Chapter exam - Florida laws and rules questions and answers rated A+

Chapter exam - Florida laws and rulesAccording to Florida law, an additional notice must be issued after the standard grace period has expired for policyowners age - correct answer 64 The waiting period for a pre-existing condition under a Medicare Supplement policy may NOT go beyond - correct answer 6 months Which of the following employer tasks does a Professional Employer Organization normally handle? - correct answer Administration tasks Which of the following is an example of an Unfair Trade Practice? - correct answer coercion Which two entities regulate variable annuities? - correct answer Department of Financial Services; and Securities Exchange Commission Which of the following is NOT required in the Outline of Coverage for a health insurance policy? - correct answer Projection of the policy's future costs Which action could result in a hearing being ordered by the Department of Financial Services? - correct answer Performing insurance transactions without a license All of these are a prerequisite for becoming a licensed agent EXCEPT - correct answer to graduate from high school W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim? - correct answer The proceeds would be reduced based on whatever the premium would have been if purchased at age 59 In Florida, the underwriting and issuance of a master group health policy requires that all employees - correct answer are eligible to participate, regardless of their individual health history Which of the following is NOT a consequence for placing business with an unauthorized insurer? - correct answer First degree misdemeanor According to Florida, which of the following situations would a dependent handicapped child NOT be covered under a Family Health Policy? - correct answer The premiums are not paid When replacing or exchanging an annuity, the agent must disclose to the annuitant - correct answer the possible tax ramifications as a result of the transaction Florida's 14-day free-look period for life insurance policies begins at the - correct answer Date of delivery Which of the following situations are NOt subject to Florida life insurance laws? - correct answer Insurance companies' day-to-day operations A mutual insurance company and a stock insurance company have one main difference between them. What is this major contract? - correct answer Stock company owned by shareholders and mutual company owned by policy owners T is an employee covered under a Group Life policy. If T's employment is terminated, the conversion privilege gives T the right to convert - correct answer to an individual policy upon employment termination An example of an unfair claims practice would be - correct answer failing to effectuate prompt, fair, and equitable settlements of a claim Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund? - correct answer 30