Florida Life and Health Insurance
10 Days - ANS-If the insured pays a monthly premium for health insurance, how long will the
grace period be on the policy?
10% penalty - ANS-What are the consequences of withdrawing funds from a traditional IRA
prior to the age of 59 1/2?
100% - ANS-In group medical and dental expense insurance, what percentage of premium paid
by the employer is deductible as a business expense?
12 Months - ANS-How many consecutive months of coverage must long-term care insurance
provide?
30 Days - ANS-What is the required free-look period for Medicare supplement policies?
31 days after termination of the employment - ANS-What is the time requirement for terminated
employees to covert the group health coverage to an individual plan without evidence of
insurability?
6% - ANS-What is the penalty for excessive contributions to a traditional IRA?
90 Days - ANS-Most health policies will pay accidental death benefits if the death is caused by
an accident and occurs within how many days?
90 Days - ANS-Under the uniform required provisions for health insurance policies, proof of loss
usually needs to be filed within how many days?
A beneficiary who has the first claim to the policy proceeds after the death of the insured. -
ANS-Primary Beneficiary
A clause that stipulates the rights and obligations under an insurance contract. - ANS-Policy
Provision
A contract in which only one of the parties is legally bound to fulfill its obligations. - ANS-What is
a unilateral contract?
A contract prepared by one party that must be accepted as written or be rejected by the other
party. - ANS-Contract of Adhesion
A document issued to insureds under a group plan that states the coverage being issued, and
indicates the coverage type and amounts. - ANS-Certificate of Insurance
,A financial interest in the life of another person with the possibility of losing something of value if
that person dies. - ANS-Insurable Interest
A new policy is issued while an existing policy is terminated or reissued with reduction in cash
value. - ANS-What is policy replacement?
A payment by the policy owner to the insurance company to keep the policy in force. -
ANS-Premium
A payout method that pays the beneficiary the entire benefit in one payment. - ANS-Lump Sum
A period of time during which the surviving spouse does not receive social security benefits. -
ANS-What is the blackout period for Social Security Benefits?
A person authorized to sell, solicit, and negotiate insurance contracts. - ANS-Who is an
insurance agent?
A policy that provides a benefit based only on the number of days confined in the hospital,
regardless of medical expenses incurred. - ANS-What is a hospital indemnity plan?
A producer who handles insurer's funds in a trust capacity. - ANS-Fiduciary
A retirement plan that meets the IRS guidelines for receiving favorable tax treatment. -
ANS-Qualified Plan
A specified dollar amount that the insured must pay before the insurer pays any policy benefits.
- ANS-What is a deductible in a health insurance policy?
A statement made by the applicant on the insurance application that is believed to be true. -
ANS-Representation
A waiting period imposed on the insured from the onset of disability until benefit payments
begin. - ANS-What is the elimination period?
A written modification attached to a policy that increases or decreases coverage and/or
premiums. - ANS-Rider
Absolute Assignment - ANS-Which of the two types of policy assignments requires transfer of all
ownership rights in the policy to a third-party?
Accumulation and Annuitization (Pay-in and Pay-out) - ANS-What are the two phases of an
Annuity?
, Adverse medical information about the applicants or insureds. - ANS-What information are the
members of the medical information bureau required to report?
After the primary plan has paid it's full promised benefit, the excess plan will pay the balance. -
ANS-In health insurance, when would an excess plan pay benefits?
Agent - ANS-What types of licensee represents the insurance company?
Agreement (Offer and Acceptance), consideration, competent parties, and legal purpose. -
ANS-What are the four elements of an insurance contract?
All plans (A-N) - ANS-In which Medicare supplemental plans are the core benefits found?
An absolutely true statement that, if breached, may viod an insurance contract. - ANS-What is a
warranty?
An agent who resides and is licensed in another state, but is authorized to transact insurance in
Florida. - ANS-Who is considered a nonresident agent?
An excessive amount of insurance that would result in over payment to the insured in the event
of a loss. - ANS-What is overinsurance?
An HMO model that uses the insured's primary care physician as the initial contact for the
insured for medical care and for referrals. - ANS-What is the gatekeeper model?
An illness that first arises while the policy is in force. - ANS-In health insurance, what is
considered a sickness?
An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the
insurer. - ANS-Agent
An insurance agent who conducts an initial policy solicitation and application. (The company's
front line of underwriting) - ANS-Field Underwriter
An insurance arrangement in which the policy owner and the insured are not the same person. -
ANS-What is a third-party ownership?
An insurance plan in which benefits are provided to subscribers in the form of services instead
of monetary benefits. - ANS-What is a service plan?
An insurer's ability to meet its financial obligations of policy owners, insureds, and beneficiaries.
- ANS-What is solvency?
Annuitant - ANS-Whose life expectancy is taken into consideration in an annuity contract?
