Final Exam - Florida Life and Health
exam question well answerd latest
update2024/25
Which Unfair Trade Practice involves making a false statement on an
insurance application in order to receive money from an insurer?
(CORRECT ANSWER) Misrepresentation
Who owns a stock company? (CORRECT ANSWER) A stock insurance
company is owned by its stockholders.
In Florida, which of the following is considered an Unfair Trade
Practice? (CORRECT ANSWER) Coercion
Which of these options can an individual use their medical flexible
spending account to pay for? (CORRECT ANSWER) Prescription
drugs are an allowable expense when paid for by a medical flexible
spending account.
Which of the following features of a group Term Life policy enables an
individual to leave the group and continue his or her insurance without
providing evidence of insurability? (CORRECT ANSWER) The
conversion privilege allows an individual to leave the group term plan
and continue his or her insurance without providing evidence of
insurability.
,An example of false advertising would be (CORRECT ANSWER) An
insurer exaggerating its dividends in a magazine advertisement
Q purchases a $500,000 life insurance policy and pays $900 in
premiums over the first six months. Q dies suddenly and the beneficiary
is paid $500,000. This exchange of unequal values reflects which of the
following insurance contract features? (CORRECT ANSWER)
Aleatory.
Insurance contracts are aleatory in that the amount the insured will pay
in premiums is unequal to the amount that the insurer will pay in the
event of a loss.
An example of an unfair trade practice is (CORRECT ANSWER)
Making a material misrepresentation to an insured is considered to be an
unfair trade practice.
How would a contingent beneficiary receive the policy proceeds in an
Accidental Death and Dismemberment (AD&D) policy? (CORRECT
ANSWER) A contingent beneficiary will receive the policy proceeds if
the primary beneficiary dies before the insured's death.
Which of these terms accurately defines an underwriter's assessment of
information on a life insurance application? (CORRECT ANSWER)
Risk classification.
Underwriting, another term for risk selection, is the process of reviewing
the many characteristics that make up the risk profile of an applicant to
determine if the applicant is insurable and, if so, at standard or
substandard rates.
,T applies for a life insurance policy and is told by the producer that the
insurer is bound to the coverage as of the date of the application or
medical examination, whichever is later. Assuming that T is an
acceptable risk, what item is given to T? (CORRECT ANSWER)
Conditional receipt.
A conditional receipt binds the insurer to coverage as of the date of the
application or medical exam, provided the proposed insured is
determined to be an acceptable risk.
What is required in the Florida Employee Health Care Access Act?
(CORRECT ANSWER) Small group benefit plans are to be issued on a
"guarantee-issue" basis
P and Q are married and have three children. P is the primary beneficiary
on Q's Accidental Death and Dismemberment (AD&D) policy and Q's
sister R is the contingent beneficiary. P, Q, and R are involved in a car
accident and Q and R are killed instantly. The Accidental Death benefits
will be paid to (CORRECT ANSWER) P.
In this situation, benefits will be paid to P because P survived the
accident and is the primary beneficiary.
The health insurance program which is administered by each state and
funded by both the federal and state governments is called (CORRECT
ANSWER) Medicaid- is funded by both the federal and state
governments and administered by individual states.
, Which of the following BEST describes a short-term medical expense
policy? (CORRECT ANSWER) Nonrenewable.
A typical short-term medical expense policy is best described as
nonrenewable.
Which of the following statements about noncontributory employee
group life insurance is FALSE? (CORRECT ANSWER) A minimum
number of employees is required to participate". Noncontributory
employee group life insurance plans must cover ALL eligible employees
at all times
A Disability Income policyowner recently submitted a claim for a
chronic neck problem that has now resulted in total disability. The
original neck injury occurred before the application was taken 5 years
prior. The neck injury was never disclosed to the insurer at the time of
application. How will the insurer handle this claim? (CORRECT
ANSWER) Claim will be paid and coverage will remain in force.
After a policy has been in force for 2 (sometimes 3) years, it enters the
incontestable period, in which the insurer may not deny a claim based on
information not disclosed at the time of application.
S takes out a health insurance policy which contains a provision that
states that the agent does not have the authority to change the policy or
waive any of its provisions. Which health policy provision is this?
