Florida Life and Health Insurance

Florida Life and Health Insurance

A situation in which a person can only experience a loss and no gain represents what
type of risk? -- correct ans--Pure Risk

A waiver of premium provision may be included with what type of health insurance
policies? -- correct ans--Disability income and LTC

Arywholeryliferypolicyrythatryrequiresrypremiumrypaymentsryonlyryforryaryspecifiedrynumberryofryyea
rsryisryknownryasrywhatrykindryofrypolicy?ry--rycorrectryans--Limited-PayryWholeryLife

AccordingrytorytheryAffordableryCareryAct,rywhatryarerytherycost-
sharingryrequirementsryforrypreventiverycare?ry--rycorrectryans--Norycostrysharing.

Accordingrytorytherycoordinationryofrybenefitsryprovision,ryifrybothryparentsryhaverycoverageryforry
arychildryandrytheirryemployers'rypolicies,rywhichrypolicyrywouldrypayryfirst?ry--rycorrectryans--
Theryorderryofrypaymentrywillryberydeterminedrybyrytherybirthdayryrule.

Accordingrytorytheryreinstatementryprovision,ryonceryarylapsedrypolicyryisryreinstated,ryhowrysoonr
ywillrycoverageryberyavailableryforryaccidents?ry--rycorrectryans--Immediately




Accordingrytorytherytaxationryrulesryofryliferyinsurancerypolicies,ryhowryarerycashryvalueryincreases
rytaxed?ry--rycorrectryans--Cashryvaluerygrowthryisrytax-deferred




Accordingrytorytherytimerylimitryonrycertainrydefensesryprovisionryinryhealthryinsurancerypolicies,ry
whenrycanryanryinsurerrycontestryfraudulentrymisstatementsryonryaryhealthryinsuranceryapplicati
on?ry--rycorrectryans--Anyrytimerywhilerytherypolicyryisryinryforce.

AdverserySelectionry--rycorrectryans--
Therytendencyryofryriskrywithryhigherryprobabilityryofrylossrytorypurchaseryandrymaintainryinsuranc
erymoreryoftenrythanrytheryrisksrywhoryrepresentrylowerryprobabilityryofryloss.

Agentry--rycorrectryans--
Anryindividualrywhoryisrylicensedrytorysell,rynegotiate,ryorryeffectryinsurancerycontractsryonrybehalfr
yofrytheryinsurer.




Anryagentryofferryaryclientryfreeryticketsrytoryarysportingryeventryinryexchangeryforrytherypurchaseryofr
yanryinsurancerypolicy.ryWhatryisrytheryagentryguiltyryof?ry--rycorrectryans--Rebating




Atrywhatrypointrydoesrycoveragerybeginrywhenryanryagentryissuesryaryconditionalryinsurabilityryrec
eiptryforryaryliferyinsurancerypolicy?ry--rycorrectryans--

,Eitherryonrytherydateryofrytheryapplicationryorrytherydateryofrytherymedicalryexam,rywhicheverryoccur
srylast.

CanryAlzheimer'srydiseaseryberyexcludedryfromrycoverageryunderryaryling-termrycarerypolicy?ry--
rycorrectryans--

NO,ryorganicrycognitiverydisorders,rysuchryasryAlzheimer'sryorryParkinson'srymustryberycovered.

CertificateryofryInsurancery--rycorrectryans--
Arydocumentryissuedrytoryinsuredsryunderryarygroupryplanrythatrystatesrytherycoveragerybeingryiss
ued,ryandryindicatesrytherycoveragerytyperyandryamounts.

Concealmentry--rycorrectryans--
Therywithholdingryofryknownryfactsrythat,ryifrymaterial,rycanryvoidryarycontract.

Conditionsrythatryincreaserytherychanceryofryarylossryareryknownryasrywhat?ry--rycorrectryans--
Hazards

ContractryofryAdhesionry--rycorrectryans--
Arycontractrypreparedrybyryonerypartyrythatrymustryberyacceptedryasrywrittenryorryberyrejectedrybyryt
heryotherryparty.

Disclosurery--rycorrectryans--
Providingrysufficientryinformationrytoryhelprysomeonerymakeryinformedrydecision.

FaceryAmountry--rycorrectryans--Theryamountryofrybenefitrystatedryinrytheryliferyinsurancerypolicy.

