Florida Life And Health Exam Simulator -
Accurate Solutions For All Questions
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 Correct Answer -
The premiums for the handicapped child are not paid
At what time must a policyowner have insurable interest on the
insured in order for the life policy to be valid?
-After the contestable period
-When the policy proceeds are paid
-At the time of the application
-when the insure dies Correct Answer - At the time of the
application
B owns a Whole Life policy with a guaranteed insurability option
that allows him to purchase, without evidence of insurability, stated
amounts of?
-additional Term Life coverage at any time
-additional Term Life coverage at specified intervals
-additional Whole Life coverage at any time
-additional Whole Life coverage at specified times Correct Answer
- additional Whole Life coverage at specified times
,The investment gains from a Universal Life Policy usually go
toward?
-The death benefit
-The dividends
-The cash value
-Paying off a policy loan Correct Answer - the Cash Value
How long does the coverage normally remain on a limited-pay life
policy?
-age 65
-age 100
-when premium payment stop
-at the discretion of the insurer Correct Answer - Age 100
One definition of replacement is "the act of replacing an existing
insurance policy with another". Replacement is?
-legal and requires no disclosure
-closely regulated and requires full disclosure
-not legal in the state of Florida
-allowed only if the policy orginated outside the state of Florida
Correct Answer - closley regulated and requires full disclosure
An employee requested that the balance of her 401(k) account be
sent directly to her in one lump sum. Upon receipt of the
distribution, she immediately has the funds rolled over into an IRA.
What is the tax consequence of the distribution sent to this
employee?
-distribution is subject to capital gains tax
-distribution is subject to ordinary income tax
-distribution is subject to a tax penalty
,-distribution is subject to federal income tax withholding Correct
Answer - distribution is subject to federal income tax
withholding
K, age 45, and his wife, age 43, have three children. They purchase a
Family Policy that covers K's wife to age 65. All of these situations
will pay a death benefit EXCEPT?
-K's wife dies at age 60
-K's wife dies at age 66
-A child dies at age 15
-A child dies at age 18 Correct Answer - K's wife dies at age 66
Which of the following phrases refers to the fees charged by a
healthcare professional?
-deductible
-coninsurance
-usual, customary, and reasonable expenses
-hospital expense Correct Answer - usual, customary, and
resaonable expenses
Which statement regarding a Key Employee Life policy is NOT true?
-the application must be signed by the key employee
-its purpose is to prevent the financial loss that may ensue if a key
employee dies
-the beneficiary is named the key employee
-the company purchases, own, pays the premiums and is the
beneficiary Correct Answer - the beneficiary is named by the
key employee
Which of these Nonforfeiture Options continue a build-up of cash
value?
, -wavier of premium
-extended term
-reduced paid-up
-cash surrender Correct Answer - reduced paid-up
A nonforfeiture clause gives the policyowner?
-lifetime income
-guaranteed values if the policy has lapsed
-unemployment benefits
-cost of living allowances Correct Answer - guaranteed values
if the policy has lapsed
Which of the following BEST describes a Hospital Indemnity policy?
-coverage that reimburses an insured for surgeon expenses
-coverage that pays a stated amount per day of a covered
hospitalization
-coverage that replaces lost income due to hospitalization
-coverage that pays for hospital room and board Correct Answer -
coverage that pays a stated amount per day of a covered
hospitalization
The payments on Q's annuity are no less than $250 quarterly. Which
of the following annuities does Q own?
-Immediate fixed
-Quarterly Flexible
-Flexible installment deffered
-adjustable deffered Correct Answer - Flexible installment
deffered
Accurate Solutions For All Questions
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 Correct Answer -
The premiums for the handicapped child are not paid
At what time must a policyowner have insurable interest on the
insured in order for the life policy to be valid?
-After the contestable period
-When the policy proceeds are paid
-At the time of the application
-when the insure dies Correct Answer - At the time of the
application
B owns a Whole Life policy with a guaranteed insurability option
that allows him to purchase, without evidence of insurability, stated
amounts of?
-additional Term Life coverage at any time
-additional Term Life coverage at specified intervals
-additional Whole Life coverage at any time
-additional Whole Life coverage at specified times Correct Answer
- additional Whole Life coverage at specified times
,The investment gains from a Universal Life Policy usually go
toward?
-The death benefit
-The dividends
-The cash value
-Paying off a policy loan Correct Answer - the Cash Value
How long does the coverage normally remain on a limited-pay life
policy?
-age 65
-age 100
-when premium payment stop
-at the discretion of the insurer Correct Answer - Age 100
One definition of replacement is "the act of replacing an existing
insurance policy with another". Replacement is?
-legal and requires no disclosure
-closely regulated and requires full disclosure
-not legal in the state of Florida
-allowed only if the policy orginated outside the state of Florida
Correct Answer - closley regulated and requires full disclosure
An employee requested that the balance of her 401(k) account be
sent directly to her in one lump sum. Upon receipt of the
distribution, she immediately has the funds rolled over into an IRA.
What is the tax consequence of the distribution sent to this
employee?
-distribution is subject to capital gains tax
-distribution is subject to ordinary income tax
-distribution is subject to a tax penalty
,-distribution is subject to federal income tax withholding Correct
Answer - distribution is subject to federal income tax
withholding
K, age 45, and his wife, age 43, have three children. They purchase a
Family Policy that covers K's wife to age 65. All of these situations
will pay a death benefit EXCEPT?
-K's wife dies at age 60
-K's wife dies at age 66
-A child dies at age 15
-A child dies at age 18 Correct Answer - K's wife dies at age 66
Which of the following phrases refers to the fees charged by a
healthcare professional?
-deductible
-coninsurance
-usual, customary, and reasonable expenses
-hospital expense Correct Answer - usual, customary, and
resaonable expenses
Which statement regarding a Key Employee Life policy is NOT true?
-the application must be signed by the key employee
-its purpose is to prevent the financial loss that may ensue if a key
employee dies
-the beneficiary is named the key employee
-the company purchases, own, pays the premiums and is the
beneficiary Correct Answer - the beneficiary is named by the
key employee
Which of these Nonforfeiture Options continue a build-up of cash
value?
, -wavier of premium
-extended term
-reduced paid-up
-cash surrender Correct Answer - reduced paid-up
A nonforfeiture clause gives the policyowner?
-lifetime income
-guaranteed values if the policy has lapsed
-unemployment benefits
-cost of living allowances Correct Answer - guaranteed values
if the policy has lapsed
Which of the following BEST describes a Hospital Indemnity policy?
-coverage that reimburses an insured for surgeon expenses
-coverage that pays a stated amount per day of a covered
hospitalization
-coverage that replaces lost income due to hospitalization
-coverage that pays for hospital room and board Correct Answer -
coverage that pays a stated amount per day of a covered
hospitalization
The payments on Q's annuity are no less than $250 quarterly. Which
of the following annuities does Q own?
-Immediate fixed
-Quarterly Flexible
-Flexible installment deffered
-adjustable deffered Correct Answer - Flexible installment
deffered
