Florida Life and Health Insurance State Exam Simulator Questions & Answers Already Solved 100%

Which of the following statements about guaranteed renewable health insurance policy is correct? - Answer Premiums normally increase at the time of renewal. The issuer must provide a perspective buyer with an? - Answer Buyers guide and policy summary T would like to be assured $10,000 is available in 10 years to replace a roof on his house. What kind of $10,000 policy should T purchase? - Answer Ten-year Endowment According to the time payment of claims provision, the insurer must pay disability income benefits no less frequently then which of the following options? - Answer Monthly Which of the following is the most important factor when deciding how much disability income coverage an applicant should purchase? - Answer Applicants monthly income Which two entitles regulate variable annuities? - Answer Department of Financial Services; Securities Exchange Commission. The amount of coverage on a group life policy is limited to? - Answer The insured's total loan value The provision that can be used to put on insurance policy back in force after it has lapsed due to nonpayment is called? - Answer Reinstatement Which product would best serve a retired individual looking to invest a lump-sum of money through an insurance company? - Answer Annuity According to Florida law, a group life insurance policy requires a minimum how many insureds? - Answer No minimum Multiple employer welfare arrangement (MEWA) provides what type of benefits? - Answer Insurance In a qualified retirement plan, the yearly contributions to an employee's account? - Answer Are restricted to maximum level set by the IRS All of the following entries are classified under the four principal areas of Florida insurance law except? - Answer An agent's commission According to Florida's life insurance replacement law, about policyowner must be provided with the written comparison and summary statement when it's required by? - Answer The policyowner On delivery of policy, a signed statement of good health is typically request if? - Answer The application was submitted without the initial premium. K is the insured and P is the sole beneficiary on an accidental death and dismemberment insurance policy. Both are involved in a fatal accident where K dies before P. Under the common disaster provision, which of these statements is true? - Answer Proceeds will be paid to P's estate An insured is past due on his life insurance premium but is still within the grace period. What will the beneficiary receive if the insured dies during the grace period.? - Answer Full face amount minus any past due premiums A business overhead expens policy would cover which of the following if a business owner becomes disabled? - Answer Utilities and office rent Employers with less then —— employees are affected by Florida health insurance coverage continuation act (Mini COBRA)? - Answer 20 S is employer by large corporation that provides group health coverage for its employees and their dependents. If S dies, The company must allow his surviving spouse and dependents to continue their group health coverage for a maximum of how many months on the cobra regulations? - Answer 36 months (under COBRA) J is an agent who recently told a claimant that his rights might be impaired if he does not complete a release form within a specified time. What could this agent be found guilty of? - Answer Coercion An employer that offers a qualified retirement plan to its employees is eligible to? - Answer Make tax-deductible contribution to the plan Which of the following employees may not be excluded from the group life plan? - Answer Full-time employees after the probation period. When is the face amount of a whole life policy paid? - Answer When the insured dies or at the policies maturity date whichever happens first. Major medical policies typically? - Answer Contain deductible and coinsurance Which of the following provisions is not required in HMO contracts certificates? - Answer Seven-day grace period The health insurance program which is administrated by each state and founded by both the federal and state government is called? - Answer Madicaid On insured pays premium on an annual basis for an individual health insurance policy. What is the minimum number of days for the grace period Provision? - Answer 31 Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent? - Answer Only if the child is incapable of employment and chiefly depend on the policy owner P is producer who notice five questions on the life application where not answer. What action would P take? - Answer Set up meeting with the applicant to answer the remaining questions K becomes ill after traveling overseas and is unable to work for three months, what kind of policy would cover her loss of income? - Answer Disability income What are adjustable rates for life policy loan in Florida based on? - Answer Moody's corporate bond index When determining the monthly benefit amount for disability income policy, the factor that limits the amount a prospective insured may purchased is - Answer Income Basic hospital and surgical policy benefits are? - Answer Lower than actual expenses incurred. In Florida which the following practitioners normally do not receive payment from health insurance policies? - Answer Naturopath J purchase a disability income policy that only Jay can terminate and on which the rate will never increase above those illustrated in the policy. Which of the following types of policies did J purchase? - Answer Noncancelable The provision in a group health policy that allows the insurer to postpone coverage for a covered illness 30 days after the policy's effective date is a reference