Fiduciaryry--rycorrectryans--Aryproducerrywhoryhandlesryinsurer'sryfundsryinryarytrustrycapacity.

FieldryUnderwriterry--rycorrectryans--
Anryinsuranceryagentrywhoryconductsryanryinitialrypolicyrysolicitationryandryapplication.ry(Theryco
mpany'sryfrontrylineryofryunderwriting)

Forryaryretirementryplanrytoryberyqualified,ryitrymustryberydesignedryforrywhoserybenefit?ry--
rycorrectryans--Employees




Howryarerybenefitsryreceivedrybyrytherybusinessryfromryarykeyrypersonrydisabilityryinsurance?ry--
rycorrectryans--Incomerytaxryfree




Howryareryexcessryfundsryinryanryemployee'sryhealthrysavingsryaccountry(HSA)ryhandled?ry--
rycorrectryans--Theryfundsrycanryberycarriedryforwardrytorytherynextryyear.




Howryareryindividuallyryownedrydisabilityryincomerybenefitsrytaxedryonceryreceivedrybyrythatryinsu
red?ry--rycorrectryans--Disabilityrybenefitsryarerynotrytaxed;rytheyryareryreceivedryincomerytaxryfree

Howryarerytherybenefitsryofryarygroupryaccidentalrydeathryandrydismembermentrypolicyryreceived
?ry--rycorrectryans--IncomeryTaxryfree

, HowrycanryAD&Drycoverageryberywritten?ry--rycorrectryans--
Asryaryriderrytoryaryhealthryinsurancerypolicy,ryorryasryaryseperaterypolicy.

Howrycanryhealthryinsurancerypoliciesryberydeliveredrytorytheryinsured?ry--rycorrectryans--
Personallyrydeliveredrybyrytheryagentryorrymailed.

Howrydoryinsurersrydeterminerythatrycostryforryarygroupryhealthrypolicy?ry--rycorrectryans--
Therymainryvariablesryarerytheryrationryofrymenryandrywomenryinrytherygroup,ryandrytheryaveragerya
geryofrytherygroup.

HowryisryMedicaidryfunded?ry--rycorrectryans--
Medicaidryisryaryfederalryandrystateryfundedryprogram

HowryisryMedicarerypartryBryfunded?ry--rycorrectryans--
Byrymonthlyrypremiumsryandryfromrytherygeneralryrevenuesryofrytheryfederalrygovernment.

Howrylongrydoryshort-termrydisabilityrygroupryplansrypayrybenefits?ry--rycorrectryans--
Forryaryperiodryofrylessrythanrytworyyears

Howrymanyryconsecutiverymonthsryofrycoveragerymustrylong-termrycareryinsuranceryprovide?ry--
rycorrectryans--12ryMonths




Howrysoonrycanryincomerypaymentsrybeginryinryanryimmediateryannuity?ry--rycorrectryans--
Norylaterrythatryoneryyearryfromrytherytimeryofryannuityrypurchase.

Howrywillrychangingryone'sryoccupationrytoryberymoreryhazardous,ryaffectrytheryhealthryinsurance
rypolicyryinryforce?ry--rycorrectryans--

Claimrybenefitsrywillryberyreducedrytorywhatrytherypremiumrywouldryhaverybroughtryforryarymoreryha
zardousryoccupation.

Ifryarysettlementryoptionryisrynotrychosenrybyrytherypolicyryownerryorrytherybeneficiary,rywhatryoption
rywillryberyusedrybyrytheryinsurer?ry--rycorrectryans--Lump-Sumrypayment




Ifryanryagentrymakesryarycorrectionryonrytheryapplicationryforryhealthryinsurance,rywhorymustryinitial
rytherycorrectryanswer?ry--rycorrectryans--TheryApplicant




Ifryanryinsurerrymeetsrytherystatesryfinancialryrequirementsryandryisryapprovedrytorytransactrybusin
essryinrytherystate,ryitryisryconsideredrywhatrytyperyofryinsurer?ry--rycorrectryans--Authorized

Ifryanryunderwriterryrequiresryextensiveryinformationryaboutrytheryapplicantsrymedicalryhistory,ry
whatryreportrywillrybestryserverythisrypurpose?ry--rycorrectryans--
AttendingryPhysician'srystatement.