10 Days - ANS-If the insured pays a monthly premium for health insurance, how long will the
grace period be on the policy?
10% penalty - ANS-What are the consequences of withdrawing funds from a traditional IRA
prior to the age of 59 1/2?
100% - ANS-In group medical and dental expense insurance, what percentage of premium paid
by the employer is deductible as a business expense?
12 Months - ANS-How many consecutive months of coverage must long-term care insurance
provide?
30 Days - ANS-What is the required free-look period for Medicare supplement policies?
31 days after termination of the employment - ANS-What is the time requirement for terminated
employees to covert the group health coverage to an individual plan without evidence of
insurability?
6% - ANS-What is the penalty for excessive contributions to a traditional IRA?
90 Days - ANS-Most health policies will pay accidental death benefits if the death is caused by
an accident and occurs within how many days?
90 Days - ANS-Under the uniform required provisions for health insurance policies, proof of loss
usually needs to be filed within how many days?
A beneficiary who has the first claim to the policy proceeds after the death of the insured. -
ANS-Primary Beneficiary
A clause that stipulates the rights and obligations under an insurance contract. - ANS-Policy
Provision
A contract in which only one of the parties is legally bound to fulfill its obligations. - ANS-What is
a unilateral contract?
A contract prepared by one party that must be accepted as written or be rejected by the other
party. - ANS-Contract of Adhesion
A document issued to insureds under a group plan that states the coverage being issued, and
indicates the coverage type and amounts. - ANS-Certificate of Insurance
,A financial interest in the life of another person with the possibility of losing something of value if
that person dies. - ANS-Insurable Interest
A new policy is issued while an existing policy is terminated or reissued with reduction in cash
value. - ANS-What is policy replacement?
A payment by the policy owner to the insurance company to keep the policy in force. -
ANS-Premium
A payout method that pays the beneficiary the entire benefit in one payment. - ANS-Lump Sum
A period of time during which the surviving spouse does not receive social security benefits. -
ANS-What is the blackout period for Social Security Benefits?
A person authorized to sell, solicit, and negotiate insurance contracts. - ANS-Who is an
insurance agent?
A policy that provides a benefit based only on the number of days confined in the hospital,
regardless of medical expenses incurred. - ANS-What is a hospital indemnity plan?
A producer who handles insurer's funds in a trust capacity. - ANS-Fiduciary
A retirement plan that meets the IRS guidelines for receiving favorable tax treatment. -
ANS-Qualified Plan
A specified dollar amount that the insured must pay before the insurer pays any policy benefits.
- ANS-What is a deductible in a health insurance policy?
A statement made by the applicant on the insurance application that is believed to be true. -
ANS-Representation
A waiting period imposed on the insured from the onset of disability until benefit payments
begin. - ANS-What is the elimination period?
A written modification attached to a policy that increases or decreases coverage and/or
premiums. - ANS-Rider
Absolute Assignment - ANS-Which of the two types of policy assignments requires transfer of all
ownership rights in the policy to a third-party?
Accumulation and Annuitization (Pay-in and Pay-out) - ANS-What are the two phases of an
Annuity?
, Adverse medical information about the applicants or insureds. - ANS-What information are the
members of the medical information bureau required to report?
After the primary plan has paid it's full promised benefit, the excess plan will pay the balance. -
ANS-In health insurance, when would an excess plan pay benefits?
Agent - ANS-What types of licensee represents the insurance company?
Agreement (Offer and Acceptance), consideration, competent parties, and legal purpose. -
ANS-What are the four elements of an insurance contract?
All plans (A-N) - ANS-In which Medicare supplemental plans are the core benefits found?
An absolutely true statement that, if breached, may viod an insurance contract. - ANS-What is a
warranty?
An agent who resides and is licensed in another state, but is authorized to transact insurance in
Florida. - ANS-Who is considered a nonresident agent?
An excessive amount of insurance that would result in over payment to the insured in the event
of a loss. - ANS-What is overinsurance?
An HMO model that uses the insured's primary care physician as the initial contact for the
insured for medical care and for referrals. - ANS-What is the gatekeeper model?
An illness that first arises while the policy is in force. - ANS-In health insurance, what is
considered a sickness?
An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the
insurer. - ANS-Agent
An insurance agent who conducts an initial policy solicitation and application. (The company's
front line of underwriting) - ANS-Field Underwriter
An insurance arrangement in which the policy owner and the insured are not the same person. -
ANS-What is a third-party ownership?
An insurance plan in which benefits are provided to subscribers in the form of services instead
of monetary benefits. - ANS-What is a service plan?
An insurer's ability to meet its financial obligations of policy owners, insureds, and beneficiaries.
- ANS-What is solvency?
Annuitant - ANS-Whose life expectancy is taken into consideration in an annuity contract?
