XCEL Exam Simulator FL Exam
Questions with Latest Update
A licensed agent must be appointed by an insurance company to solicit insurance in
Florida. The agent's license will terminate if a certain period of time elapses without
being appointed. How long is this period of time? - ANSWER-48 months
An agent's license will terminate if the agent allows 48 months to elapse without
being appointed for the class or classes of insurance listed on the license.
All of the following entries are classified under the four principal areas of Florida
insurance law EXCEPT
-An agent's commission
-Policyowner's rights
-Policy provisions
-An agent's licensing requirements - ANSWER-An agent's commission
What kind of life insurance starts out as temporary coverage but can be later
modified to permanent coverage without evidence of insurability?
A. Endowment policy
B. Limited-Pay Whole life
C. Convertible Term
D. Decreasing Term - ANSWER-Convertible Term
S is close to retiring and would like to purchase a policy that will yield greater gains
than bonds, but will still protect the principal with a minimum level or risk. Which
product would S be advised to purchase?
-equity index insurance
-endowment
-graded whole life insurance
-return of premium policy - ANSWER-Equity index insurance
Equity index insurance yields greater gains than bonds but will still protect the
principal with a minimum of risk.
The insurance Guaranty Fund Association is
-an entity that assists in underwriting large insurance policies
-funded by admitted insurance companies through assessments
-funded by the state government
-administered by the federal government - ANSWER-funded by admitted insurance
companies through assessments
,The insurance Guaranty Fund Association is funded by admitted insurance
companies through assessments and will pay claims if an insurance company
becomes insolvent
Group Life policies in Florida are required to contain a conversion privilege that
allows for conversion
-with evidence of insurability
-to an individual policy for a stated period of time
-only if the premiums are paid by the employer
-to an individual policy at anytime - ANSWER-to an individual policy for a stated
period of time
Which of the following services is NOT covered under a hospitalization expense
policy?
-daily room and board
-surgeon's fees
-intensive care
-miscellaneous expenses - ANSWER-surgeon's fees
The percentage of an individual's Primary Insurance Amount (PIA) determines the
benefits paid in which of the following programs?
-Social Security Disability Income
-Medicare Supplements
-Medicaid
-COBRA - ANSWER-Social Security Disability Income
Nursing home benefits must be provided for at least 12 consecutive months in which
of the following types of policies?
-blanket custodial
-long-term care
-critical illness
-medicare supplements - ANSWER-long-term care
Under Florida law, which of the following provisions is NOT required in a Medicare
Supplement policy?
-Suitability form
-Guaranteed issue
-Free-look period of 30 days
-Limitation on pre-existing conditions for up to 12 months - ANSWER-limitation on
pre-existing conditions for up to 12 months
there is only a 6 month limitation on pre-existing conditions for medicare
supplements
, 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)
-federal fair credit act violation
-title 18 fraud violation
-anti-money laundering violation
-unfair trade practice violation - ANSWER-anti-money laundering violation
To be eligible for social security benefits, an employee must be unable to perform:
-any occupation
-their current occupation
-any occupation that reflects the employee's education level
- any occupation that the employee is qualified and willing to do - ANSWER-any
occupation
Which of these is NOT relevant when determining the amount of personal life
insurance needed?
-existing life insurance coverage
-local unemployment rate
-household income
household debt - ANSWER-local unemployment rate
A student pilot can pay regular premium costs for her life insurance policy with the
addition of which of the following? - ANSWER-Aviation exclusion
Which of these types of life insurance allows the policyowner to have level premiums
and to also choose from a selection of investment options?
A. Modified Whole Life
B. Variable Life
C. Universal Life
D. Adjustable Life - ANSWER-Variable life
Florida requires that coverage for newborns begins "from the moment of birth" and
continues for: - ANSWER-18 months
J is 35-years old and looking to purchase a whole life insurance policy. Which of the
following types of policies will provide the most rapid growth of cash value?
