvLTC

Avwholevlifevpolicyvthatvrequiresvpremiumvpaymentsvonlyvforvavspecifiedvnumbervofvyearsvisv
knownvasvwhatvkindvofvpolicy?v-vCORRECTvvANSWER-Limited-PayvWholevLife

AccordingvtovthevAffordablevCarevAct,vwhatvarevthevcost-
sharingvrequirementsvforvpreventivevcare?v-vCORRECTvvANSWER-Novcostvsharing.

Accordingvtovthevcoordinationvofvbenefitsvprovision,vifvbothvparentsvhavevcoveragevforvavchil
dvandvtheirvemployers'vpolicies,vwhichvpolicyvwouldvpayvfirst?v-vCORRECTvvANSWER-
Thevordervofvpaymentvwillvbevdeterminedvbyvthevbirthdayvrule.

Accordingvtovthevreinstatementvprovision,voncevavlapsedvpolicyvisvreinstated,vhowvsoonvwillv
coveragevbevavailablevforvaccidents?v-vCORRECTvvANSWER-Immediately

Accordingvtovthevtaxationvrulesvofvlifevinsurancevpolicies,vhowvarevcashvvaluevincreasesvtax
ed?v-vCORRECTvvANSWER-Cashvvaluevgrowthvisvtax-deferred

Accordingvtovthevtimevlimitvonvcertainvdefensesvprovisionvinvhealthvinsurancevpolicies,vwhe
nvcanvanvinsurervcontestvfraudulentvmisstatementsvonvavhealthvinsurancevapplication?v-
vCORRECTvvANSWER-Anyvtimevwhilevthevpolicyvisvinvforce.




AdversevSelectionv-vCORRECTvvANSWER-
Thevtendencyvofvriskvwithvhighervprobabilityvofvlossvtovpurchasevandvmaintainvinsurancevmo
revoftenvthanvthevrisksvwhovrepresentvlowervprobabilityvofvloss.

Agentv-vCORRECTvvANSWER-
Anvindividualvwhovisvlicensedvtovsell,vnegotiate,vorveffectvinsurancevcontractsvonvbehalfvofvth
evinsurer.

,Anvagentvoffervavclientvfreevticketsvtovavsportingveventvinvexchangevforvthevpurchasevofvanvin
surancevpolicy.vWhatvisvthevagentvguiltyvof?v-vCORRECTvvANSWER-Rebating

Atvwhatvpointvdoesvcoveragevbeginvwhenvanvagentvissuesvavconditionalvinsurabilityvreceiptv
forvavlifevinsurancevpolicy?v-vCORRECTvvANSWER-
Eithervonvthevdatevofvthevapplicationvorvthevdatevofvthevmedicalvexam,vwhichevervoccursvlas
t.

CanvAlzheimer'svdiseasevbevexcludedvfromvcoveragevundervavling-termvcarevpolicy?v-
vCORRECTvvANSWER-

NO,vorganicvcognitivevdisorders,vsuchvasvAlzheimer'svorvParkinson'svmustvbevcovered.

CertificatevofvInsurancev-vCORRECTvvANSWER-
Avdocumentvissuedvtovinsuredsvundervavgroupvplanvthatvstatesvthevcoveragevbeingvissued,v
andvindicatesvthevcoveragevtypevandvamounts.

Concealmentv-vCORRECTvvANSWER-
Thevwithholdingvofvknownvfactsvthat,vifvmaterial,vcanvvoidvavcontract.

Conditionsvthatvincreasevthevchancevofvavlossvarevknownvasvwhat?v-
vCORRECTvvANSWER-Hazards




ContractvofvAdhesionv-vCORRECTvvANSWER-
Avcontractvpreparedvbyvonevpartyvthatvmustvbevacceptedvasvwrittenvorvbevrejectedvbyvthevot
hervparty.

Disclosurev-vCORRECTvvANSWER-
Providingvsufficientvinformationvtovhelpvsomeonevmakevinformedvdecision.

