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FLORIDA 2-15 INSURANCE LICENSE
EXAM|| ACTUAL QUESTIONS WITH
VERIFIED ANSWERS 2026
The Statute of Limitations states that if a lawsuit is to be filed, it must be brought
within ______ years after Proof of Loss is furnished to the insurance company. -
correct-answer -five
Which type of life insurance is sold by home service insurers? - correct-answer -
Industrial life insurance
Social Security provides welfare benefits to all citizens. - correct-answer -FALSE
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In general, the standard life insurance Incontestable Clause means that a policy is
incontestable after: - correct-answer -two years.
A medical expense policy states that it will pay a flat $200 a day for each day of
hospitalization. The policy pays benefits on what basis? - correct-answer -
Indemnity
Basic Medical Expense insurance limits coverage to specific types of medical care.
- correct-answer -TRUE
A _____________ group involves combining several parties into a group for the
purpose of obtaining insurance. - correct-answer -fictitious
The ____________________ Act mandated once and for all that insurance would
be regulated by the states. - correct-answer -McCarran-Ferguson
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The type of annuity that provides a guaranteed rate of return is called a variable
annuity. - correct-answer -FALSE
Mathew purchased an annuity naming his wife, Cher, beneficiary. Upon Mathew's
death, Cher will receive the proceeds: - correct-answer -taxed as ordinary income
above Mathew's cost basis.
Policy reserves are the intangible amounts set aside by the _____________ out of
the insurer's assets at the beginning of the policy period. - correct-answer -insurer
SIMPLE plans can be structured as an IRA or a 401(k). - correct-answer -TRUE
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A complete examination of an HMO's affairs is conducted at least: - correct-
answer -once every five years.
A portion of a mutual insurer's premiums are paid out as policy dividends and are
considered: - correct-answer -refunds
COBRA provides health benefit extensions for ____________ after employment is
terminated. - correct-answer -18 months
Which of the following expenses would NOT be covered under a Business
Overhead Expense policy? - correct-answer -Owner's salary
Complete this sentence: "Typically, the shorter the premium-paying period, the
_________________." - correct-answer -higher the premium.
FLORIDA 2-15 INSURANCE LICENSE
EXAM|| ACTUAL QUESTIONS WITH
VERIFIED ANSWERS 2026
The Statute of Limitations states that if a lawsuit is to be filed, it must be brought
within ______ years after Proof of Loss is furnished to the insurance company. -
correct-answer -five
Which type of life insurance is sold by home service insurers? - correct-answer -
Industrial life insurance
Social Security provides welfare benefits to all citizens. - correct-answer -FALSE
,2|Page
In general, the standard life insurance Incontestable Clause means that a policy is
incontestable after: - correct-answer -two years.
A medical expense policy states that it will pay a flat $200 a day for each day of
hospitalization. The policy pays benefits on what basis? - correct-answer -
Indemnity
Basic Medical Expense insurance limits coverage to specific types of medical care.
- correct-answer -TRUE
A _____________ group involves combining several parties into a group for the
purpose of obtaining insurance. - correct-answer -fictitious
The ____________________ Act mandated once and for all that insurance would
be regulated by the states. - correct-answer -McCarran-Ferguson
,3|Page
The type of annuity that provides a guaranteed rate of return is called a variable
annuity. - correct-answer -FALSE
Mathew purchased an annuity naming his wife, Cher, beneficiary. Upon Mathew's
death, Cher will receive the proceeds: - correct-answer -taxed as ordinary income
above Mathew's cost basis.
Policy reserves are the intangible amounts set aside by the _____________ out of
the insurer's assets at the beginning of the policy period. - correct-answer -insurer
SIMPLE plans can be structured as an IRA or a 401(k). - correct-answer -TRUE
, 4|Page
A complete examination of an HMO's affairs is conducted at least: - correct-
answer -once every five years.
A portion of a mutual insurer's premiums are paid out as policy dividends and are
considered: - correct-answer -refunds
COBRA provides health benefit extensions for ____________ after employment is
terminated. - correct-answer -18 months
Which of the following expenses would NOT be covered under a Business
Overhead Expense policy? - correct-answer -Owner's salary
Complete this sentence: "Typically, the shorter the premium-paying period, the
_________________." - correct-answer -higher the premium.
