Florida Insurance Exam And Answers
The clause identifying which losses resulting from an accident or sickness are insured
by the policy is called the: - CORRECT ANSWER-Insuring clause
K applies for a life insurance policy on herself and submits the initial premium with the
application. She is given a receipt by the agent stating that coverage begins
immediately if the application is approved. What kind of receipt was used? - CORRECT
ANSWER-Conditional
A life insurance arrangement which circumvents insurable interest statutes is called: -
CORRECT ANSWER-Investor-Originated Life Insurance
Which of the following health policy provisions states that the producer does NOT have
the authority to change the policy or waive any of its provisions? - CORRECT
ANSWER-Entire Contract
Within how many days after policy delivery can a Medicare Supplement policy be
returned for a 100% premium refund? - CORRECT ANSWER-30
Which of the following is NOT an unfair claim settlement practice? - CORRECT
ANSWER-Needing written documentation of claim details
Who is NOT required to sign a life insurance application? - CORRECT ANSWER-
Beneficiary
To be eligible for Social Security disability benefits, an employee must be unable to
perform: - CORRECT ANSWER-any occupation
The type of annuity that can be purchased with one monetary deposit is called a(n): -
CORRECT ANSWER-Immediate annuity
A life insurance application must be signed by all of these, EXCEPT: - CORRECT
ANSWER-beneficiary
Which of the following is considered an accurate statement of an unfair trade practice? -
CORRECT ANSWER-Twisting involves an agent using misrepresentation to convince a
policyowner to cancel their current policy so that they can purchase a new life insurance
policy with another company
The Accelerated Death Benefit provision in a life insurance policy is also known as a(n):
- CORRECT ANSWER-Living Benefit
, Which of the following policy features allows an insured to defer current health charges
to the following year's deductible instead of the current year's deducitble? - CORRECT
ANSWER-Carryover provision
Insurance policies are considered aleatory contracts because - CORRECT ANSWER-
performance is conditioned upon a future occurrence
Within how many days must a licensee notify the Department of Financial Services of a
change in address? - CORRECT ANSWER-30
Which organization was established to provide funds to protect an insured in the event
of an insurer's insolvency? - CORRECT ANSWER-Florida Life and Health Insurance
Guaranty Association
The clause in an Accident and Health policy which defines the benefit amounts the
insurer will pay is called the: - CORRECT ANSWER-Insuring clause
When a policyowner cash surrenders a Universal Life insurance policy in it's early
years, this may be considered a red flag for a(n): - CORRECT ANSWER-Anti-Money
Laundering violation
According to the Time Payment of Claims provision, the insurer must pay Disability
Income benefits no less frequently than which of the following options? - CORRECT
ANSWER-Monthly
What would the Medical Information Bureau (MIB) identify? - CORRECT ANSWER-
Testing positive for marijuana use from a previous screening
How would a contingent beneficiary receive the policy proceeds in an Accidental Death
and Dismemberment (AD&D) policy? - CORRECT ANSWER-If the primary beneficiary
dies before the insured
Under a Renewable Term policy, - CORRECT ANSWER-the renewal premium is
calculated on the basis of the insured's attained age
Which of the following statements is true about most Blue Cross/Blue Shield
organizations? - CORRECT ANSWER-They are nonprofit organizations
If a policyowner does not pay the premium by the due date, the - CORRECT ANSWER-
policyowner can make the premium payment during the grace period
According to Florida law, which of the following information does NOT need to be
obtained by an agent recommending an annuity purchase? - CORRECT ANSWER-
Marital status
The clause identifying which losses resulting from an accident or sickness are insured
by the policy is called the: - CORRECT ANSWER-Insuring clause
K applies for a life insurance policy on herself and submits the initial premium with the
application. She is given a receipt by the agent stating that coverage begins
immediately if the application is approved. What kind of receipt was used? - CORRECT
ANSWER-Conditional
A life insurance arrangement which circumvents insurable interest statutes is called: -
CORRECT ANSWER-Investor-Originated Life Insurance
Which of the following health policy provisions states that the producer does NOT have
the authority to change the policy or waive any of its provisions? - CORRECT
ANSWER-Entire Contract
Within how many days after policy delivery can a Medicare Supplement policy be
returned for a 100% premium refund? - CORRECT ANSWER-30
Which of the following is NOT an unfair claim settlement practice? - CORRECT
ANSWER-Needing written documentation of claim details
Who is NOT required to sign a life insurance application? - CORRECT ANSWER-
Beneficiary
To be eligible for Social Security disability benefits, an employee must be unable to
perform: - CORRECT ANSWER-any occupation
The type of annuity that can be purchased with one monetary deposit is called a(n): -
CORRECT ANSWER-Immediate annuity
A life insurance application must be signed by all of these, EXCEPT: - CORRECT
ANSWER-beneficiary
Which of the following is considered an accurate statement of an unfair trade practice? -
CORRECT ANSWER-Twisting involves an agent using misrepresentation to convince a
policyowner to cancel their current policy so that they can purchase a new life insurance
policy with another company
The Accelerated Death Benefit provision in a life insurance policy is also known as a(n):
- CORRECT ANSWER-Living Benefit
, Which of the following policy features allows an insured to defer current health charges
to the following year's deductible instead of the current year's deducitble? - CORRECT
ANSWER-Carryover provision
Insurance policies are considered aleatory contracts because - CORRECT ANSWER-
performance is conditioned upon a future occurrence
Within how many days must a licensee notify the Department of Financial Services of a
change in address? - CORRECT ANSWER-30
Which organization was established to provide funds to protect an insured in the event
of an insurer's insolvency? - CORRECT ANSWER-Florida Life and Health Insurance
Guaranty Association
The clause in an Accident and Health policy which defines the benefit amounts the
insurer will pay is called the: - CORRECT ANSWER-Insuring clause
When a policyowner cash surrenders a Universal Life insurance policy in it's early
years, this may be considered a red flag for a(n): - CORRECT ANSWER-Anti-Money
Laundering violation
According to the Time Payment of Claims provision, the insurer must pay Disability
Income benefits no less frequently than which of the following options? - CORRECT
ANSWER-Monthly
What would the Medical Information Bureau (MIB) identify? - CORRECT ANSWER-
Testing positive for marijuana use from a previous screening
How would a contingent beneficiary receive the policy proceeds in an Accidental Death
and Dismemberment (AD&D) policy? - CORRECT ANSWER-If the primary beneficiary
dies before the insured
Under a Renewable Term policy, - CORRECT ANSWER-the renewal premium is
calculated on the basis of the insured's attained age
Which of the following statements is true about most Blue Cross/Blue Shield
organizations? - CORRECT ANSWER-They are nonprofit organizations
If a policyowner does not pay the premium by the due date, the - CORRECT ANSWER-
policyowner can make the premium payment during the grace period
According to Florida law, which of the following information does NOT need to be
obtained by an agent recommending an annuity purchase? - CORRECT ANSWER-
Marital status