to as the? - Answer Waiting period Nonprofit life insurance providers that are covered by special section in Florida insurance code are called? - Answer Fraternal Life insurance organizations Which of the following is true if the owner of IRA names their spouse as beneficiary, but then dies before any distributions are made? - Answer The account can be rolled into a surviving spouse's IRA According to Florida law group life insurance conversion privilege must not? - Answer Require evidence of insurability L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer discovers that L had understated her age on the application. Under the Misstatement of age provision, the insurer will? - Answer Adjust the death benefit to reduced amount. The waiting period for a pre-existing condition under a Medicare supplement policy may NOT go beyond? - Answer 6 months Which of the following statements is correct about accelerated death benefits? - Answer Must have terminal illness to qualify. Any charges made on an insurance application requires the initial of whom ? - Answer Applicant What is the exercise tax rate the I RS imposes on individuals ages 70 1/2 or older who do not take the required minimum distribution's from their qualified retirement plan? - Answer 50% Which of the following characteristics is correct about interest sensitive whole life? - Answer There is a flexible premium payment What type of renewability guarantees premium rates and renewability ? - Answer Noncancellable If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who dies first, where are the death proceed to the directed under the uniform simultaneous death act? - Answer Insured's contingent beneficiary. A policy owner is able to choose the frequency of premium payment through what policy feature? - Answer Premium mode Which of the following cost would a basic hospital/surgical policy likely cover? - Answer Surgically removing a facial birthmark. In Florida, agents are allowed to engage in rebating if? - Answer Offered to all insureds in the same actuarial class. Which of the following it's not required in the outline of coverage for a health insurance policy? - Answer Project of the policy's future costs. A group plan was recently terminated. In Florida, how many days are covered individuals guaranteed coverage after a group plan's termination? - Answer 31 days What is the underlying concepts regarding lever premiums? - Answer The early years are charged more than what is needed. In major medical expenses policies, what is the intent of a Stop Loss provision? - Answer Limits an insured's out-of-pocket medical expenses. Which of the following health policy provision states that the producer does not have the authority to change the policy or wave any of any of its provisions? - Answer Entire contract K is looking to purchase renewable term insurance. Which of the following types of Term insurance may be renewable? - Answer Level Which of the following combination plants is designed to protect an insured from an unpaid mortgage balance upon premature death? - Answer Joint life A policy owner would like to change the beneficiary on an accidental death and Dismemberment (AD&D) insurance policy and make the change permanently. which type of designation would fulfill this need? - Answer Irrevocable Deductibles are used in health policies to lower - Answer overuse of medical services A major medical policy typically - Answer provides benefits for reasonable and necessary medical expenses, subject to policy limits. Under Florida law, a Variable annuity policyowner must be notified of the accumulated value of the contract? - Answer Once each year. Florida requires that an insurance agent must complete —— hours of continuing education on the subject of law and ethics every two years? - Answer 5 G is an accountant who has 10 employees and is concerned about how the business would survive financially if G becomes disabled. The type of policy which best addresses this concern is? - Answer Business overhead expenses. The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the? - Answer Insuring clause. When does a probationary Provision become effective in a health insurance contract? - Answer At the policy's inception According to Florida rules on disclosure, a life insurance applicant is excepted to be provided with? - Answer A Buyers guide and a policy summary. Before a life insurance policy is issued, which of these components of the contract is required? - Answer Applicant's signature on application Variable annuities may invest premiums in each of the following except? - Answer Insurer's corporate business account During the course of insurance transaction, if an agent makes a false or incomplete statement, he/she could be found guilty of? - Answer Misrepresentation Which is true concerning Variable universal life policy? - Answer Policy owner controls where the investment will go and select the amount of the premium payment. If an invitation has an accidental death and dismemberment policy and dies, an autopsy can be performed in all these situations except? - Answer When the state prohibits this by law Which of the following types of care is typically not covered in the long-term care policy? - Answer Acupuncture An insurer receives proof of loss for an acceptable medical expenses claim under an individual health insurance policy. Under the time of payment of claims provision, the insurer MUST pay the benefits? - Answer Immediately Which premium schedule result in the lowest cost to the policy owner? - Answer Annual T is an employee covered under a Group Life policy. If T employment is terminated, the conversation privilege gives T the right to convert? - Answer To an individual policy upon employment termination