Exam Simulator: Florida Life And Health -
Questions And Accurate Solutions
A life insurance policyowner would like to file a complaint against a
life insurance agent. In Florida, the entity that oversees these
complaints is called the _________
A.Department of Financial Services
B.Office of Insurance Regulation
C.Securities Exchange Commission
D.Department of Homeland Security Correct Answer -
Florida requires that coverage for newborns begins "from the
moment of birth" and continues for
A.12 months
B.31 days
C.6 months
D.18 months Correct Answer - D. 18 months
What percentage of eligible persons must a policy cover in a
noncontributory group?
A.100%
B.25%
C.50%
D.75% Correct Answer - A. 100%
Under a life insurance policy, the ________ has the authority to name
the beneficiary.
A.agent
B.underwriter
C.beneficiary
D.owner Correct Answer - D. Owner
,W gave W's age as 50 when W purchased a Life policy. At the time of
W's death seven years later, the company discovered W's true age at
issue had been 59. What would the normal procedure be under the
misstatement of age provision in regard to the payment of the death
claim?
A.The proceeds would be reduced based on whatever the premium
would have been if purchased at age 59
B.The policy's full death benefit would be paid, due to the expiration
of the incontestable period
C.The insurer is only obligated to refund all premiums paid
D.There would be no death proceeds paid out by the insurer
Correct Answer - A. The proceeds would be reduced based on
whatever the premium would have been if purchased at age 59
Which entity approves the insurance policy forms used in Florida?
A.Department of Financial Services (DFS)
B.Financial Services Commission (FSC)
C.National Association of Insurance Commissioners (NAIC)
D..Office of Insurance Regulation (OIR) Correct Answer - D.
Office of Insurance Regulation (OIR)
An example of an unfair claims settlement practice is _______
A.making it mandatory that proof of loss be provided for each claim
B.requiring a time limit for submitting a claim
C.turning down a claim without providing the basis of denial
D.paying a claim in a timely matter Correct Answer - C. turning
down a claim without providing the basis of denial
K made a fraudulent statement on her health insurance policy
application. In the event of a claim on this policy, the insurance
company is required to pay
A.all of the claim
B.a figure to be determined by arbitration
,C.50% of the claim
D.nothing Correct Answer - D.nothing
S takes out a health insurance policy which contains a provision that
states that the agent does not have the authority to change the
policy or waive any of its provisions. Which health policy provision
is this?
A.Reinstatement
B.Entire Contract
C.Insurance with other insurers
D.Legal Actions Correct Answer - B.Entire Contract
When replacing or exchanging an annuity, the agent must disclose to
the annuitant
A.the possible tax ramifications as a result of the transaction
B.proof of appointment by the agent
C.the insurer's A.M. Best rating
D.the commissions to be paid as a result of the transaction Correct
Answer - A.the possible tax ramifications as a result of the
transaction
An example of rebating would be
A.using intimidation in order to restrain or monopolize the business
of insurance.
B.a mutual insurance company paying dividends to its policyowners
C.reducing the premiums across the board for a specific risk class
D.offering a client something of value not stated in the contract in
exchange for their business Correct Answer - D.offering a
client something of value not stated in the contract in exchange for
their business
The Florida Employee Health Care Access Act was established to
make
A.health insurance affordable to retired individuals
, B.individual health insurance available to all Floridians
C.health insurance affordable for families with children
D.group health insurance available to employers with up to 50
employees Correct Answer - D.group health insurance
available to employers with up to 50 employees
Which of the following is a standard provision of the conversion
privileges in a Group Life policy?
A.Group Life coverage can only be converted by providing evidence
of insurability
B.Group Life coverage can be converted to an individual policy at
regular rates on an attained-age basis
C.Group Life coverage can normally be converted to an individual
policy within 6 months
D.Group Life coverage can only be converted if the employer pays
for the individual policy Correct Answer - D.Group Life
coverage can be converted to an individual policy at regular rates on
an attained-age basis
An example of sliding would be _______
A.speaking maliciously of an insurer intending to harm
B.replacing an existing insurance policy with a new one
C.charging for an additional product without the applicant's consent
D.inducing an applicant to purchase an insurance policy by
returning some of the premium Correct Answer - C.Charging
for an additional product without the applicant's consent
Any violations of the Florida financial institutions code may be
investigated by the
A.Office of Insurance Regulation (OIR)
B.Department of Financial Services (DFS)
C.Attorney General's office
D.Department of Homeland Security (DHS) Correct Answer -
B.Department of Financial Services (DFS)
Questions And Accurate Solutions
A life insurance policyowner would like to file a complaint against a
life insurance agent. In Florida, the entity that oversees these
complaints is called the _________
A.Department of Financial Services
B.Office of Insurance Regulation
C.Securities Exchange Commission
D.Department of Homeland Security Correct Answer -
Florida requires that coverage for newborns begins "from the
moment of birth" and continues for
A.12 months
B.31 days
C.6 months
D.18 months Correct Answer - D. 18 months
What percentage of eligible persons must a policy cover in a
noncontributory group?
