Florida Life and Health Insurance
practice questions
Within how many days must a licensee notify the Department of Financial Services of a change
in address? - ANS30
All of the following entries are classified under the four principal areas of Florida insurance law
EXCEPT... - ANSAn agent's commission
Which of the following factors is NOT considered when the Department of Financial Services
determines if an agent's home is an insurance agency? - ANSThe amount of premium collected
at this location
Florida requires that an insurance agent must complete __ hours of continuing education on the
subject of law and ethics every two years - ANS5
Agents that have been licensed for less than six years must complete __ hours of continuing
education every two years - ANS24
A licensed agent must be appointed by an insurance company to solicit insurance in Florida.
The agent's license will terminate if a certain period of time elapses without being appointed.
How long is this period of time? - ANS48
What is the maximum percentage of controlled business an agent may produce? - ANS50%
A group plan was recently terminated. In Florida how many days are covered individuals
guaranteed coverage after a group plan's termination? - ANS31 days
The Financial Services Commision may hold hearings... - ANSFor any reason deemed
necessary
In Florida, an insurer domiciled and incorporated in this state is called... - ANSDomestic
company
According to Florida law, which of the following statements accurately describes an admitted
mail order insurance company? - ANSIt may solicit insurance business by mail only without the
assistance of a licensed Florida agent
According to Florida law, an additional lapse notice must be issued after the standard grace
period has expired for policyowners age... - ANS64 years or older
,Which action could result in a hearing being ordered by the Department of Financial Services? -
ANSPerforming insurance transactions without a license
Which of the following professional organizations has its code of ethics incorporated into Florida
law? - ANSNational Association of Insurance and Financial Advisors (NAIFA)
Which entity approves the insurance policy forms used in Florida? - ANSOffice of Insurance
Regulation (OIR)
In Florida, agents are allowed to engage in rebating if... - ANSOffered to all insured in the same
actuarial class
In Florida, when agents recommend changes be made for existing coverage, the agent must
follow established procedures. The name of this rule is called the... - ANSFlorida Replacement
Rule
In Florida, an element of an insurance transaction would be... - ANSIssuing an insurance
contract
The Bureau of Unclaimed Property is overseen by... - ANSThe chief financial officer
One of the stated purposes of the Life and Health Insurance Guaranty Association is... - ANSTo
assist in the prevention of insurer insolvencies
The Life and health Insurance Guaranty Association is funded by... - ANSAssessments on
member companies
The purpose of the Guaranty Fund is to... - ANSEnsure that claims filed against involvement
insurance companies will be paid
The rules and regulations of the Life and health Insurance Guaranty Association apply to... -
ANSLife and health policies issues by companies authorized in that particular state
The fund that assures policyholder payment of benefits on Life and Health Policies, if the
company is involved at the time of the claim, is called the... - ANSThe Life and Health Insurance
Guaranty Association
A stock life insurance company that issues both participating and nonparticipating policies is
doing business on... - ANSMixed plan
A stock insurance company is owned by - ANSIts stockholders
Who is a mutual insurance company owned by? - ANSIts policyholders
, Which type of insurance company allows their policyowners to elect a governing body? -
ANSMutual
What percentage of eligible persons must a policy cover in a noncontributory group? -
ANS100%
Which of the following employer tasks does a Professional Employer Organization normally
handle? - ANSAdministration tasks
The Coordination of Benefits (COB) provision exists in order to... - ANSAvoid duplication of
benefit payments
M completes an application for health insurance but does not pay the initial premium. All of
these actions must occur before M's policy goes into effect EXCEPT? - ANSFree look period
has expired
Q applied for life insurance and submitted the initial premium on January 1. The policy was
issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and
returns the policy February 13. How will the insurer handle this situation? - ANSPolicy was
returned within the free-look period, premium will be fully refunded
According to Florida law, which of the following info does NOT need to be obtained by an agent
recommending an annuity purchase? - ANSMarital status
K is an agent who made improper sales of an annuity to a client. Which of the following
corrective actions would the Department of Financial Services likely order K to take? - ANSPay
a monetary restitution to the client
Under Florida law, a variable annuity policyowner must be notified of the accumulated value of
the contract... - ANSOnce each year
Which two entities regulate variable annuities? - ANSDepartment of Financial Services and
Securities Exchange Commission
If an agent would like to sell Variable annuities, which state examination must the agent pass? -
ANSLife and Variable contracts
According to Florida's rules on disclosure, a life insurance applicant is expected to be provided
with... - ANSBuyer's Guide and Policy Summary
In Florida, most life insurance policies have a contestability period of... - ANS2 years
practice questions
Within how many days must a licensee notify the Department of Financial Services of a change
in address? - ANS30
All of the following entries are classified under the four principal areas of Florida insurance law
EXCEPT... - ANSAn agent's commission
Which of the following factors is NOT considered when the Department of Financial Services
determines if an agent's home is an insurance agency? - ANSThe amount of premium collected
at this location
Florida requires that an insurance agent must complete __ hours of continuing education on the
subject of law and ethics every two years - ANS5
Agents that have been licensed for less than six years must complete __ hours of continuing
education every two years - ANS24
A licensed agent must be appointed by an insurance company to solicit insurance in Florida.
