FL Life and Health Insurance 2-15 Study Exam questions With Verified Answers!!! Guaranteed 100% pass

N is covered by a Term Life policy and does not make the required premium payment which was due August 1. N dies September 15. What action will the insurer take? - Claim will be denied. A contract where one party either accepts or rejects the terms of a contract written by another party is called a contract of - adhesion All of the following statements about Major Medical benefits are true, EXCEPT: - Benefits have no maximum limit 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. All of these are considered sources of underwriting information about an applicant, EXCEPT: - Inspection Report According to the Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid? - 31 days Which provision allows the policy owner to change a term life policy to a permanent one without providing proof of good health? - Conversion What do families pay that are covered by the Florida Healthy Kids Corporation? - A portion of the premium Which statement regarding third-party ownership of a life insurance policy is true? - It is used extensively in estate planning as well as business circumstances. Which of the following employees may NOT be excluded from a group life plan? - Full-time employees after the probationary period. Which of the following statements BEST describes what the Legal Actions provision of an Accident and Health policy requires? - An insured must wait at least 60 days after Proof of Loss has been submitted before a lawsuit can be filed.What percentage of eligible persons must a policy cover in a noncontributory group? - 100% What are adjustable rates for life policy loans in Florida based on? - Moody's corporate bond index. An underwriter determines that a life insurance applicant's risk should be reclassified due to a health issue. This policy may be issued with a(n): - exclusion for the medical condition What is the initial requirement for an insured to become eligible for benefits under the Waiver of Premium provision? - Insured must be under a physician's care J has a Disability Income policy that does NOT provide benefits for losses occurring as the result of his employment. What kind of coverage is this? - Nonoccupational coverage K is insured under a Group Life Insurance policy. K is considered to be a(n) - certificate holder According to Florida law, which of the following information does NOT need to be obtained by an agent recommending an annuity purchase? - Marital status Dividends paid from a life insurance policy are - taxable S takes out a health insurance policy which contains a provision that states the agent does not have the authority to change the policy or waive any of its provisions. Which health policy provision is this? - Entire Contract Which policy requires an agent to register with the National Association of Securities Dealers (NASD) before selling? - Variable Life Defamation occurs when an agent makes a false statement intended to - malign another insurer J owns a business and has a Group Life policy covering her employees. J decides to cancel the policy by letting it lapse on the renewal date. What action must be taken? - All of the employees must be notified of the cancellation either by the insurance company or through J. Which of the following is NOT required in the Outline of Coverage for a health insurance policy? - Projection of the policy's future costs.