FL Exam Study for Health and Life Insurance, Part 2 Questions and Correct Answers

FL Exam Study for Health and Life Insurance, Part 2 Questions and Correct Answers Insurer can increase premium on anniversary date and insurer has right to renew for life of contract Guaranteed renewability Dependent children benefits cover kids up to what age? 26 Reimbursed medical expenses can be claimed when? When expenses exceed 10% of adjusted gross income Contract where one company (reinsurer) indemnifies another insurance company (ceding) for or all of liabilities Reinsurance Financial Services Commission consists of what two offices? Office of Financial Regulation and Office of Insurance Regulation If you do not communicate your change of name or address within 30 days, what is the max fine you can receive? $250 What is Controlled Business? Any coverage written on a producer's own life, health or property, and/or that of the producer's immediate family or business associates Records of transactions from premium payments must be kept for how long? 3 years What is sliding? Leading consumers to believe specified additional coverage or product required by law Statements maliciously critical of financial condition is known as what? Defamation Legal term used to identify an individual or entity that's not insured under the contract, but has legally enforceable right under it Third-party ownership If an employee leaves a group insurance, how long does he have after the termination to convert to an individual policy? 31 days after terminating Taxation rules for Roth IRAs Contributions aren't tax deductible and excess contributions are subject to 6% tax penalty