FL Life and Health Insurance 2-15 Study
Exam (165 questions)
A _____ day notice to the policyholder is required for any health insurer that wishes to cancel a
health insurance policy. - ANS -30
\A 15-year mortgage is best protected by what kind of life policy? - ANS -15-year decreasing
term
\A 55 year old recently received a $30.000 distribution from a previous employer's 401k plan,
minus $6,000 withholding. Which federal taxes apply if none of the funds were rolled over? -
ANS -Income taxes plus a 10% penalty tax on $30,000
\A catastrophic illness would be best covered by which of the following health insurance plans? -
ANS -Major medical
\A comprehensive major medical health insurance policy contains an Eligible Expenses
provision which identifies the types of health care services that are covered. All of the following
health care services are typically covered, EXCEPT for: - ANS -experimental and investigative
services
\A contract where one party either accepts or rejects the terms of a contract written by another
party is called a contract of - ANS -adhesion
\A group plan was recently terminated. In Florida, how many days are covered individuals
guaranteed coverage after a group plan's termination? - ANS -31 days
\A license may be denied, suspended, or revoked if the licensee is found guilty of - ANS
-misrepresentation
\A life insurance policy would be considered a wagering contract WITHOUT: - ANS -insurable
interest
\A Major Medical policy typically contains a provision that requires the insurer to pay only part of
a loss, while the balance is paid by the insured. This provision is called - ANS -Coinsurance
\A Medical Information Report (MIB) report may disclose which of the following: - ANS -prior use
of marijuana
\A policyowner would like to change the beneficiary on a Life insurance policy and make the
change permanent. Which type of designation would fulfill this need? - ANS -Irrevocable
\A policyowner would like to change the beneficiary on an Accidental Death and
Dismemberment (AD&D) insurance policy and make the change permanent. Which type of
designation would fulfill this need? - ANS -Irrevocable
\A policyowner's rights are limited under which beneficiary designation? - ANS -Irrevocable
\A policyowner's rights are limited under which beneficiary designation? - ANS -Irrevocable
\A Term Life rider offers the insured - ANS -additional life coverage
\According to Florida law, group life insurance conversion privileges must NOT: - ANS -require
evidence of insurability.
\According to Florida Law, in which of the following situations would a dependent handicapped
child NOT be covered under a Family Health policy? - ANS -The premiums for the handicapped
child are not paid
, \According to Florida law, which of the following information does NOT need to be obtained by
an agent recommending an annuity purchase? - ANS -Marital status
\According to Florida's life insurance replacement laws, a policyowner must be provided with a
written Comparison and Summary Statement when it's requested by - ANS -the policyowner.
\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? - ANS -31 days
\Agents that have been licensed for less than six years must complete ____ hours of continuing
education every two years. - ANS -24
\All are true statements regarding the underwriting process, EXCEPT: - ANS -AIDS and HIV
virus exams can be conducted in a discriminatory fashion
\All of the following are Nonforfeiture Options EXCEPT: - ANS -Reduced Paid-Up Option
\All of the following statements about Major Medical benefits are true, EXCEPT: - ANS -Benefits
have no maximum limit
\All of the following statements regarding group health insurance are true, EXCEPT: - ANS -an
individual policy is given to each member.