(CORRECT ANSWER) Entire Contract.
exam question well answerd latest
update2024/25
Which Unfair Trade Practice involves making a false statement on an
insurance application in order to receive money from an insurer?
(CORRECT ANSWER) Misrepresentation
Who owns a stock company? (CORRECT ANSWER) A stock insurance
company is owned by its stockholders.
In Florida, which of the following is considered an Unfair Trade
Practice? (CORRECT ANSWER) Coercion
Which of these options can an individual use their medical flexible
spending account to pay for? (CORRECT ANSWER) Prescription
drugs are an allowable expense when paid for by a medical flexible
spending account.
Which of the following features of a group Term Life policy enables an
individual to leave the group and continue his or her insurance without
providing evidence of insurability? (CORRECT ANSWER) The
conversion privilege allows an individual to leave the group term plan
and continue his or her insurance without providing evidence of
insurability.
,An example of false advertising would be (CORRECT ANSWER) An
insurer exaggerating its dividends in a magazine advertisement
Q purchases a $500,000 life insurance policy and pays $900 in
premiums over the first six months. Q dies suddenly and the beneficiary
is paid $500,000. This exchange of unequal values reflects which of the
following insurance contract features? (CORRECT ANSWER)
Aleatory.
Insurance contracts are aleatory in that the amount the insured will pay
in premiums is unequal to the amount that the insurer will pay in the
event of a loss.
An example of an unfair trade practice is (CORRECT ANSWER)
Making a material misrepresentation to an insured is considered to be an
unfair trade practice.
How would a contingent beneficiary receive the policy proceeds in an
Accidental Death and Dismemberment (AD&D) policy? (CORRECT
ANSWER) A contingent beneficiary will receive the policy proceeds if
the primary beneficiary dies before the insured's death.
Which of these terms accurately defines an underwriter's assessment of
information on a life insurance application? (CORRECT ANSWER)
Risk classification.
Underwriting, another term for risk selection, is the process of reviewing
the many characteristics that make up the risk profile of an applicant to
determine if the applicant is insurable and, if so, at standard or
substandard rates.
,T applies for a life insurance policy and is told by the producer that the
insurer is bound to the coverage as of the date of the application or
medical examination, whichever is later. Assuming that T is an
acceptable risk, what item is given to T? (CORRECT ANSWER)
Conditional receipt.
A conditional receipt binds the insurer to coverage as of the date of the
application or medical exam, provided the proposed insured is
determined to be an acceptable risk.
What is required in the Florida Employee Health Care Access Act?
(CORRECT ANSWER) Small group benefit plans are to be issued on a
"guarantee-issue" basis
P and Q are married and have three children. P is the primary beneficiary
on Q's Accidental Death and Dismemberment (AD&D) policy and Q's
sister R is the contingent beneficiary. P, Q, and R are involved in a car
accident and Q and R are killed instantly. The Accidental Death benefits
will be paid to (CORRECT ANSWER) P.
In this situation, benefits will be paid to P because P survived the
accident and is the primary beneficiary.
The health insurance program which is administered by each state and
funded by both the federal and state governments is called (CORRECT
ANSWER) Medicaid- is funded by both the federal and state
governments and administered by individual states.
, Which of the following BEST describes a short-term medical expense
policy? (CORRECT ANSWER) Nonrenewable.
A typical short-term medical expense policy is best described as
nonrenewable.
Which of the following statements about noncontributory employee
group life insurance is FALSE? (CORRECT ANSWER) A minimum
number of employees is required to participate". Noncontributory
employee group life insurance plans must cover ALL eligible employees
at all times
A Disability Income policyowner recently submitted a claim for a
chronic neck problem that has now resulted in total disability. The
original neck injury occurred before the application was taken 5 years
prior. The neck injury was never disclosed to the insurer at the time of
application. How will the insurer handle this claim? (CORRECT
ANSWER) Claim will be paid and coverage will remain in force.
After a policy has been in force for 2 (sometimes 3) years, it enters the
incontestable period, in which the insurer may not deny a claim based on
information not disclosed at the time of application.
S takes out a health insurance policy which contains a provision that
states that the agent does not have the authority to change the policy or
waive any of its provisions. Which health policy provision is this?
(CORRECT ANSWER) Entire Contract.
