Florida 2-15 Insurance License Exam DETAILED QUESTIONS AND QUESTIONS GRADED A+

Florida 2-15 Insurance License Exam DETAILED QUESTIONS AND QUESTIONS GRADED A+ Which type of insurer insures groups of individuals who are of the same class? - ANSWER - Risk Retention Groups Rachel owns a major medical health policy which requires her to pay the first $300 of covered expenses each year before the policy pays its benefits. The $300 is the policy's: - ANSWER - deductible Self-insuring is an example of what type of risk? - ANSWER - Risk Retention When might a Statement of Continued Good Health be required regarding a life insurance policy? - ANSWER - When there is no premium accompanying the application Changing one's lifestyle to minimize a known risk is an example of: - ANSWER - Risk Reduction. A health plan with a $5-per-point conversion factor would pay _______ for a 200-point procedure. - ANSWER - $1,000 The disadvantage of naming an estate as beneficiary is that proceeds will be included in the insured's: - ANSWER - estate All statements made on an application are considered ________________ because there can be no guarantee that they are true. - ANSWER - representations Which of the following is NOT a typical permanent exclusion in life insurance policies? - ANSWER - Suicide ___________ refers to the monies set aside by insurers for future claims costs. - ANSWER - Reserve funds Does Florida law specify what an insurer must do if an applicant indicates that a variable annuity would be the sole source of retirement income for the applicant? - ANSWER - NO Medicare patients have a lifetime reserve of ________ days of hospital coverage. - ANSWER - 60 In the process of selling life insurance and when evaluating the needs of your client, the Human Life Value approach has been largely replaced by the more practical Needs Approach. - ANSWER - TRUE Which of the following is a Nonforfeiture Option that provides continuing cash value buildup? - ANSWER - Reduced Paid-up Accumulation units are converted into annuity units: - ANSWER - at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. - ANSWER - noncontributory