Florida Life and Health Laws and Rules Test Questions and Correct Answers

Florida Life and Health Laws and Rules Test Questions and Correct Answers An agent's license can be suspended or revoked by writing primarily controlled business What is the purpose of the Insurance Guaranty Fund Association? Protects policyowners against insolvent insurance companies Florida requires that coverage for newborns begins "from the moment of birth" and continues for 18 months What percentage of eligible persons must a policy cover in a noncontributory group? 100% In Florida, a health policy that is paid on a quarterly basis requires a grace period of 31 days What type of insurance company is domiciled in England, but conducts business in Florida? alien T is an employee covered under a Group Life policy. If T's employment is terminated, the conversion privilege gives T the right to convert to an individual policy upon employment termination The minimum age at which a person can sign a life insurance application is 15 years In Florida, monthly-premium health insurance policies must provide a grace period of at least 10 days An applicant who pays the initial premium at the time of application is typically given a(n) conditional receipt What would be an accurate definition of "controlled business"? Insurance business that is written on the agent's own life, property, or interests Under a life insurance policy, the ________ has the authority to name the beneficiary. owner In Florida, the underwriting and issuance of a master group health policy requires that all employees are eligible to participate, regardless of their individual health history An example of an unfair claims practice would be failing to effectuate prompt, fair, and equitable settlements of a claim Which action could result in a hearing being ordered by the Department of Financial Services? Performing insurance transactions without a license Under Florida law, a variable annuity policyowner must be notified of the accumulated value of the contract once each year W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim? The proceeds would be reduced based on whatever the premium would have been if purchased at age 59 In Florida, which of the following practitioners normally do NOT receive payment from health insurance policies? Naturopaths Which entity approves the insurance policy forms used in Florida? Office of Insurance Regulation (OIR) An example of an unfair claims settlement practice is turning down a claim without providing the basis of denial An example of an unfair trade practice is an agent making a material misrepresentation to the insured