XCEL FL TEST STUDY GUIDE
QUESTIONS AND ANSWERS23
Which of the following types of health coverage frequently uses a deductible? - ANSWERS-
Major Medical policy
What kind of Accidental Death and Dismemberment (AD&D) insurance beneficiary requires
his/her consent when a change of beneficiary is made? - ANSWERS-Irrevocable beneficiary
If a 10-Year Term Life policy contains a Renewability provision, the policy will renew - ANSWERS-
without evidence of insurability
Under Florida law, a variable annuity policyowner must be notified of accumulated value of the
contract - ANSWERS-once a year
Within how many days after policy delivery can a Medicare Supplement policy be returned for a
100% premium refund? - ANSWERS-30
During the course of an insurance transaction, if an agent makes a false or incomplete
statement, he/she could be found guilty of - ANSWERS-misrepresentation
Accidental Death coverage is provided to commercial airline passengers in which of the
following types of policies? - ANSWERS-Blanket Accident policy
An IRA owner can start making withdrawals and NOT be subjected to a tax penalty beginning at
what age? - ANSWERS-59 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? - ANSWERS-31 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? - ANSWERS-48 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. - ANSWERS-Variable
Which of these provisions require proof of insurability after a policy has lapsed? - ANSWERS-
Reinstatement
What is the purpose of the Insurance Guaranty Fund Association? - ANSWERS-Protects
policyowners against insolvent insurance companies
Which of the following is considered an accurate statement of an unfair trade practice? -
ANSWERS-Twisting 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? - ANSWERS-Long-Term Care
According to Florida law, a Group Life insurance policy requires a minimum of how many
insureds? - ANSWERS-No minimum
Life and health insurance policies are: - ANSWERS-Unilateral contracts
, An agent that sells ______ Life insurance MUST be registered with the Financial Industry
Regulatory Authority (FINRA). - ANSWERS-Variable
With a medical discount plan, how often would a person generally pay a fee to get discounts on
specific services? - ANSWERS-monthly
Insurance companies that are organized in countries outside the United States are referred to as
- ANSWERS-alien
A long-term care lapse notice must be delivered to both the applicant and - ANSWERS-
secondary addressee
The Department may request all of these during the licensing application process EXCEPT -
ANSWERS-drug test
A "reimbursement policy" pays what amount of coverage Long-Term Care expenses? -
ANSWERS-Actual covered expenses up to the daily maximum
In Florida, agents are allowed to engage in rebating if - ANSWERS-offered 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: - ANSWERS-Primary Care Physician
Which of the following statements is correct regarding an employer/employee group health
plan? - ANSWERS-The employer receives a master policy and the employees receive certificates.
QUESTIONS AND ANSWERS23
Which of the following types of health coverage frequently uses a deductible? - ANSWERS-
Major Medical policy
What kind of Accidental Death and Dismemberment (AD&D) insurance beneficiary requires
his/her consent when a change of beneficiary is made? - ANSWERS-Irrevocable beneficiary
If a 10-Year Term Life policy contains a Renewability provision, the policy will renew - ANSWERS-
without evidence of insurability
Under Florida law, a variable annuity policyowner must be notified of accumulated value of the
contract - ANSWERS-once a year
Within how many days after policy delivery can a Medicare Supplement policy be returned for a
100% premium refund? - ANSWERS-30
During the course of an insurance transaction, if an agent makes a false or incomplete
statement, he/she could be found guilty of - ANSWERS-misrepresentation
Accidental Death coverage is provided to commercial airline passengers in which of the
following types of policies? - ANSWERS-Blanket Accident policy
An IRA owner can start making withdrawals and NOT be subjected to a tax penalty beginning at
what age? - ANSWERS-59 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? - ANSWERS-31 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? - ANSWERS-48 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. - ANSWERS-Variable
Which of these provisions require proof of insurability after a policy has lapsed? - ANSWERS-
Reinstatement
What is the purpose of the Insurance Guaranty Fund Association? - ANSWERS-Protects
policyowners against insolvent insurance companies
Which of the following is considered an accurate statement of an unfair trade practice? -
ANSWERS-Twisting 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? - ANSWERS-Long-Term Care
According to Florida law, a Group Life insurance policy requires a minimum of how many
insureds? - ANSWERS-No minimum
Life and health insurance policies are: - ANSWERS-Unilateral contracts
, An agent that sells ______ Life insurance MUST be registered with the Financial Industry
Regulatory Authority (FINRA). - ANSWERS-Variable
With a medical discount plan, how often would a person generally pay a fee to get discounts on
specific services? - ANSWERS-monthly
Insurance companies that are organized in countries outside the United States are referred to as
- ANSWERS-alien
A long-term care lapse notice must be delivered to both the applicant and - ANSWERS-
secondary addressee
The Department may request all of these during the licensing application process EXCEPT -
ANSWERS-drug test
A "reimbursement policy" pays what amount of coverage Long-Term Care expenses? -
ANSWERS-Actual covered expenses up to the daily maximum
In Florida, agents are allowed to engage in rebating if - ANSWERS-offered 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: - ANSWERS-Primary Care Physician
Which of the following statements is correct regarding an employer/employee group health
plan? - ANSWERS-The employer receives a master policy and the employees receive certificates.
