FLORIDA 215 STUDY GUIDE TEST QUESTIONS WITH
ANSWERS GRADED A+ 2025/2026
A company that is incorporated in Florida and is conducting business in Florida is
considered ____ insurer - Domestic
Peter is insured under a 500,000 life insurance policy, and his wife Jennifer are instantly
killed in an accident. Under the Uniform Simultaneous Death Act, to whose estate would
the proceeds be paid ? - Divided equally between the both estates
Jane age 25 has just purchased a 20-pay whole life policy. When she turns 45, she will:
- Cease paying premiums
Who designates the beneficiary of the life insurance policy? - Policyowner
Brokers represent _____; agents represent _______. - Insured, insurers
Grandparents purchase a life insurance for their grandchildren, for whom they are the
legal guardians. Both perish in an accident some time later. Who collects the death
benefits ? - No one, the insured
Which government legislation stipulates that an applicant for insurance must be
informed that a consumer report may be requested? - Fair Credit Reporting Act
The nonforfeiture options are, except - Extended Term Option
The free look provision for life insurance policies is _ days from policy delivery. - 14
To provide a safeguard for insureds, most major medical policies contain a ______ that
limits the insured out of pocket expense. - Stop-loss feature
Which of the following elements are insurable risk ? - (All of the above )
The loss must be definitive and measurable
The loss must not be catatrophic
the lost must be due to change
Which of the following types of insurance contracts are not considered valued contracts
? - Medical Expense Plans
Respite Care is the provision - Provides temporary relief to those who are caring for
family members, who might otherwise require permanent placement in a facility outside
the home.
All of the following death benefits are available under Social Security EXCEPT : -
Welfare benefits
, Normally in death by accidental means in order for benefits to be paid, death must occur
within _____ days of the incident. - 90-180
Mr. Wilson has heard that he can sign up for a product called " Medicare Advantage "
but is not sure about what type of plan designs are available through this program. What
should you tell him about the types of health plans that are available through the
Medicare Advantage Program ? - They are Medicare Health plans such as HMOS,
PPOS,PFFS, SNPS.
Health insurance policies and HMO contracts are required to provide coverage for
which of the following services used to treat diabetes when the patients physician
certifies that they are medically necessary. - Equipment, supplies, and self-management
training and education services.
Medicare Part D Covers? - Prescription Drugs
The name given to funds in variable annuities is - Separate Accounts
For life insurance policies for which the premiums are paid monthly, the grace period is
? - No less than 30 days
If HSA funds are used for any other purpose than qualified medical expenses, funds
become taxable and a ____ penalty fee may be imposed. - 20%
The HMO concept that service providers are paid a fixed monthly fee for each member
is called ? - Capitation
If a Long Term Care policy pays a lump sum assisted living facility benefit of $200 per
day and the facility charges $225 per day, the additional $25 would be ? - The patients
responsibiluty
The basic principle of insurance that the larger the number of individual risks combined
into a group, the more certainty there is in predicting the degree or amount of loss that
will be incurred in any given period is ______- - Law of Large Numbers
Individual Health Insurance are typically written on which basis ? - Nonparticipating
Income loss resulting from workers compensation covers - Income loss resulting from
workers compensation
Ordinary life insurance is the most common type and is the most marketed product by
insurance agents in Florida. Ordinary insurance includes several variations of temporary
( term ) and permanent insurance plans. Which of the following is the most common
type ? - Whole Life
ANSWERS GRADED A+ 2025/2026
A company that is incorporated in Florida and is conducting business in Florida is
considered ____ insurer - Domestic
Peter is insured under a 500,000 life insurance policy, and his wife Jennifer are instantly
killed in an accident. Under the Uniform Simultaneous Death Act, to whose estate would
the proceeds be paid ? - Divided equally between the both estates
Jane age 25 has just purchased a 20-pay whole life policy. When she turns 45, she will:
- Cease paying premiums
Who designates the beneficiary of the life insurance policy? - Policyowner
Brokers represent _____; agents represent _______. - Insured, insurers
Grandparents purchase a life insurance for their grandchildren, for whom they are the
legal guardians. Both perish in an accident some time later. Who collects the death
benefits ? - No one, the insured
Which government legislation stipulates that an applicant for insurance must be
informed that a consumer report may be requested? - Fair Credit Reporting Act
The nonforfeiture options are, except - Extended Term Option
The free look provision for life insurance policies is _ days from policy delivery. - 14
To provide a safeguard for insureds, most major medical policies contain a ______ that
limits the insured out of pocket expense. - Stop-loss feature
Which of the following elements are insurable risk ? - (All of the above )
The loss must be definitive and measurable
The loss must not be catatrophic
the lost must be due to change
Which of the following types of insurance contracts are not considered valued contracts
? - Medical Expense Plans
Respite Care is the provision - Provides temporary relief to those who are caring for
family members, who might otherwise require permanent placement in a facility outside
the home.
All of the following death benefits are available under Social Security EXCEPT : -
Welfare benefits
, Normally in death by accidental means in order for benefits to be paid, death must occur
within _____ days of the incident. - 90-180
Mr. Wilson has heard that he can sign up for a product called " Medicare Advantage "
but is not sure about what type of plan designs are available through this program. What
should you tell him about the types of health plans that are available through the
Medicare Advantage Program ? - They are Medicare Health plans such as HMOS,
PPOS,PFFS, SNPS.
Health insurance policies and HMO contracts are required to provide coverage for
which of the following services used to treat diabetes when the patients physician
certifies that they are medically necessary. - Equipment, supplies, and self-management
training and education services.
Medicare Part D Covers? - Prescription Drugs
The name given to funds in variable annuities is - Separate Accounts
For life insurance policies for which the premiums are paid monthly, the grace period is
? - No less than 30 days
If HSA funds are used for any other purpose than qualified medical expenses, funds
become taxable and a ____ penalty fee may be imposed. - 20%
The HMO concept that service providers are paid a fixed monthly fee for each member
is called ? - Capitation
If a Long Term Care policy pays a lump sum assisted living facility benefit of $200 per
day and the facility charges $225 per day, the additional $25 would be ? - The patients
responsibiluty
The basic principle of insurance that the larger the number of individual risks combined
into a group, the more certainty there is in predicting the degree or amount of loss that
will be incurred in any given period is ______- - Law of Large Numbers
Individual Health Insurance are typically written on which basis ? - Nonparticipating
Income loss resulting from workers compensation covers - Income loss resulting from
workers compensation
Ordinary life insurance is the most common type and is the most marketed product by
insurance agents in Florida. Ordinary insurance includes several variations of temporary
( term ) and permanent insurance plans. Which of the following is the most common
type ? - Whole Life
