Florida 2-15 Insurance License Exam
Questions and 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
Under the Unfair Trade Practices Act, claim forms must be sent to the insured within
_______ from the date a claim is reported. - ANSWER-15 DAYS
A life insurance policy's cash value belongs to the insured. - ANSWER-FALSE
Agents should check with _________________ to determine if the insurer they are
representing is a properly authorized insurer. - ANSWER-the Department of Financial
Services
Supplemental Medical Insurance, Medicaid, and U.S. Armed Services and Veterans
Insurance are all examples of what type of insurer? - ANSWER-Government Insurers
, Section 1035 Exchanges are a way to move annuity funds: - ANSWER-income tax free.
Which of the following titles can a life insurance agent use when conducting business -
ANSWER-Neither financial planner, consultant, or investment advisor
Group health insurers must either provide or offer chiropractic coverage. - ANSWER-
TRUE
A term life insurance policy's cash value builds during a specifically limited period of
time. - ANSWER-FALSE
Insurable interest must exist at: - ANSWER-the time of application.
Who regulates retirement plans in Florida? - ANSWER-ERISA
Employee Retirement Income Security Act
What type of insurance is most frequently used in group life plans? - ANSWER-Annual
Renewable Term
What is a Medicare supplement (Medigap) policies? - ANSWER-Medigap policies pay
for some healthcare services not covered by Medicare, pay most, if not all, Medicare
deductibles and copayments, and supplement Medicare benefits.
Anyone under the age of _____ who has earned income may open a traditional IRA. -
ANSWER-70 1/2
Which of the following types of insurance contracts are NOT considered valued
contracts? - ANSWER-Medical expense plans
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. - ANSWER-20%
Under the Law of Agency, an agent is the lawful representative of the: - ANSWER-
principal
Group health plans that are issued by mutual companies usually provide dividends,
which are most likely to be paid if __________________ are less than anticipated. -
ANSWER-expenses and claims costs
Which of the following reimburses its insureds for covered medical expenses? -
ANSWER-Commercial insurers
Which of the following would most likely be considered a key person in a business? -
ANSWER-An officer of the company
Questions and 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
Under the Unfair Trade Practices Act, claim forms must be sent to the insured within
_______ from the date a claim is reported. - ANSWER-15 DAYS
A life insurance policy's cash value belongs to the insured. - ANSWER-FALSE
Agents should check with _________________ to determine if the insurer they are
representing is a properly authorized insurer. - ANSWER-the Department of Financial
Services
Supplemental Medical Insurance, Medicaid, and U.S. Armed Services and Veterans
Insurance are all examples of what type of insurer? - ANSWER-Government Insurers
, Section 1035 Exchanges are a way to move annuity funds: - ANSWER-income tax free.
Which of the following titles can a life insurance agent use when conducting business -
ANSWER-Neither financial planner, consultant, or investment advisor
Group health insurers must either provide or offer chiropractic coverage. - ANSWER-
TRUE
A term life insurance policy's cash value builds during a specifically limited period of
time. - ANSWER-FALSE
Insurable interest must exist at: - ANSWER-the time of application.
Who regulates retirement plans in Florida? - ANSWER-ERISA
Employee Retirement Income Security Act
What type of insurance is most frequently used in group life plans? - ANSWER-Annual
Renewable Term
What is a Medicare supplement (Medigap) policies? - ANSWER-Medigap policies pay
for some healthcare services not covered by Medicare, pay most, if not all, Medicare
deductibles and copayments, and supplement Medicare benefits.
Anyone under the age of _____ who has earned income may open a traditional IRA. -
ANSWER-70 1/2
Which of the following types of insurance contracts are NOT considered valued
contracts? - ANSWER-Medical expense plans
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. - ANSWER-20%
Under the Law of Agency, an agent is the lawful representative of the: - ANSWER-
principal
Group health plans that are issued by mutual companies usually provide dividends,
which are most likely to be paid if __________________ are less than anticipated. -
ANSWER-expenses and claims costs
Which of the following reimburses its insureds for covered medical expenses? -
ANSWER-Commercial insurers
Which of the following would most likely be considered a key person in a business? -
ANSWER-An officer of the company
