FL Health and Life Insurance Exam Latest Update with Verified Solutions

FL Health and Life Insurance Exam Latest Update with Verified Solutions An insured is hospitalized with a back checking his disability income policy, he learns that he will not be eligible for benefits for at least 30 days. This indicates that his policy is written with a 30 day ______________. Elimination Period All of the following are examples of third-party ownership of a life insurance policy EXCEPT an insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan What document describes an insured's medical history, including diagnoses and treatments? Attending Physician's Statement Under a health insurance policy, other than death benefits, that have not otherwise been assigned, will be paid to _______________ The insured A policy will pay the death benefit if the insured dies during the 20 year premium-paying period, and nothing if death occurs after the 20-year period. What type of policy is this? Level term Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? Option B Who must pay for the cost of a medical examination required in the process of underwriting? Insurer Which of the following would be deducted from the death benefit paid to a beneficiary, if a partial accelerated death benefit had been paid while the insured was still alive? Amount paid with accelerated benefit, plus the earnings lost by insurance company in interest income from accelerated benefit An insured's long-term care policy is scheduled to pay a fixed amount of coverage of $120 per day. The long-term care facility only charged $100 per day. How much will the insurance company pay? $120 a day According to the rights of renewability rider for cancellable policies, all of the following are correct about the cancellation of an individual insurance policy EXCEPT Unearned premiums are retained by the insurance company. As it pertains to group health insurance, COBRA stipulates that Group coverage must be extended for terminated employees up to a certain period of time at the former employee's expense. All of the following statements concerning medicaid are correct EXCEPT Medicaid is a state funded program that provides health care to persons over age 65, only. Which of the following is true regarding taxation of accelerated benefits under a life insurance policy? They are tax free to terminally ill insured. An absolute assignment is a Transfer of all ownership rights in a policy. Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of risk on the part of the insurance company? Aleatory The transfer of an insured's right to seek damages from a negligent party to the insurer is found in which of the following clauses? Subrogation An insured owns a $50,000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. What would be the face amount of the new term policy? $50,000 If a life insurance policy has an irrevocable beneficiary