FL Life and Health Insurance 2-15 Study
Exam (165 questions) With Correct
Answers
N |is |covered |by |a |Term |Life |policy |and |does |not |make |the |required |premium |payment |which |
was |due |August |1. |N |dies |September |15. |What |action |will |the |insurer |take? |- |CORRECT |
ANSWER✔✔-Claim |will |be |denied.
A |contract |where |one |party |either |accepts |or |rejects |the |terms |of |a |contract |written |by |
another |party |is |called |a |contract |of |- |CORRECT |ANSWER✔✔-adhesion
All |of |the |following |statements |about |Major |Medical |benefits |are |true, |EXCEPT: |- |CORRECT |
ANSWER✔✔-Benefits |have |no |maximum |limit
W |gave |W's |age |as |50 |when |W |purchased |a |Life |policy. |At |the |time |of |W's |death |seven |years |
later, |the |company |discovered |W's |true |age |at |issue |had |been |59. |What |would |the |normal |
procedure |be |under |the |misstatement |of |age |provision |in |regard |to |the |payment |of |the |death |
claim? |- |CORRECT |ANSWER✔✔-The |proceeds |would |be |reduced |based |on |whatever |the |
premium |would |have |been |if |purchased |at |age |59.
All |of |these |are |considered |sources |of |underwriting |information |about |an |applicant, |EXCEPT: |- |
CORRECT |ANSWER✔✔-Inspection |Report
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 |ANSWER✔✔-31 |days
Which |provision |allows |the |policy |owner |to |change |a |term |life |policy |to |a |permanent |one |
without |providing |proof |of |good |health? |- |CORRECT |ANSWER✔✔-Conversion
,What |do |families |pay |that |are |covered |by |the |Florida |Healthy |Kids |Corporation? |- |CORRECT |
ANSWER✔✔-A |portion |of |the |premium
Which |statement |regarding |third-party |ownership |of |a |life |insurance |policy |is |true? |- |CORRECT
|ANSWER✔✔-It |is |used |extensively |in |estate |planning |as |well |as |business |circumstances.
Which |of |the |following |employees |may |NOT |be |excluded |from |a |group |life |plan? |- |CORRECT |
ANSWER✔✔-Full-time |employees |after |the |probationary |period.
Which |of |the |following |statements |BEST |describes |what |the |Legal |Actions |provision |of |an |
Accident |and |Health |policy |requires? |- |CORRECT |ANSWER✔✔-An |insured |must |wait |at |least |60
|days |after |Proof |of |Loss |has |been |submitted |before |a |lawsuit |can |be |filed.
What |percentage |of |eligible |persons |must |a |policy |cover |in |a |noncontributory |group? |- |
CORRECT |ANSWER✔✔-100%
What |are |adjustable |rates |for |life |policy |loans |in |Florida |based |on? |- |CORRECT |ANSWER✔✔-
Moody's |corporate |bond |index.
An |underwriter |determines |that |a |life |insurance |applicant's |risk |should |be |reclassified |due |to |a
|health |issue. |This |policy |may |be |issued |with |a(n): |- |CORRECT |ANSWER✔✔-exclusion |for |the |
medical |condition
What |is |the |initial |requirement |for |an |insured |to |become |eligible |for |benefits |under |the |
Waiver |of |Premium |provision? |- |CORRECT |ANSWER✔✔-Insured |must |be |under |a |physician's |
care
J |has |a |Disability |Income |policy |that |does |NOT |provide |benefits |for |losses |occurring |as |the |
result |of |his |employment. |What |kind |of |coverage |is |this? |- |CORRECT |ANSWER✔✔-
Nonoccupational |coverage
, K |is |insured |under |a |Group |Life |Insurance |policy. |K |is |considered |to |be |a(n) |- |CORRECT |
ANSWER✔✔-certificate |holder
According |to |Florida |law, |which |of |the |following |information |does |NOT |need |to |be |obtained |by
|an |agent |recommending |an |annuity |purchase? |- |CORRECT |ANSWER✔✔-Marital |status
Dividends |paid |from |a |life |insurance |policy |are |- |CORRECT |ANSWER✔✔-taxable
S |takes |out |a |health |insurance |policy |which |contains |a |provision |that |states |the |agent |does |
not |have |the |authority |to |change |the |policy |or |waive |any |of |its |provisions. |Which |health |policy
|provision |is |this? |- |CORRECT |ANSWER✔✔-Entire |Contract
Which |policy |requires |an |agent |to |register |with |the |National |Association |of |Securities |Dealers |
(NASD) |before |selling? |- |CORRECT |ANSWER✔✔-Variable |Life
Defamation |occurs |when |an |agent |makes |a |false |statement |intended |to |- |CORRECT |
ANSWER✔✔-malign |another |insurer
J |owns |a |business |and |has |a |Group |Life |policy |covering |her |employees. |J |decides |to |cancel |the
|policy |by |letting |it |lapse |on |the |renewal |date. |What |action |must |be |taken? |- |CORRECT |
ANSWER✔✔-All |of |the |employees |must |be |notified |of |the |cancellation |either |by |the |insurance
|company |or |through |J.
Which |of |the |following |is |NOT |required |in |the |Outline |of |Coverage |for |a |health |insurance |
policy? |- |CORRECT |ANSWER✔✔-Projection |of |the |policy's |future |costs.