The agent's license will terminate if a certain period of time elapses without being appointed.
How long is this period of time? - ANS48
What is the maximum percentage of controlled business an agent may produce? - ANS50%
A group plan was recently terminated. In Florida how many days are covered individuals
guaranteed coverage after a group plan's termination? - ANS31 days
The Financial Services Commision may hold hearings... - ANSFor any reason deemed
necessary
In Florida, an insurer domiciled and incorporated in this state is called... - ANSDomestic
company
According to Florida law, which of the following statements accurately describes an admitted
mail order insurance company? - ANSIt may solicit insurance business by mail only without the
assistance of a licensed Florida agent
According to Florida law, an additional lapse notice must be issued after the standard grace
period has expired for policyowners age... - ANS64 years or older
,Which action could result in a hearing being ordered by the Department of Financial Services? -
ANSPerforming insurance transactions without a license
Which of the following professional organizations has its code of ethics incorporated into Florida
law? - ANSNational Association of Insurance and Financial Advisors (NAIFA)
Which entity approves the insurance policy forms used in Florida? - ANSOffice of Insurance
Regulation (OIR)
In Florida, agents are allowed to engage in rebating if... - ANSOffered to all insured in the same
actuarial class
In Florida, when agents recommend changes be made for existing coverage, the agent must
follow established procedures. The name of this rule is called the... - ANSFlorida Replacement
Rule
In Florida, an element of an insurance transaction would be... - ANSIssuing an insurance
contract
The Bureau of Unclaimed Property is overseen by... - ANSThe chief financial officer
One of the stated purposes of the Life and Health Insurance Guaranty Association is... - ANSTo
assist in the prevention of insurer insolvencies
The Life and health Insurance Guaranty Association is funded by... - ANSAssessments on
member companies
The purpose of the Guaranty Fund is to... - ANSEnsure that claims filed against involvement
insurance companies will be paid
The rules and regulations of the Life and health Insurance Guaranty Association apply to... -
ANSLife and health policies issues by companies authorized in that particular state
The fund that assures policyholder payment of benefits on Life and Health Policies, if the
company is involved at the time of the claim, is called the... - ANSThe Life and Health Insurance
Guaranty Association
A stock life insurance company that issues both participating and nonparticipating policies is
doing business on... - ANSMixed plan
A stock insurance company is owned by - ANSIts stockholders
Who is a mutual insurance company owned by? - ANSIts policyholders
, Which type of insurance company allows their policyowners to elect a governing body? -
ANSMutual
What percentage of eligible persons must a policy cover in a noncontributory group? -
ANS100%
Which of the following employer tasks does a Professional Employer Organization normally
handle? - ANSAdministration tasks
The Coordination of Benefits (COB) provision exists in order to... - ANSAvoid duplication of
benefit payments
M completes an application for health insurance but does not pay the initial premium. All of
these actions must occur before M's policy goes into effect EXCEPT? - ANSFree look period
has expired
Q applied for life insurance and submitted the initial premium on January 1. The policy was
issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and
returns the policy February 13. How will the insurer handle this situation? - ANSPolicy was
returned within the free-look period, premium will be fully refunded
According to Florida law, which of the following info does NOT need to be obtained by an agent
recommending an annuity purchase? - ANSMarital status
K is an agent who made improper sales of an annuity to a client. Which of the following
corrective actions would the Department of Financial Services likely order K to take? - ANSPay
a monetary restitution to the client
Under Florida law, a variable annuity policyowner must be notified of the accumulated value of
the contract... - ANSOnce each year
Which two entities regulate variable annuities? - ANSDepartment of Financial Services and
Securities Exchange Commission
If an agent would like to sell Variable annuities, which state examination must the agent pass? -
ANSLife and Variable contracts
According to Florida's rules on disclosure, a life insurance applicant is expected to be provided
with... - ANSBuyer's Guide and Policy Summary
In Florida, most life insurance policies have a contestability period of... - ANS2 years
