FLORIDA LIFE AND HEALTH 2-15 FINAL EXAM
ACTUAL EXAM 300 DETAILED QUESTIONS
AND GUARANTEED ANSWERS ALRREADY A
GRADE.
A physician opens up a new practice and qualifies for a $7,000/monthly Disability
income policy. What rider would the physician add if he wants the ability to increase his
policy benefits as his practice and income grow? - ANSWER- Guaranteed insurability
option rider
Which of these types of coverage is best described as a short term medical policy -
ANSWER- INTERIM coverage
The COBRA gives workers (and their families) whose employment has been terminated
the right to... - ANSWER- Continue group health benefits
Under Florida law, which of the following provisions is NOT required in a Medicare
Supplement policy? - ANSWER- Limitation on pre-existing conditions for up to 12
months.
What are adjustable rates for life policy loans in Florida based on? - ANSWER- Moody's
corporate bond index
A policyowner's rights are limited under which beneficiary designation? - ANSWER-
Irrevocable
A trustee-to-trustee transfer or rollover funds in a qualified plan allows a participant to
avoid: - ANSWER- Mandatory income tax withholding on the transfer amount.
,J is an agent who has induced an insured through misrepresentation to surrender an
existing insurance policy. What is J guilty of? - ANSWER- Twisted (got me twisted)
Who's life is covered on a life insurance policy that contains a payor benefit clause? -
ANSWER- Child
Which of the following annuities pays benefits based on units rather that specific dollar
amounts - ANSWER- A Variable annuity
Which of the following factors affect the amount of monthly disability benefits payable
under social security? - ANSWER- The THE AMOUNT OF BENEFITS AVAILABLE from
other sources
Which of the following provisions specifies how long a policy owner's health coverage
will remain in effect if the policy owner does not pay the premium when it is due? -
ANSWER- Grace period
As a condition for a loan, a bank requires the borrower to purchase credit insurance
from a specific company. What is the bank guilty of? - ANSWER- Coercion
the USA Patriot Act was enacted in - ANSWER- 2001
What type of rider would be added to an Accident and Health Policy if the policy owner
wants to ensure the policy will continue if he/she ever becomes totally disabled? -
ANSWER- Waiver of Premium Rider
A Disability Income policyowner suffers a disability which was due to the same cause as
a previous disability. Both disabilities occurred within a five-month period. The insurer
, may cover the second disability without a new elimination period under the: - ANSWER-
Recurrent disability provision
What is the purpose of the Life and Health Insurance Guaranty Association? -
ANSWER- Protect policy owners against insolvent insurance companies
In Florida, which of the following practitioners normally do NOT receive payment from
health insurance policies? - ANSWER- Naturopaths
S would like to use dividends from her life insurance policy to purchase paid-up
additions. All of these would be factors that determine how much coverage can be
purchased EXCEPT - ANSWER- S's attained age
In regards to representations or warranties which of these statements is true -
ANSWER- if materialto the Risk, false representation will void the policy
Which of these action should be a producer take went to submitting and insurance
application to an insurer? - ANSWER- Inform insure relevant information not included
on the application
An immediate annuity consist of a: - ANSWER- Single premium
A life insurance application must be signed by all of these except - ANSWER- The
beneficiary (kid)
Additional coverage can be added to a whole life policy by adding a(n): - ANSWER-
Decreasing term rider
Under what system do a group of doctors and hospitals in a designated area contact
with an insurer to provide any service to a prearrange cost to the insured - ANSWER-
PPO
ACTUAL EXAM 300 DETAILED QUESTIONS
AND GUARANTEED ANSWERS ALRREADY A
GRADE.
A physician opens up a new practice and qualifies for a $7,000/monthly Disability
income policy. What rider would the physician add if he wants the ability to increase his
policy benefits as his practice and income grow? - ANSWER- Guaranteed insurability
option rider
Which of these types of coverage is best described as a short term medical policy -
ANSWER- INTERIM coverage
The COBRA gives workers (and their families) whose employment has been terminated
the right to... - ANSWER- Continue group health benefits
Under Florida law, which of the following provisions is NOT required in a Medicare
Supplement policy? - ANSWER- Limitation on pre-existing conditions for up to 12
months.
What are adjustable rates for life policy loans in Florida based on? - ANSWER- Moody's
corporate bond index
A policyowner's rights are limited under which beneficiary designation? - ANSWER-
Irrevocable
A trustee-to-trustee transfer or rollover funds in a qualified plan allows a participant to
avoid: - ANSWER- Mandatory income tax withholding on the transfer amount.
,J is an agent who has induced an insured through misrepresentation to surrender an
existing insurance policy. What is J guilty of? - ANSWER- Twisted (got me twisted)
Who's life is covered on a life insurance policy that contains a payor benefit clause? -
ANSWER- Child
Which of the following annuities pays benefits based on units rather that specific dollar
amounts - ANSWER- A Variable annuity
Which of the following factors affect the amount of monthly disability benefits payable
under social security? - ANSWER- The THE AMOUNT OF BENEFITS AVAILABLE from
other sources
Which of the following provisions specifies how long a policy owner's health coverage
will remain in effect if the policy owner does not pay the premium when it is due? -
ANSWER- Grace period
As a condition for a loan, a bank requires the borrower to purchase credit insurance
from a specific company. What is the bank guilty of? - ANSWER- Coercion
the USA Patriot Act was enacted in - ANSWER- 2001
What type of rider would be added to an Accident and Health Policy if the policy owner
wants to ensure the policy will continue if he/she ever becomes totally disabled? -
ANSWER- Waiver of Premium Rider
A Disability Income policyowner suffers a disability which was due to the same cause as
a previous disability. Both disabilities occurred within a five-month period. The insurer
, may cover the second disability without a new elimination period under the: - ANSWER-
Recurrent disability provision
What is the purpose of the Life and Health Insurance Guaranty Association? -
ANSWER- Protect policy owners against insolvent insurance companies
In Florida, which of the following practitioners normally do NOT receive payment from
health insurance policies? - ANSWER- Naturopaths
S would like to use dividends from her life insurance policy to purchase paid-up
additions. All of these would be factors that determine how much coverage can be
purchased EXCEPT - ANSWER- S's attained age
In regards to representations or warranties which of these statements is true -
ANSWER- if materialto the Risk, false representation will void the policy
Which of these action should be a producer take went to submitting and insurance
application to an insurer? - ANSWER- Inform insure relevant information not included
on the application
An immediate annuity consist of a: - ANSWER- Single premium
A life insurance application must be signed by all of these except - ANSWER- The
beneficiary (kid)
Additional coverage can be added to a whole life policy by adding a(n): - ANSWER-
Decreasing term rider
Under what system do a group of doctors and hospitals in a designated area contact
with an insurer to provide any service to a prearrange cost to the insured - ANSWER-
PPO
