XCEL FL TEST STUDY GUIDE
QUESTIONS AND ANSWERS
R had received full disability income benefits for 6 months. When he returns to work,
he is only able to resume half his normal daily workload. Which provision pays
reduced benefits to R while he is not working at full capacity? - ANSWER-Residual
Disability
T sends proof of loss to her insurer for an acceptable medical expense claim under
her individual Health Insurance policy. Upon receipt, the insurer must pay the
benefits - ANSWER-immediately
An insurance company must act on an Accident and Health insurance application for
reinstatement within ____ days. - ANSWER-45
Florida requires that coverage for newborns begins "from the moment of birth" and
continues for - ANSWER-18 months
J is an agent who recently told a claimant that his rights might be impaired if he does
not complete a release form within a specified time. What could this agent be found
guilty of? - ANSWER-Coercion
A company that owns a life insurance policy on one of its key employees may do all
of the following EXCEPT - ANSWER-Change the policy's interest rate
The provision that defines to whom the insurer will pay benefit to is called: -
ANSWER-Payment of Claims
A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits? -
ANSWER-Insurance
In a qualified retirement plan, the yearly contributions to an employee's account: -
ANSWER-are restricted to maximum levels set by the IRS
A policyowner's right are limited under which beneficiary designation? - ANSWER-
Irrevocable
If an individual is covered under an Accidental Death Policy and dies, an autopsy
can be performed in all these situations, EXCEPT: - ANSWER-When the state
prohibits this by law
An agent who makes misleading statements that lead to the termination of an
existing insurance policy so that a new policy with another insurer can be taken out
has committed - ANSWER-twisting
, Association Plans that are designed to provide health benefits to their members are
regulated by the state because - ANSWER-they are insured by an authorized insurer
S is covered by a whole life policy. Which insurance product can cover his children?
- ANSWER-Child term rider
Any violations of the Florida financial institutions code may be investigated by the -
ANSWER-Department of Financial Services (DFS)
Which of these is NOT relevant when determining the amount of personal life
insurance needed? - ANSWER-Local unemployment rates
The incontestable clause allows an insurer to: - ANSWER-contest a claim during the
Contestable Period
Which of the following statements BEST describes what the Legal Actions provision
of an Accident and Health policy requires? - ANSWER-An insured must wait at least
60 days after Proof of Loss has been submitted before a lawsuit can be filed
Life insurance companies are required to establish and maintain an anti-money
laundering compliance program according to which federal regulation? - ANSWER-
USA Patriot Act
Which contract permits the remaining partners to buy-out the interest of a disabled
business partner? - ANSWER-Disability Buy-Self
What type of life policy covers two people and pays upon the death of the last
insured? - ANSWER-Survivorship
When is a Group Health policy required to provide coverage for a newborn child? -
ANSWER-At the moment of birth
Which two entities regulate variable annuities? - ANSWER-Department of Financial
Services; and Securities Exchange Commission
What is considered to be a characteristic of a Conditionally Renewable Health
Insurance policy? - ANSWER-Premiums may increase at time of renewal
K is insured under a Group Life Insurance policy. K is considered to be a(n) -
ANSWER-certificate holder
P loses an arm in a farm accident and is paid $10,000 from his Accidental Death and
Dismemberment policy. This benefit is known as the - ANSWER-Capital Sum
The insurer must provide a prospective buyer with a(n) - ANSWER-Buyer's Guide
and Policy Summary
Whole Life insurance is sometimes referred to as " Straight Life". What does the
word "Straight" indicate when using this phrase? - ANSWER-The duration of
premium payments
QUESTIONS AND ANSWERS
R had received full disability income benefits for 6 months. When he returns to work,
he is only able to resume half his normal daily workload. Which provision pays
reduced benefits to R while he is not working at full capacity? - ANSWER-Residual
Disability
T sends proof of loss to her insurer for an acceptable medical expense claim under
her individual Health Insurance policy. Upon receipt, the insurer must pay the
benefits - ANSWER-immediately
An insurance company must act on an Accident and Health insurance application for
reinstatement within ____ days. - ANSWER-45
Florida requires that coverage for newborns begins "from the moment of birth" and
continues for - ANSWER-18 months
J is an agent who recently told a claimant that his rights might be impaired if he does
not complete a release form within a specified time. What could this agent be found
guilty of? - ANSWER-Coercion
A company that owns a life insurance policy on one of its key employees may do all
of the following EXCEPT - ANSWER-Change the policy's interest rate
The provision that defines to whom the insurer will pay benefit to is called: -
ANSWER-Payment of Claims
A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits? -
ANSWER-Insurance
In a qualified retirement plan, the yearly contributions to an employee's account: -
ANSWER-are restricted to maximum levels set by the IRS
A policyowner's right are limited under which beneficiary designation? - ANSWER-
Irrevocable
If an individual is covered under an Accidental Death Policy and dies, an autopsy
can be performed in all these situations, EXCEPT: - ANSWER-When the state
prohibits this by law
An agent who makes misleading statements that lead to the termination of an
existing insurance policy so that a new policy with another insurer can be taken out
has committed - ANSWER-twisting
, Association Plans that are designed to provide health benefits to their members are
regulated by the state because - ANSWER-they are insured by an authorized insurer
S is covered by a whole life policy. Which insurance product can cover his children?
- ANSWER-Child term rider
Any violations of the Florida financial institutions code may be investigated by the -
ANSWER-Department of Financial Services (DFS)
Which of these is NOT relevant when determining the amount of personal life
insurance needed? - ANSWER-Local unemployment rates
The incontestable clause allows an insurer to: - ANSWER-contest a claim during the
Contestable Period
Which of the following statements BEST describes what the Legal Actions provision
of an Accident and Health policy requires? - ANSWER-An insured must wait at least
60 days after Proof of Loss has been submitted before a lawsuit can be filed
Life insurance companies are required to establish and maintain an anti-money
laundering compliance program according to which federal regulation? - ANSWER-
USA Patriot Act
Which contract permits the remaining partners to buy-out the interest of a disabled
business partner? - ANSWER-Disability Buy-Self
What type of life policy covers two people and pays upon the death of the last
insured? - ANSWER-Survivorship
When is a Group Health policy required to provide coverage for a newborn child? -
ANSWER-At the moment of birth
Which two entities regulate variable annuities? - ANSWER-Department of Financial
Services; and Securities Exchange Commission
What is considered to be a characteristic of a Conditionally Renewable Health
Insurance policy? - ANSWER-Premiums may increase at time of renewal
K is insured under a Group Life Insurance policy. K is considered to be a(n) -
ANSWER-certificate holder
P loses an arm in a farm accident and is paid $10,000 from his Accidental Death and
Dismemberment policy. This benefit is known as the - ANSWER-Capital Sum
The insurer must provide a prospective buyer with a(n) - ANSWER-Buyer's Guide
and Policy Summary
Whole Life insurance is sometimes referred to as " Straight Life". What does the
word "Straight" indicate when using this phrase? - ANSWER-The duration of
premium payments