-life paid-up at age 70
-20-pay life
-increasing term to age 65
-straight life - ANSWER-20-pay Life
the shorter the pay period, the faster the cash value growth
A person insured under a health policy is required to give the insurance company a
Notice of Claim within how many days after a covered loss? - ANSWER-Twenty
Questions with Latest Update
A licensed agent must be appointed by an insurance company to solicit insurance in
Florida. The agent's license will terminate if a certain period of time elapses without
being appointed. How long is this period of time? - ANSWER-48 months
An agent's license will terminate if the agent allows 48 months to elapse without
being appointed for the class or classes of insurance listed on the license.
All of the following entries are classified under the four principal areas of Florida
insurance law EXCEPT
-An agent's commission
-Policyowner's rights
-Policy provisions
-An agent's licensing requirements - ANSWER-An agent's commission
What kind of life insurance starts out as temporary coverage but can be later
modified to permanent coverage without evidence of insurability?
A. Endowment policy
B. Limited-Pay Whole life
C. Convertible Term
D. Decreasing Term - ANSWER-Convertible Term
S is close to retiring and would like to purchase a policy that will yield greater gains
than bonds, but will still protect the principal with a minimum level or risk. Which
product would S be advised to purchase?
-equity index insurance
-endowment
-graded whole life insurance
-return of premium policy - ANSWER-Equity index insurance
Equity index insurance yields greater gains than bonds but will still protect the
principal with a minimum of risk.
The insurance Guaranty Fund Association is
-an entity that assists in underwriting large insurance policies
-funded by admitted insurance companies through assessments
-funded by the state government
-administered by the federal government - ANSWER-funded by admitted insurance
companies through assessments
,The insurance Guaranty Fund Association is funded by admitted insurance
companies through assessments and will pay claims if an insurance company
becomes insolvent
Group Life policies in Florida are required to contain a conversion privilege that
allows for conversion
-with evidence of insurability
-to an individual policy for a stated period of time
-only if the premiums are paid by the employer
-to an individual policy at anytime - ANSWER-to an individual policy for a stated
period of time
Which of the following services is NOT covered under a hospitalization expense
policy?
-daily room and board
-surgeon's fees
-intensive care
-miscellaneous expenses - ANSWER-surgeon's fees
The percentage of an individual's Primary Insurance Amount (PIA) determines the
benefits paid in which of the following programs?
-Social Security Disability Income
-Medicare Supplements
-Medicaid
-COBRA - ANSWER-Social Security Disability Income
Nursing home benefits must be provided for at least 12 consecutive months in which
of the following types of policies?
-blanket custodial
-long-term care
-critical illness
-medicare supplements - ANSWER-long-term care
Under Florida law, which of the following provisions is NOT required in a Medicare
Supplement policy?
-Suitability form
-Guaranteed issue
-Free-look period of 30 days
-Limitation on pre-existing conditions for up to 12 months - ANSWER-limitation on
pre-existing conditions for up to 12 months
there is only a 6 month limitation on pre-existing conditions for medicare
supplements
, 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)
-federal fair credit act violation
-title 18 fraud violation
-anti-money laundering violation
-unfair trade practice violation - ANSWER-anti-money laundering violation
To be eligible for social security benefits, an employee must be unable to perform:
-any occupation
-their current occupation
-any occupation that reflects the employee's education level
- any occupation that the employee is qualified and willing to do - ANSWER-any
occupation
Which of these is NOT relevant when determining the amount of personal life
insurance needed?
-existing life insurance coverage
-local unemployment rate
-household income
household debt - ANSWER-local unemployment rate
A student pilot can pay regular premium costs for her life insurance policy with the
addition of which of the following? - ANSWER-Aviation exclusion
Which of these types of life insurance allows the policyowner to have level premiums
and to also choose from a selection of investment options?
A. Modified Whole Life
B. Variable Life
C. Universal Life
D. Adjustable Life - ANSWER-Variable life
Florida requires that coverage for newborns begins "from the moment of birth" and
continues for: - ANSWER-18 months
J is 35-years old and looking to purchase a whole life insurance policy. Which of the
following types of policies will provide the most rapid growth of cash value?
-life paid-up at age 70
-20-pay life
-increasing term to age 65
-straight life - ANSWER-20-pay Life
the shorter the pay period, the faster the cash value growth
A person insured under a health policy is required to give the insurance company a
Notice of Claim within how many days after a covered loss? - ANSWER-Twenty
