Florida 2-15 Insurance License Exam
Questions With Correct Answers
Accumulation |units |are |converted |into |annuity |units: |- |CORRECT |ANSWER✔✔-at |the |time |of |
annuity |payout.
A |group |life |insurance |plan |in |which |the |employer |pays |the |entire |premium |is |known |as |a |
________________ |plan. |- |CORRECT |ANSWER✔✔-noncontributory
If |a |disabled |worker |covered |under |Social |Security |disability |benefits |recovers |and |then |is |
disabled |again |within |five |years, |a |new |waiting |period |is |required |before |benefits |begin |again.
|- |CORRECT |ANSWER✔✔-FALSE
Robert |had |an |accident |and |qualified |for |Social |Security |disability. |Given |the |waiting |period, |
when |will |Robert |begin |to |receive |benefits? |- |CORRECT |ANSWER✔✔-After |5 |months
The |Insuring |Clause |includes |all |of |the |following |EXCEPT |the |- |CORRECT |ANSWER✔✔-
beneficiary
Mutualization |occurs |when |a |stock |company |turns |to |a |__________ |company. |- |CORRECT |
ANSWER✔✔-mutual
To |provide |a |safeguard |for |insureds, |most |major |medical |policies |contain |a |____________ |
feature |that |limits |the |insured's |out-of-pocket |expenses. |- |CORRECT |ANSWER✔✔-stop-loss
Tom |is |a |newly |appointed |life, |health |and |variable |annuity |agent |with |Acme |Insurance |Agency.
|He |is |writing |his |first |insurance |policy |on |his |brother-in-law's |life. |Who |does |Tom |legally |
represent |in |this |transaction? |- |CORRECT |ANSWER✔✔-Acme |Insurance |Agency
,An |insurance |clause |is |a |distinct |article |in |a |formal |document |that |establishes |the |rules |in |the |
contract |that |_____________________ |must |adhere |to. |- |CORRECT |ANSWER✔✔-both |the |
insurer |and |the |insured
"ACC" |refers |to |the |type |of |disability |that |prevents |someone |from |performing |the |job |he |was |
performing |prior |to |the |disability. |- |CORRECT |ANSWER✔✔-FALSE
Which |statement |is |CORRECT |about |the |Department |of |Financial |Services' |right |to |examine |an |
agent's |records? |- |CORRECT |ANSWER✔✔-An |examination |can |be |conducted |at |any |time |to |
discover |any |unfair |trade |practices.
Bill |gives |Jim |a |couple |of |tickets |to |a |Florida |Gators |game |to |thank |him |for |purchasing |a |policy.
|This |is |an |example |of: |- |CORRECT |ANSWER✔✔-rebating
____________ |term |insurance |provides |a |level |amount |of |protection |for |a |specified |period, |
after |which |the |policy |expires. |- |CORRECT |ANSWER✔✔-Level
Business |overhead |expense |(B.O.E.) |insurance |does |not |provide |benefits |to |cover |the |business |
owner's |salary. |- |CORRECT |ANSWER✔✔-TRUE
Level, |decreasing, |and |increasing |insurance |are |all |basic |forms |of |____________ |insurance. |- |
CORRECT |ANSWER✔✔-term
Hospice |services |are |covered |under |Medicare |Part |A. |- |CORRECT |ANSWER✔✔-TRUE
Under |Florida |law, |group |health |insurers |must |offer |mental |and |nervous |disorder |insurance |to |
policyowners. |- |CORRECT |ANSWER✔✔-TRUE
Deductibles |under |a |group |major |medical |plan |usually |run |from |$250 |to |$500; |whereas |
individual |health |plans |usually |run |from: |- |CORRECT |ANSWER✔✔-$1,000 |plus.
, Every |HMO |subscriber |must |receive |a |benefits |package |that |includes |a |copy |of |the |HMO |
contract |and |certificate, |and: |- |CORRECT |ANSWER✔✔-a |member's |handbook.
A |life |insurance |policy |will |not |be |reinstated |if |it |has |been: |- |CORRECT |ANSWER✔✔-
surrendered |for |its |cash |value.
Which |of |the |following |is |NOT |a |type |of |permanent |life |insurance? |- |CORRECT |ANSWER✔✔-
Term |Life
In |Florida, |a |______________ |must |sign |for |and |on |behalf |of |a |minor |purchasing |life |
insurance. |- |CORRECT |ANSWER✔✔-parent |or |legal |guardian
When |an |agent |spreads |a |false |story |that |damages |a |competing |agent's |reputation, |the |
offense |is |called: |- |CORRECT |ANSWER✔✔-defamation
__________ |is |when |policy |values |of |an |insurance |policy |are |used |to |purchase |another |policy |
with |the |same |insurer |for |the |sole |purpose |of |earning |additional |premiums |or |commissions. |- |
CORRECT |ANSWER✔✔-Churning
Once |an |organization |has |filed |an |application |to |conduct |insurance |business, |the |Office |of |
Insurance |Regulation |will |begin |its |review |for |issuing |a(n): |- |CORRECT |ANSWER✔✔-Certificate |
of |Authority
Florida |law |requires |health |insurance |policies |and |HMO |contracts |to |provide |coverage |for |all |
medically |necessary |equipment, |supplies |and |services |used |to |treat |diabetes |when |the |
patient's |physician |certifies |that |they |are |medically |necessary. |- |CORRECT |ANSWER✔✔-TRUE
If |an |insurance |company |reimburses |the |insured |for |medical |expenses, |can |the |insured |deduct
|that |amount |from |their |federal |income |tax? |- |CORRECT |ANSWER✔✔-NO
Questions With Correct Answers
Accumulation |units |are |converted |into |annuity |units: |- |CORRECT |ANSWER✔✔-at |the |time |of |
annuity |payout.
