XCEL FL TEST STUDY GUIDE QUESTIONS WITH VERIFIED
ANSWERS100%
Which of the following types of health coverage frequently uses a deductible? - Correct
AnswersMajor Medical policy
What kind of Accidental Death and Dismemberment (AD&D) insurance beneficiary
requires his/her consent when a change of beneficiary is made? - Correct
AnswersIrrevocable beneficiary
If a 10-Year Term Life policy contains a Renewability provision, the policy will renew -
Correct Answerswithout evidence of insurability
Under Florida law, a variable annuity policyowner must be notified of accumulated value of
the contract - Correct Answersonce a year
Within how many days after policy delivery can a Medicare Supplement policy be returned
for a 100% premium refund? - Correct Answers30
During the course of an insurance transaction, if an agent makes a false or incomplete
statement, he/she could be found guilty of - Correct Answersmisrepresentation
Accidental Death coverage is provided to commercial airline passengers in which of the
following types of policies? - Correct AnswersBlanket Accident policy
An IRA owner can start making withdrawals and NOT be subjected to a tax penalty
beginning at what age? - Correct Answers59 1/2
According to the Mandatory Uniform Policy Provisions, what is the maximum amount of
time after the premium due date during which the policy remains in force even though the
premium has not been paid? - Correct Answers31 days
,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? - Correct Answers48 months
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. - Correct AnswersVariable
Which of these provisions require proof of insurability after a policy has lapsed? - Correct
AnswersReinstatement
What is the purpose of the Insurance Guaranty Fund Association? - Correct
AnswersProtects policyowners against insolvent insurance companies
Which of the following is considered an accurate statement of an unfair trade practice? -
Correct AnswersTwisting 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
Nursing home benefits must be provided for at least 12 consecutive months in which of the
following types of policies? - Correct AnswersLong-Term Care
According to Florida law, a Group Life insurance policy requires a minimum of how many
insureds? - Correct AnswersNo minimum
Life and health insurance policies are: - Correct AnswersUnilateral contracts
An agent that sells ______ Life insurance MUST be registered with the Financial Industry
Regulatory Authority (FINRA). - Correct AnswersVariable
With a medical discount plan, how often would a person generally pay a fee to get
discounts on specific services? - Correct Answersmonthly
Insurance companies that are organized in countries outside the United States are
referred to as - Correct Answersalien
, A long-term care lapse notice must be delivered to both the applicant and - Correct
Answerssecondary addressee
The Department may request all of these during the licensing application process
EXCEPT - Correct Answersdrug test
A "reimbursement policy" pays what amount of coverage Long-Term Care expenses? -
Correct AnswersActual covered expenses up to the daily maximum
In Florida, agents are allowed to engage in rebating if - Correct Answersoffered to all
insureds in the same actuarial class
The individual who provides general medical care for a patient as well as the referral for
specialized care is known as a: - Correct AnswersPrimary Care Physician
Which of the following statements is correct regarding an employer/employee group health
plan? - Correct AnswersThe employer receives a master policy and the employees receive
certificates.
In order to sell a(n) _______Life policy, a producer is required to register with the Financial
Industry Regulatory Authority (FINRA). - Correct AnswersVariable
R had received full disability income benefits for 6 months. When he returns to work, he is
only able to resume half his normal daily workload. Which provision pays reduced benefits
to R while he is not working at full capacity? - Correct AnswersResidual Disability
T sends proof of loss to her insurer for an acceptable medical expense claim under her
individual Health Insurance policy. Upon receipt, the insurer must pay the benefits -
Correct Answersimmediately
An insurance company must act on an Accident and Health insurance application for
reinstatement within ____ days. - Correct Answers45
Florida requires that coverage for newborns begins "from the moment of birth" and
continues for - Correct Answers18 months
ANSWERS100%
Which of the following types of health coverage frequently uses a deductible? - Correct
AnswersMajor Medical policy
What kind of Accidental Death and Dismemberment (AD&D) insurance beneficiary
requires his/her consent when a change of beneficiary is made? - Correct
AnswersIrrevocable beneficiary
If a 10-Year Term Life policy contains a Renewability provision, the policy will renew -
Correct Answerswithout evidence of insurability
Under Florida law, a variable annuity policyowner must be notified of accumulated value of
the contract - Correct Answersonce a year
Within how many days after policy delivery can a Medicare Supplement policy be returned
for a 100% premium refund? - Correct Answers30
During the course of an insurance transaction, if an agent makes a false or incomplete
statement, he/she could be found guilty of - Correct Answersmisrepresentation
Accidental Death coverage is provided to commercial airline passengers in which of the
following types of policies? - Correct AnswersBlanket Accident policy
An IRA owner can start making withdrawals and NOT be subjected to a tax penalty
beginning at what age? - Correct Answers59 1/2
According to the Mandatory Uniform Policy Provisions, what is the maximum amount of
time after the premium due date during which the policy remains in force even though the
premium has not been paid? - Correct Answers31 days
,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? - Correct Answers48 months
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. - Correct AnswersVariable
Which of these provisions require proof of insurability after a policy has lapsed? - Correct
AnswersReinstatement
What is the purpose of the Insurance Guaranty Fund Association? - Correct
AnswersProtects policyowners against insolvent insurance companies
Which of the following is considered an accurate statement of an unfair trade practice? -
Correct AnswersTwisting 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
Nursing home benefits must be provided for at least 12 consecutive months in which of the
following types of policies? - Correct AnswersLong-Term Care
According to Florida law, a Group Life insurance policy requires a minimum of how many
insureds? - Correct AnswersNo minimum
Life and health insurance policies are: - Correct AnswersUnilateral contracts
An agent that sells ______ Life insurance MUST be registered with the Financial Industry
Regulatory Authority (FINRA). - Correct AnswersVariable
With a medical discount plan, how often would a person generally pay a fee to get
discounts on specific services? - Correct Answersmonthly
Insurance companies that are organized in countries outside the United States are
referred to as - Correct Answersalien
, A long-term care lapse notice must be delivered to both the applicant and - Correct
Answerssecondary addressee
The Department may request all of these during the licensing application process
EXCEPT - Correct Answersdrug test
A "reimbursement policy" pays what amount of coverage Long-Term Care expenses? -
Correct AnswersActual covered expenses up to the daily maximum
In Florida, agents are allowed to engage in rebating if - Correct Answersoffered to all
insureds in the same actuarial class
The individual who provides general medical care for a patient as well as the referral for
specialized care is known as a: - Correct AnswersPrimary Care Physician
Which of the following statements is correct regarding an employer/employee group health
plan? - Correct AnswersThe employer receives a master policy and the employees receive
certificates.
In order to sell a(n) _______Life policy, a producer is required to register with the Financial
Industry Regulatory Authority (FINRA). - Correct AnswersVariable
R had received full disability income benefits for 6 months. When he returns to work, he is
only able to resume half his normal daily workload. Which provision pays reduced benefits
to R while he is not working at full capacity? - Correct AnswersResidual Disability
T sends proof of loss to her insurer for an acceptable medical expense claim under her
individual Health Insurance policy. Upon receipt, the insurer must pay the benefits -
Correct Answersimmediately
An insurance company must act on an Accident and Health insurance application for
reinstatement within ____ days. - Correct Answers45
Florida requires that coverage for newborns begins "from the moment of birth" and
continues for - Correct Answers18 months
