FLORIDA 2-15 INSURANCE LICENSE EXAM QUESTIONS
WITH COMPLETE SOLUTIONS GUARANTEED PASS
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
WITH COMPLETE SOLUTIONS GUARANTEED PASS
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