A.100%
B.25%
C.50%
D.75% Correct Answer - A. 100%
Under a life insurance policy, the ________ has the authority to name
the beneficiary.
A.agent
B.underwriter
C.beneficiary
D.owner Correct Answer - D. Owner
,W gave W's age as 50 when W purchased a Life policy. At the time of
W's death seven years later, the company discovered W's true age at
issue had been 59. What would the normal procedure be under the
misstatement of age provision in regard to the payment of the death
claim?
A.The proceeds would be reduced based on whatever the premium
would have been if purchased at age 59
B.The policy's full death benefit would be paid, due to the expiration
of the incontestable period
C.The insurer is only obligated to refund all premiums paid
D.There would be no death proceeds paid out by the insurer
Correct Answer - A. The proceeds would be reduced based on
whatever the premium would have been if purchased at age 59
Which entity approves the insurance policy forms used in Florida?
A.Department of Financial Services (DFS)
B.Financial Services Commission (FSC)
C.National Association of Insurance Commissioners (NAIC)
D..Office of Insurance Regulation (OIR) Correct Answer - D.
Office of Insurance Regulation (OIR)
An example of an unfair claims settlement practice is _______
A.making it mandatory that proof of loss be provided for each claim
B.requiring a time limit for submitting a claim
C.turning down a claim without providing the basis of denial
D.paying a claim in a timely matter Correct Answer - C. turning
down a claim without providing the basis of denial
K made a fraudulent statement on her health insurance policy
application. In the event of a claim on this policy, the insurance
company is required to pay
A.all of the claim
B.a figure to be determined by arbitration
,C.50% of the claim
D.nothing Correct Answer - D.nothing
S takes out a health insurance policy which contains a provision that
states that the agent does not have the authority to change the
policy or waive any of its provisions. Which health policy provision
is this?
A.Reinstatement
B.Entire Contract
C.Insurance with other insurers
D.Legal Actions Correct Answer - B.Entire Contract
When replacing or exchanging an annuity, the agent must disclose to
the annuitant
A.the possible tax ramifications as a result of the transaction
B.proof of appointment by the agent
C.the insurer's A.M. Best rating
D.the commissions to be paid as a result of the transaction Correct
Answer - A.the possible tax ramifications as a result of the
transaction
An example of rebating would be
A.using intimidation in order to restrain or monopolize the business
of insurance.
B.a mutual insurance company paying dividends to its policyowners
C.reducing the premiums across the board for a specific risk class
D.offering a client something of value not stated in the contract in
exchange for their business Correct Answer - D.offering a
client something of value not stated in the contract in exchange for
their business
The Florida Employee Health Care Access Act was established to
make
A.health insurance affordable to retired individuals
, B.individual health insurance available to all Floridians
C.health insurance affordable for families with children
D.group health insurance available to employers with up to 50
employees Correct Answer - D.group health insurance
available to employers with up to 50 employees
Which of the following is a standard provision of the conversion
privileges in a Group Life policy?
A.Group Life coverage can only be converted by providing evidence
of insurability
B.Group Life coverage can be converted to an individual policy at
regular rates on an attained-age basis
C.Group Life coverage can normally be converted to an individual
policy within 6 months
D.Group Life coverage can only be converted if the employer pays
for the individual policy Correct Answer - D.Group Life
coverage can be converted to an individual policy at regular rates on
an attained-age basis
An example of sliding would be _______
A.speaking maliciously of an insurer intending to harm
B.replacing an existing insurance policy with a new one
C.charging for an additional product without the applicant's consent
D.inducing an applicant to purchase an insurance policy by
returning some of the premium Correct Answer - C.Charging
for an additional product without the applicant's consent
Any violations of the Florida financial institutions code may be
investigated by the
A.Office of Insurance Regulation (OIR)
B.Department of Financial Services (DFS)
C.Attorney General's office
D.Department of Homeland Security (DHS) Correct Answer -
B.Department of Financial Services (DFS)
