215 License Exam Test|Complete Questions
With Verified Answers (100% Accurate
Solutions) (2025/2026)RATED A+
Disability insurance provides an income stream for an individual who is unable to continue working due
to accident or illness. However, if a person is under ______ disabled, he/she does not qualify for
benefits. - CORRECT ANSWERS 20%
Should a policyowner get into a situation in which he/she cannot continue to make the required
premium payments, _____________ options can be utilized. - CORRECT ANSWERS
nonforfeiture
Who is not a participating party in an annuity - CORRECT ANSWERS the annuitant's spouse
The goals of _________ were to encourage individual employers to establish employee health plans. -
CORRECT ANSWERS ERISA (employee Retirement Income Security Act of 1974)
AD&D policies make benefits payable in the form of the principal sum and capital sum. True or false -
CORRECT ANSWERS True
In order for the Social Security 40-quarter rule to apply, an individual must have been employed and
paid FICA taxes for at least _____ years. - CORRECT ANSWERS 10
When it comes to hospital expenses, a Medical Indemnity plan pays: - CORRECT ANSWERS 1) a
fixed amount per day of hospitalization.
What does FICA stand for? - CORRECT ANSWERS Federal Insurance Contributions Act
,Adverse Selection is based on what premise? - CORRECT ANSWERS The propensity for insuring
less favorable insurance risks.
Reciprocal insurers are owned by: - CORRECT ANSWERS policyholders
Insurers are required by law to provide annuity owners with an annual report which states the units
credited to the contract and: - CORRECT ANSWERS The dollar value of a unit
In the process of selling life insurance and when evaluating the needs of your client, the Human Life
Value approach has been largely replaced by the more practical Needs Approach. True or false -
CORRECT ANSWERS True
Which is the proper term for a company owned by its policyowners? - CORRECT ANSWERS A
mutual insurance company
Joan's insurance agent, Tim, has offered her a $100 dinner gift certificate if Joan purchases a life
insurance policy from Tim. Tim has violated ethical sales practices by: - CORRECT ANSWERS
Rebating
Florida's Replacement Rule sets forth the requirements and procedures to be followed by insurance
companies and insurance producers when a proposal is being made to a client who plans to replace an
existing life insurance contract with: - CORRECT ANSWERS A proposed new life insurance policy
Family Income and Family Maintenance contracts both utilize a ____________ as the base, with a
__________ rider. - CORRECT ANSWERS whole life policy, term insurance
Generally, the more liberal the process is for renewing a health insurance policy, the _______ the
premiums are going to be. - CORRECT ANSWERS higher
, The actual number of annuity units is determined by: - CORRECT ANSWERS the current value of
one unit relative to the amount of premiums paid.
A $50,000 fine can be assessed for violation of a Cease and Desist order. True or false - CORRECT
ANSWERS true
ERISA overrides any state laws regarding the regulation of retirement plans. true or false - CORRECT
ANSWERS true
As it pertains to group health insurance, COBRA stipulates that: - CORRECT ANSWERS group
coverage must be extended for terminated employees up to a certain period of time at the employee's
expense.
Group health plans that are issued on an experience-rated basis can make both premium reductions and
premium increases retroactive for 12 months. true or false - CORRECT ANSWERS false
What type of annuity settlement would best be used to distribute funds from the settlement of large
sums of money (such as with lawsuits and lotteries)? - CORRECT ANSWERS A structured
settlement annuity. decreasing level
Only ____________ policies pay dividends. - CORRECT ANSWERS participating
Define sliding - CORRECT ANSWERS Sliding occurs when an agent tells/implies that it is required
for the client to purchase specific coverages/products in conjunction with a policy being purchased.
The _______________ bears the investment risk in a fixed annuity. - CORRECT ANSWERS
Insurer
With Verified Answers (100% Accurate
Solutions) (2025/2026)RATED A+
Disability insurance provides an income stream for an individual who is unable to continue working due
to accident or illness. However, if a person is under ______ disabled, he/she does not qualify for
benefits. - CORRECT ANSWERS 20%
Should a policyowner get into a situation in which he/she cannot continue to make the required
premium payments, _____________ options can be utilized. - CORRECT ANSWERS
nonforfeiture
Who is not a participating party in an annuity - CORRECT ANSWERS the annuitant's spouse
The goals of _________ were to encourage individual employers to establish employee health plans. -
CORRECT ANSWERS ERISA (employee Retirement Income Security Act of 1974)
AD&D policies make benefits payable in the form of the principal sum and capital sum. True or false -
CORRECT ANSWERS True
In order for the Social Security 40-quarter rule to apply, an individual must have been employed and
paid FICA taxes for at least _____ years. - CORRECT ANSWERS 10
When it comes to hospital expenses, a Medical Indemnity plan pays: - CORRECT ANSWERS 1) a
fixed amount per day of hospitalization.
What does FICA stand for? - CORRECT ANSWERS Federal Insurance Contributions Act
,Adverse Selection is based on what premise? - CORRECT ANSWERS The propensity for insuring
less favorable insurance risks.
Reciprocal insurers are owned by: - CORRECT ANSWERS policyholders
Insurers are required by law to provide annuity owners with an annual report which states the units
credited to the contract and: - CORRECT ANSWERS The dollar value of a unit
In the process of selling life insurance and when evaluating the needs of your client, the Human Life
Value approach has been largely replaced by the more practical Needs Approach. True or false -
CORRECT ANSWERS True
Which is the proper term for a company owned by its policyowners? - CORRECT ANSWERS A
mutual insurance company
Joan's insurance agent, Tim, has offered her a $100 dinner gift certificate if Joan purchases a life
insurance policy from Tim. Tim has violated ethical sales practices by: - CORRECT ANSWERS
Rebating
Florida's Replacement Rule sets forth the requirements and procedures to be followed by insurance
companies and insurance producers when a proposal is being made to a client who plans to replace an
existing life insurance contract with: - CORRECT ANSWERS A proposed new life insurance policy
Family Income and Family Maintenance contracts both utilize a ____________ as the base, with a
__________ rider. - CORRECT ANSWERS whole life policy, term insurance
Generally, the more liberal the process is for renewing a health insurance policy, the _______ the
premiums are going to be. - CORRECT ANSWERS higher
, The actual number of annuity units is determined by: - CORRECT ANSWERS the current value of
one unit relative to the amount of premiums paid.
A $50,000 fine can be assessed for violation of a Cease and Desist order. True or false - CORRECT
ANSWERS true
ERISA overrides any state laws regarding the regulation of retirement plans. true or false - CORRECT
ANSWERS true
As it pertains to group health insurance, COBRA stipulates that: - CORRECT ANSWERS group
coverage must be extended for terminated employees up to a certain period of time at the employee's
expense.
Group health plans that are issued on an experience-rated basis can make both premium reductions and
premium increases retroactive for 12 months. true or false - CORRECT ANSWERS false
What type of annuity settlement would best be used to distribute funds from the settlement of large
sums of money (such as with lawsuits and lotteries)? - CORRECT ANSWERS A structured
settlement annuity. decreasing level
Only ____________ policies pay dividends. - CORRECT ANSWERS participating
Define sliding - CORRECT ANSWERS Sliding occurs when an agent tells/implies that it is required
for the client to purchase specific coverages/products in conjunction with a policy being purchased.
The _______________ bears the investment risk in a fixed annuity. - CORRECT ANSWERS
Insurer
