FLORIDA 2-15 INSURANCE LICENSE UPDATED
EXAM QUESTIONS WITH CORRECT ANSWERS
Accumulation units are converted into annuity units: - 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. - 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. - ANSWER -FALSE
Robert had an accident and qualified for Social Security disability. Given
the waiting period, when will Robert begin to receive benefits? - ANSWER -
After 5 months
The Insuring Clause includes all of the following EXCEPT the - ANSWER -
beneficiary
Mutualization occurs when a stock company turns to a __________
company. - ANSWER -mutual
To provide a safeguard for insureds, most major medical policies contain a
____________ feature that limits the insured's out-of-pocket expenses. -
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? - 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. - 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. - ANSWER -
FALSE
Which statement is CORRECT about the Department of Financial Services'
right to examine an agent's records? - 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: - ANSWER -rebating
____________ term insurance provides a level amount of protection for a
specified period, after which the policy expires. - ANSWER -Level
Business overhead expense (B.O.E.) insurance does not provide benefits
to cover the business owner's salary. - ANSWER -TRUE
Level, decreasing, and increasing insurance are all basic forms of
____________ insurance. - ANSWER -term
Hospice services are covered under Medicare Part A. - ANSWER -TRUE
Under Florida law, group health insurers must offer mental and nervous
disorder insurance to policyowners. - ANSWER -TRUE
Deductibles under a group major medical plan usually run from $250 to
$500; whereas individual health plans usually run from: - ANSWER -$1,000
plus.
Every HMO subscriber must receive a benefits package that includes a
copy of the HMO contract and certificate, and: - ANSWER -a member's
handbook.
A life insurance policy will not be reinstated if it has been: - ANSWER -
surrendered for its cash value.
Which of the following is NOT a type of permanent life insurance? -
ANSWER -Term Life
EXAM QUESTIONS WITH CORRECT ANSWERS
Accumulation units are converted into annuity units: - 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. - 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. - ANSWER -FALSE
Robert had an accident and qualified for Social Security disability. Given
the waiting period, when will Robert begin to receive benefits? - ANSWER -
After 5 months
The Insuring Clause includes all of the following EXCEPT the - ANSWER -
beneficiary
Mutualization occurs when a stock company turns to a __________
company. - ANSWER -mutual
To provide a safeguard for insureds, most major medical policies contain a
____________ feature that limits the insured's out-of-pocket expenses. -
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? - 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. - 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. - ANSWER -
FALSE
Which statement is CORRECT about the Department of Financial Services'
right to examine an agent's records? - 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: - ANSWER -rebating
____________ term insurance provides a level amount of protection for a
specified period, after which the policy expires. - ANSWER -Level
Business overhead expense (B.O.E.) insurance does not provide benefits
to cover the business owner's salary. - ANSWER -TRUE
Level, decreasing, and increasing insurance are all basic forms of
____________ insurance. - ANSWER -term
Hospice services are covered under Medicare Part A. - ANSWER -TRUE
Under Florida law, group health insurers must offer mental and nervous
disorder insurance to policyowners. - ANSWER -TRUE
Deductibles under a group major medical plan usually run from $250 to
$500; whereas individual health plans usually run from: - ANSWER -$1,000
plus.
Every HMO subscriber must receive a benefits package that includes a
copy of the HMO contract and certificate, and: - ANSWER -a member's
handbook.
A life insurance policy will not be reinstated if it has been: - ANSWER -
surrendered for its cash value.
Which of the following is NOT a type of permanent life insurance? -
ANSWER -Term Life