\All of these are considered sources of underwriting information about an applicant, EXCEPT: -
ANS -Inspection Report
\All of these insurance products require an agent to have proper FINRA securities registration in
order to sell them, EXCEPT for: - ANS -Modified Whole Life
\All of these statements about Equity Indexed Life Insurance are correct, EXCEPT: - ANS -Cash
value has a minimum rate of accumulation
\All students attending a large university could be covered by - ANS -a blanket policy
\An agent selling Medicare Supplement policies must provide every applicant with a(n): - ANS
-Suitability form
\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 -
ANS -twisting
\An applicant who pays the initial premium at the time of application is typically given a(n): - ANS
-conditional receipt
\An example of an unfair claims settlement practice is: - ANS -turning down a claim without
providing the basis of denial
\An individual Disability Income insurance applicant may be required to submit all of the
following information, EXCEPT: - ANS -Spouse's occupation
\An insurance company can contest a life insurance contract due to application fraud within -
ANS -2 years
\An insurance company must act on an Accident and Health insurance application for
reinstatement within - ANS -45 days
\An insured is past due on his life insurance premium, but is still within the Grace Period. What
will the beneficiary receive if the insured dies during this Grace Period? - ANS -Full face amount
minus any past due premiums
\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): - ANS -exclusion for the medical condition
Exam (165 questions)
A _____ day notice to the policyholder is required for any health insurer that wishes to cancel a
health insurance policy. - ANS -30
\A 15-year mortgage is best protected by what kind of life policy? - ANS -15-year decreasing
term
\A 55 year old recently received a $30.000 distribution from a previous employer's 401k plan,
minus $6,000 withholding. Which federal taxes apply if none of the funds were rolled over? -
ANS -Income taxes plus a 10% penalty tax on $30,000
\A catastrophic illness would be best covered by which of the following health insurance plans? -
ANS -Major medical
\A comprehensive major medical health insurance policy contains an Eligible Expenses
provision which identifies the types of health care services that are covered. All of the following
health care services are typically covered, EXCEPT for: - ANS -experimental and investigative
services
\A contract where one party either accepts or rejects the terms of a contract written by another
party is called a contract of - ANS -adhesion
\A group plan was recently terminated. In Florida, how many days are covered individuals
guaranteed coverage after a group plan's termination? - ANS -31 days
\A license may be denied, suspended, or revoked if the licensee is found guilty of - ANS
-misrepresentation
\A life insurance policy would be considered a wagering contract WITHOUT: - ANS -insurable
interest
\A Major Medical policy typically contains a provision that requires the insurer to pay only part of
a loss, while the balance is paid by the insured. This provision is called - ANS -Coinsurance
\A Medical Information Report (MIB) report may disclose which of the following: - ANS -prior use
of marijuana
\A policyowner would like to change the beneficiary on a Life insurance policy and make the
change permanent. Which type of designation would fulfill this need? - ANS -Irrevocable
\A policyowner would like to change the beneficiary on an Accidental Death and
Dismemberment (AD&D) insurance policy and make the change permanent. Which type of
designation would fulfill this need? - ANS -Irrevocable
\A policyowner's rights are limited under which beneficiary designation? - ANS -Irrevocable
\A policyowner's rights are limited under which beneficiary designation? - ANS -Irrevocable
\A Term Life rider offers the insured - ANS -additional life coverage
\According to Florida law, group life insurance conversion privileges must NOT: - ANS -require
evidence of insurability.
\According to Florida Law, in which of the following situations would a dependent handicapped
child NOT be covered under a Family Health policy? - ANS -The premiums for the handicapped
child are not paid
, \According to Florida law, which of the following information does NOT need to be obtained by
an agent recommending an annuity purchase? - ANS -Marital status
\According to Florida's life insurance replacement laws, a policyowner must be provided with a
written Comparison and Summary Statement when it's requested by - ANS -the policyowner.
\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? - ANS -31 days
\Agents that have been licensed for less than six years must complete ____ hours of continuing
education every two years. - ANS -24
\All are true statements regarding the underwriting process, EXCEPT: - ANS -AIDS and HIV
virus exams can be conducted in a discriminatory fashion
\All of the following are Nonforfeiture Options EXCEPT: - ANS -Reduced Paid-Up Option
\All of the following statements about Major Medical benefits are true, EXCEPT: - ANS -Benefits
have no maximum limit
\All of the following statements regarding group health insurance are true, EXCEPT: - ANS -an
individual policy is given to each member.
\All of these are considered sources of underwriting information about an applicant, EXCEPT: -
ANS -Inspection Report
\All of these insurance products require an agent to have proper FINRA securities registration in
order to sell them, EXCEPT for: - ANS -Modified Whole Life
\All of these statements about Equity Indexed Life Insurance are correct, EXCEPT: - ANS -Cash
value has a minimum rate of accumulation
\All students attending a large university could be covered by - ANS -a blanket policy
\An agent selling Medicare Supplement policies must provide every applicant with a(n): - ANS
-Suitability form
\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 -
ANS -twisting
\An applicant who pays the initial premium at the time of application is typically given a(n): - ANS
-conditional receipt
\An example of an unfair claims settlement practice is: - ANS -turning down a claim without
providing the basis of denial
\An individual Disability Income insurance applicant may be required to submit all of the
following information, EXCEPT: - ANS -Spouse's occupation
\An insurance company can contest a life insurance contract due to application fraud within -
ANS -2 years
\An insurance company must act on an Accident and Health insurance application for
reinstatement within - ANS -45 days
\An insured is past due on his life insurance premium, but is still within the Grace Period. What
will the beneficiary receive if the insured dies during this Grace Period? - ANS -Full face amount
minus any past due premiums
\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): - ANS -exclusion for the medical condition