What |type |of |life |policy |covers |two |people |and |pays |upon |the |death |of |the |last |insured? |- |
CORRECT |ANSWER✔✔-Survivorship
Exam (165 questions) With Correct
Answers
N |is |covered |by |a |Term |Life |policy |and |does |not |make |the |required |premium |payment |which |
was |due |August |1. |N |dies |September |15. |What |action |will |the |insurer |take? |- |CORRECT |
ANSWER✔✔-Claim |will |be |denied.
A |contract |where |one |party |either |accepts |or |rejects |the |terms |of |a |contract |written |by |
another |party |is |called |a |contract |of |- |CORRECT |ANSWER✔✔-adhesion
All |of |the |following |statements |about |Major |Medical |benefits |are |true, |EXCEPT: |- |CORRECT |
ANSWER✔✔-Benefits |have |no |maximum |limit
W |gave |W's |age |as |50 |when |W |purchased |a |Life |policy. |At |the |time |of |W's |death |seven |years |
later, |the |company |discovered |W's |true |age |at |issue |had |been |59. |What |would |the |normal |
procedure |be |under |the |misstatement |of |age |provision |in |regard |to |the |payment |of |the |death |
claim? |- |CORRECT |ANSWER✔✔-The |proceeds |would |be |reduced |based |on |whatever |the |
premium |would |have |been |if |purchased |at |age |59.
All |of |these |are |considered |sources |of |underwriting |information |about |an |applicant, |EXCEPT: |- |
CORRECT |ANSWER✔✔-Inspection |Report
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 |ANSWER✔✔-31 |days
Which |provision |allows |the |policy |owner |to |change |a |term |life |policy |to |a |permanent |one |
without |providing |proof |of |good |health? |- |CORRECT |ANSWER✔✔-Conversion
,What |do |families |pay |that |are |covered |by |the |Florida |Healthy |Kids |Corporation? |- |CORRECT |
ANSWER✔✔-A |portion |of |the |premium
Which |statement |regarding |third-party |ownership |of |a |life |insurance |policy |is |true? |- |CORRECT
|ANSWER✔✔-It |is |used |extensively |in |estate |planning |as |well |as |business |circumstances.
Which |of |the |following |employees |may |NOT |be |excluded |from |a |group |life |plan? |- |CORRECT |
ANSWER✔✔-Full-time |employees |after |the |probationary |period.
Which |of |the |following |statements |BEST |describes |what |the |Legal |Actions |provision |of |an |
Accident |and |Health |policy |requires? |- |CORRECT |ANSWER✔✔-An |insured |must |wait |at |least |60
|days |after |Proof |of |Loss |has |been |submitted |before |a |lawsuit |can |be |filed.
What |percentage |of |eligible |persons |must |a |policy |cover |in |a |noncontributory |group? |- |
CORRECT |ANSWER✔✔-100%
What |are |adjustable |rates |for |life |policy |loans |in |Florida |based |on? |- |CORRECT |ANSWER✔✔-
Moody's |corporate |bond |index.
An |underwriter |determines |that |a |life |insurance |applicant's |risk |should |be |reclassified |due |to |a
|health |issue. |This |policy |may |be |issued |with |a(n): |- |CORRECT |ANSWER✔✔-exclusion |for |the |
medical |condition
What |is |the |initial |requirement |for |an |insured |to |become |eligible |for |benefits |under |the |
Waiver |of |Premium |provision? |- |CORRECT |ANSWER✔✔-Insured |must |be |under |a |physician's |
care
J |has |a |Disability |Income |policy |that |does |NOT |provide |benefits |for |losses |occurring |as |the |
result |of |his |employment. |What |kind |of |coverage |is |this? |- |CORRECT |ANSWER✔✔-
Nonoccupational |coverage
, K |is |insured |under |a |Group |Life |Insurance |policy. |K |is |considered |to |be |a(n) |- |CORRECT |
ANSWER✔✔-certificate |holder
According |to |Florida |law, |which |of |the |following |information |does |NOT |need |to |be |obtained |by
|an |agent |recommending |an |annuity |purchase? |- |CORRECT |ANSWER✔✔-Marital |status
Dividends |paid |from |a |life |insurance |policy |are |- |CORRECT |ANSWER✔✔-taxable
S |takes |out |a |health |insurance |policy |which |contains |a |provision |that |states |the |agent |does |
not |have |the |authority |to |change |the |policy |or |waive |any |of |its |provisions. |Which |health |policy
|provision |is |this? |- |CORRECT |ANSWER✔✔-Entire |Contract
Which |policy |requires |an |agent |to |register |with |the |National |Association |of |Securities |Dealers |
(NASD) |before |selling? |- |CORRECT |ANSWER✔✔-Variable |Life
Defamation |occurs |when |an |agent |makes |a |false |statement |intended |to |- |CORRECT |
ANSWER✔✔-malign |another |insurer
J |owns |a |business |and |has |a |Group |Life |policy |covering |her |employees. |J |decides |to |cancel |the
|policy |by |letting |it |lapse |on |the |renewal |date. |What |action |must |be |taken? |- |CORRECT |
ANSWER✔✔-All |of |the |employees |must |be |notified |of |the |cancellation |either |by |the |insurance
|company |or |through |J.
Which |of |the |following |is |NOT |required |in |the |Outline |of |Coverage |for |a |health |insurance |
policy? |- |CORRECT |ANSWER✔✔-Projection |of |the |policy's |future |costs.
What |type |of |life |policy |covers |two |people |and |pays |upon |the |death |of |the |last |insured? |- |
CORRECT |ANSWER✔✔-Survivorship
