XCEL FL TEST STUDY GUIDE
Questions & Answers
1.Which of the following types of health coverage frequently uses a
de- ductible?
Answer Major Medical policy
2.What kind of Accidental Death and Dismemberment (AD&D) insurance
beneficiary requires his/her consent when a change of beneficiary is made?-
Answer Irrevocable beneficiary
3.If a 10-Year Term Life policy contains a Renewability provision, the
policy will renew
Answer without evidence of insurability
4.Under Florida law, a variable annuity policyowner must be notified of
accu- mulated value of the contract
Answer once a year
5.Within how many days after policy delivery can a Medicare
Supplement policy be returned for a 100% premium refund?
Answer 30
,6.During the course of an insurance transaction, if an agent makes a false
or incomplete statement, he/she could be found guilty of
Answer misrepresentation
7.Accidental Death coverage is provided to commercial airline passengers
in which of the following types of policies?
Answer Blanket Accident policy
8.An IRA owner can start making withdrawals and NOT be subjected to a
tax penalty beginning at what age?
Answer 59 ½
9.According to the Mandatory Uniform Policy Provisions, what is the
max- imum amount of time after the premium due date during which the
policy remains in force even though the premium has not been paid?
Answer 31 days
10.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?
Answer 48 months
11.A Life insurance policyowner would like to take out a policy loan
,against the cash value in his Whole Life policy. The interest rate applied to
this loan may vary over time. This is referred to as a(n) rate loan.
Answer Variable
12.Which of these provisions require proof of insurability after a policy
has lapsed?
Answer Reinstatement
13.What is the purpose of the Insurance Guaranty Fund Association?
Answer Pro- tects policyowners against insolvent insurance companies
14.Which of the following is considered an accurate statement of an
unfair trade practice?
Answer Twisting involves an agent using misrepresentation to
convince a policyowner to cancel their current policy so that they can
purchases a new life insurance policy with another company
15.Nursing home benefits must be provided for at least 12
consecutive months in which of the following types of policies?
Answer Long-Term Care
16.According to Florida law, a Group Life insurance policy requires a
mini- mum of how many insureds?
Answer No minimum
, 17.Life and health insurance policies are
Answer Unilateral contracts
18.An agent that sells Life insurance MUST be registered with the
Financial Industry Regulatory Authority (FINRA).
Answer Variable
19.With a medical discount plan, how often would a person generally pay
a fee to get discounts on specific services?
Answer monthly
20.Insurance companies that are organized in countries outside the United
States are referred to as
Answer alien
21.A long-term care lapse notice must be delivered to both the
applicant and
Answer secondary addressee
22.The Department may request all of these during the licensing application
process EXCEPT
Answer drug test
23.A "reimbursement policy" pays what amount of coverage Long-Term
Questions & Answers
1.Which of the following types of health coverage frequently uses a
de- ductible?
Answer Major Medical policy
2.What kind of Accidental Death and Dismemberment (AD&D) insurance
beneficiary requires his/her consent when a change of beneficiary is made?-
Answer Irrevocable beneficiary
3.If a 10-Year Term Life policy contains a Renewability provision, the
policy will renew
Answer without evidence of insurability
4.Under Florida law, a variable annuity policyowner must be notified of
accu- mulated value of the contract
Answer once a year
5.Within how many days after policy delivery can a Medicare
Supplement policy be returned for a 100% premium refund?
Answer 30
,6.During the course of an insurance transaction, if an agent makes a false
or incomplete statement, he/she could be found guilty of
Answer misrepresentation
7.Accidental Death coverage is provided to commercial airline passengers
in which of the following types of policies?
Answer Blanket Accident policy
8.An IRA owner can start making withdrawals and NOT be subjected to a
tax penalty beginning at what age?
Answer 59 ½
9.According to the Mandatory Uniform Policy Provisions, what is the
max- imum amount of time after the premium due date during which the
policy remains in force even though the premium has not been paid?
Answer 31 days
10.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?
Answer 48 months
11.A Life insurance policyowner would like to take out a policy loan
,against the cash value in his Whole Life policy. The interest rate applied to
this loan may vary over time. This is referred to as a(n) rate loan.
Answer Variable
12.Which of these provisions require proof of insurability after a policy
has lapsed?
Answer Reinstatement
13.What is the purpose of the Insurance Guaranty Fund Association?
Answer Pro- tects policyowners against insolvent insurance companies
14.Which of the following is considered an accurate statement of an
unfair trade practice?
Answer Twisting involves an agent using misrepresentation to
convince a policyowner to cancel their current policy so that they can
purchases a new life insurance policy with another company
15.Nursing home benefits must be provided for at least 12
consecutive months in which of the following types of policies?
Answer Long-Term Care
16.According to Florida law, a Group Life insurance policy requires a
mini- mum of how many insureds?
Answer No minimum
, 17.Life and health insurance policies are
Answer Unilateral contracts
18.An agent that sells Life insurance MUST be registered with the
Financial Industry Regulatory Authority (FINRA).
Answer Variable
19.With a medical discount plan, how often would a person generally pay
a fee to get discounts on specific services?
Answer monthly
20.Insurance companies that are organized in countries outside the United
States are referred to as
Answer alien
21.A long-term care lapse notice must be delivered to both the
applicant and
Answer secondary addressee
22.The Department may request all of these during the licensing application
process EXCEPT
Answer drug test
23.A "reimbursement policy" pays what amount of coverage Long-Term