A |group |life |insurance |plan |in |which |the |employer |pays |the |entire |premium |is |known |as |a |
________________ |plan. |- |CORRECT |ANSWER✔✔-noncontributory
If |a |disabled |worker |covered |under |Social |Security |disability |benefits |recovers |and |then |is |
disabled |again |within |five |years, |a |new |waiting |period |is |required |before |benefits |begin |again.
|- |CORRECT |ANSWER✔✔-FALSE
Robert |had |an |accident |and |qualified |for |Social |Security |disability. |Given |the |waiting |period, |
when |will |Robert |begin |to |receive |benefits? |- |CORRECT |ANSWER✔✔-After |5 |months
The |Insuring |Clause |includes |all |of |the |following |EXCEPT |the |- |CORRECT |ANSWER✔✔-
beneficiary
Mutualization |occurs |when |a |stock |company |turns |to |a |__________ |company. |- |CORRECT |
ANSWER✔✔-mutual
To |provide |a |safeguard |for |insureds, |most |major |medical |policies |contain |a |____________ |
feature |that |limits |the |insured's |out-of-pocket |expenses. |- |CORRECT |ANSWER✔✔-stop-loss
Tom |is |a |newly |appointed |life, |health |and |variable |annuity |agent |with |Acme |Insurance |Agency.
|He |is |writing |his |first |insurance |policy |on |his |brother-in-law's |life. |Who |does |Tom |legally |
represent |in |this |transaction? |- |CORRECT |ANSWER✔✔-Acme |Insurance |Agency
,An |insurance |clause |is |a |distinct |article |in |a |formal |document |that |establishes |the |rules |in |the |
contract |that |_____________________ |must |adhere |to. |- |CORRECT |ANSWER✔✔-both |the |
insurer |and |the |insured
"ACC" |refers |to |the |type |of |disability |that |prevents |someone |from |performing |the |job |he |was |
performing |prior |to |the |disability. |- |CORRECT |ANSWER✔✔-FALSE
Which |statement |is |CORRECT |about |the |Department |of |Financial |Services' |right |to |examine |an |
agent's |records? |- |CORRECT |ANSWER✔✔-An |examination |can |be |conducted |at |any |time |to |
discover |any |unfair |trade |practices.
Bill |gives |Jim |a |couple |of |tickets |to |a |Florida |Gators |game |to |thank |him |for |purchasing |a |policy.
|This |is |an |example |of: |- |CORRECT |ANSWER✔✔-rebating
____________ |term |insurance |provides |a |level |amount |of |protection |for |a |specified |period, |
after |which |the |policy |expires. |- |CORRECT |ANSWER✔✔-Level
Business |overhead |expense |(B.O.E.) |insurance |does |not |provide |benefits |to |cover |the |business |
owner's |salary. |- |CORRECT |ANSWER✔✔-TRUE
Level, |decreasing, |and |increasing |insurance |are |all |basic |forms |of |____________ |insurance. |- |
CORRECT |ANSWER✔✔-term
Hospice |services |are |covered |under |Medicare |Part |A. |- |CORRECT |ANSWER✔✔-TRUE
Under |Florida |law, |group |health |insurers |must |offer |mental |and |nervous |disorder |insurance |to |
policyowners. |- |CORRECT |ANSWER✔✔-TRUE
Deductibles |under |a |group |major |medical |plan |usually |run |from |$250 |to |$500; |whereas |
individual |health |plans |usually |run |from: |- |CORRECT |ANSWER✔✔-$1,000 |plus.
, Every |HMO |subscriber |must |receive |a |benefits |package |that |includes |a |copy |of |the |HMO |
contract |and |certificate, |and: |- |CORRECT |ANSWER✔✔-a |member's |handbook.
A |life |insurance |policy |will |not |be |reinstated |if |it |has |been: |- |CORRECT |ANSWER✔✔-
surrendered |for |its |cash |value.
Which |of |the |following |is |NOT |a |type |of |permanent |life |insurance? |- |CORRECT |ANSWER✔✔-
Term |Life
In |Florida, |a |______________ |must |sign |for |and |on |behalf |of |a |minor |purchasing |life |
insurance. |- |CORRECT |ANSWER✔✔-parent |or |legal |guardian
When |an |agent |spreads |a |false |story |that |damages |a |competing |agent's |reputation, |the |
offense |is |called: |- |CORRECT |ANSWER✔✔-defamation
__________ |is |when |policy |values |of |an |insurance |policy |are |used |to |purchase |another |policy |
with |the |same |insurer |for |the |sole |purpose |of |earning |additional |premiums |or |commissions. |- |
CORRECT |ANSWER✔✔-Churning
Once |an |organization |has |filed |an |application |to |conduct |insurance |business, |the |Office |of |
Insurance |Regulation |will |begin |its |review |for |issuing |a(n): |- |CORRECT |ANSWER✔✔-Certificate |
of |Authority
Florida |law |requires |health |insurance |policies |and |HMO |contracts |to |provide |coverage |for |all |
medically |necessary |equipment, |supplies |and |services |used |to |treat |diabetes |when |the |
patient's |physician |certifies |that |they |are |medically |necessary. |- |CORRECT |ANSWER✔✔-TRUE
If |an |insurance |company |reimburses |the |insured |for |medical |expenses, |can |the |insured |deduct
|that |amount |from |their |federal |income |tax? |- |CORRECT |ANSWER✔✔-NO