FacevAmountv-vCORRECTvvANSWER-
Thevamountvofvbenefitvstatedvinvthevlifevinsurancevpolicy.

Fiduciaryv-vCORRECTvvANSWER-
Avproducervwhovhandlesvinsurer'svfundsvinvavtrustvcapacity.

FieldvUnderwriterv-vCORRECTvvANSWER-
Anvinsurancevagentvwhovconductsvanvinitialvpolicyvsolicitationvandvapplication.v(Thevcompa
ny'svfrontvlinevofvunderwriting)

Forvavretirementvplanvtovbevqualified,vitvmustvbevdesignedvforvwhosevbenefit?v-
vCORRECTvvANSWER-Employees




Howvarevbenefitsvreceivedvbyvthevbusinessvfromvavkeyvpersonvdisabilityvinsurance?v-
vCORRECTvvANSWER-Incomevtaxvfree

, Howvarevexcessvfundsvinvanvemployee'svhealthvsavingsvaccountv(HSA)vhandled?v-
vCORRECTvvANSWER-Thevfundsvcanvbevcarriedvforwardvtovthevnextvyear.




Howvarevindividuallyvownedvdisabilityvincomevbenefitsvtaxedvoncevreceivedvbyvthatvinsured
?v-vCORRECTvvANSWER-
Disabilityvbenefitsvarevnotvtaxed;vtheyvarevreceivedvincomevtaxvfree

Howvarevthevbenefitsvofvavgroupvaccidentalvdeathvandvdismembermentvpolicyvreceived?v-
vCORRECTvvANSWER-IncomevTaxvfree




HowvcanvAD&Dvcoveragevbevwritten?v-vCORRECTvvANSWER-
Asvavridervtovavhealthvinsurancevpolicy,vorvasvavseperatevpolicy.

Howvcanvhealthvinsurancevpoliciesvbevdeliveredvtovthevinsured?v-vCORRECTvvANSWER-
Personallyvdeliveredvbyvthevagentvorvmailed.

Howvdovinsurersvdeterminevthatvcostvforvavgroupvhealthvpolicy?v-vCORRECTvvANSWER-
Thevmainvvariablesvarevthevrationvofvmenvandvwomenvinvthevgroup,vandvthevaveragevagevofv
thevgroup.

HowvisvMedicaidvfunded?v-vCORRECTvvANSWER-
Medicaidvisvavfederalvandvstatevfundedvprogram

HowvisvMedicarevpartvBvfunded?v-vCORRECTvvANSWER-
Byvmonthlyvpremiumsvandvfromvthevgeneralvrevenuesvofvthevfederalvgovernment.

Howvlongvdovshort-termvdisabilityvgroupvplansvpayvbenefits?v-vCORRECTvvANSWER-
Forvavperiodvofvlessvthanvtwovyears

Howvmanyvconsecutivevmonthsvofvcoveragevmustvlong-termvcarevinsurancevprovide?v-
vCORRECTvvANSWER-12vMonths




Howvsoonvcanvincomevpaymentsvbeginvinvanvimmediatevannuity?v-vCORRECTvvANSWER-
Novlatervthatvonevyearvfromvthevtimevofvannuityvpurchase.

Howvwillvchangingvone'svoccupationvtovbevmorevhazardous,vaffectvthevhealthvinsurancevpoli
cyvinvforce?v-vCORRECTvvANSWER-
Claimvbenefitsvwillvbevreducedvtovwhatvthevpremiumvwouldvhavevbroughtvforvavmorevhazard
ousvoccupation.

Ifvavsettlementvoptionvisvnotvchosenvbyvthevpolicyvownervorvthevbeneficiary,vwhatvoptionvwillv
bevusedvbyvthevinsurer?v-vCORRECTvvANSWER-Lump-Sumvpayment

Ifvanvagentvmakesvavcorrectionvonvthevapplicationvforvhealthvinsurance,vwhovmustvinitialvthev
correctvanswer?v-vCORRECTvvANSWER-ThevApplicant