FL 0215 Health and Life Insurance Exam Questions & Answers Latest Update
FL 0215 Health and Life Insurance Exam
Questions & Answers Latest Update
Generally, how long is a benefit period for Major Medical Expense? - ✔-one year
Which of these needs is satisfied by Adjustable Life Insurance? - ✔-Insured's need for flexible
premiums
Which of these is considered a statement that is assured to be true in every respect? - ✔-Warranty
What is Medicare? - ✔-A hospital and medical expense insurance program
How does a typical Variable Life Policy investment account grow? - ✔-Through mutual funds, stocks,
bonds
All of the following will result in the suspension of an agent's license EXCEPT - ✔-acting with fiduciary
responsibility
Which is true concerning a Variable universal Life policy? - ✔-Policyowner controls where the
investment will go and selects the amount of the premium payment
Which of the following is NOT a limited benefit plan? - ✔-Life insurance policy
An agent's license can be suspended or revoked by - ✔-writing primarily controlled business
Medicaid was designed to assist individuals who are - ✔-below a specific income limit
Which of these actions should a producer take when submitting an insurance application to an insurer? -
✔-Inform insurer of relevant information not included on the application
FL 0215 Health and Life Insurance Exam Questions & Answers Latest Update
,FL 0215 Health and Life Insurance Exam Questions & Answers Latest Update
What does the ownership clause in a life insurance policy state? - ✔-Who the policyowner is and what
rights the policyowner is entitled to
When does a life insurance contract become effective if the initial premium is not collected during the
application process? - ✔-when the producer delivers policy and collects initial premium
Which of the following policies is characterized by flexible premium and death benefit and allows the
policyowner control of the investment aspect of the plan? - ✔-Variable universal life
Additional coverage can be added to a Whole Life policy by adding a(n): - ✔-decreasing term rider
M is insured under a basic Hospital/Surgical Expense policy. A physician performs surgery on M. What
determines the claim M is eligible for? - ✔-Determined by the terms of policy
S would like to use dividends from her life insurance policy to purchased paid-up additions. All of these
would be factors that determine how much coverage can be purchased EXCEPT - ✔-beneficiary's age
K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal
accident where K dies before P. Under the Common Disaster provision, which of these statements is
true? - ✔-Proceeds will be payable to K's state if P dies within a specified time
The type of annuity that can be purchased with one monetary deposit is called a(n): - ✔-Immediate
Annuity
A ___ day notice to the policyholder is required for any health insurer that wishes to cancel a health
insurance policy. - ✔-45
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
FL 0215 Health and Life Insurance Exam Questions & Answers Latest Update
, FL 0215 Health and Life Insurance Exam Questions & Answers Latest Update
Whole Life insurance is sometimes referred to as "Straight Life". What does the word "Straight" indicate
when using this phrase? - ✔-The duration of premium payments
A trustee-to-trustee transfer of rollover funds in a qualified plan allows a participant to avoid: - ✔-
mandatory income tax withholding on the transfer amount
Which parts of a life insurance policy are guaranteed to be true? - ✔-Warranty
An example of sliding would be - ✔-charging for an additional product without the applicant's consent
What is considered to be a characteristic of a Conditionally Renewable Health Insurance policy? - ✔-
Premiums may increase at time of renewal
The guarantee of insurability option provides a long-term care policyowner the ability to: - ✔-buy
additional coverage at a later date
Y purchased $100,000 worth of permanent protection on himself and $50,000 worth of 10-year Term
coverage for his wife on the same policy. Which if these policies did Y purchase? - ✔-Whole Life policy
with an Other Insured Rider
Which of the following situations does a Critical Illness plan cover? - ✔-Leukemia
J, an Accidental Death and Dismemberment (AD&D) policy holder, dies after injuries sustained in an
accident. J's age as stated on the application five years ago was found to be understated by ten years.
Which of the following actions will the insurance company take? - ✔-The insurer will adjust the benefit
to what the premiums paid would have purchased at the insured's actual age
The federal income tax treatment of employer-provided group Medical Expense insurance can be
accurately described as: - ✔-Employee's premium paid by the employer is tax-deductible to the
employer as a business expenditure
FL 0215 Health and Life Insurance Exam Questions & Answers Latest Update
FL 0215 Health and Life Insurance Exam
Questions & Answers Latest Update
Generally, how long is a benefit period for Major Medical Expense? - ✔-one year
Which of these needs is satisfied by Adjustable Life Insurance? - ✔-Insured's need for flexible
premiums
Which of these is considered a statement that is assured to be true in every respect? - ✔-Warranty
What is Medicare? - ✔-A hospital and medical expense insurance program
How does a typical Variable Life Policy investment account grow? - ✔-Through mutual funds, stocks,
bonds
All of the following will result in the suspension of an agent's license EXCEPT - ✔-acting with fiduciary
responsibility
Which is true concerning a Variable universal Life policy? - ✔-Policyowner controls where the
investment will go and selects the amount of the premium payment
Which of the following is NOT a limited benefit plan? - ✔-Life insurance policy
An agent's license can be suspended or revoked by - ✔-writing primarily controlled business
Medicaid was designed to assist individuals who are - ✔-below a specific income limit
Which of these actions should a producer take when submitting an insurance application to an insurer? -
✔-Inform insurer of relevant information not included on the application
FL 0215 Health and Life Insurance Exam Questions & Answers Latest Update
,FL 0215 Health and Life Insurance Exam Questions & Answers Latest Update
What does the ownership clause in a life insurance policy state? - ✔-Who the policyowner is and what
rights the policyowner is entitled to
When does a life insurance contract become effective if the initial premium is not collected during the
application process? - ✔-when the producer delivers policy and collects initial premium
Which of the following policies is characterized by flexible premium and death benefit and allows the
policyowner control of the investment aspect of the plan? - ✔-Variable universal life
Additional coverage can be added to a Whole Life policy by adding a(n): - ✔-decreasing term rider
M is insured under a basic Hospital/Surgical Expense policy. A physician performs surgery on M. What
determines the claim M is eligible for? - ✔-Determined by the terms of policy
S would like to use dividends from her life insurance policy to purchased paid-up additions. All of these
would be factors that determine how much coverage can be purchased EXCEPT - ✔-beneficiary's age
K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal
accident where K dies before P. Under the Common Disaster provision, which of these statements is
true? - ✔-Proceeds will be payable to K's state if P dies within a specified time
The type of annuity that can be purchased with one monetary deposit is called a(n): - ✔-Immediate
Annuity
A ___ day notice to the policyholder is required for any health insurer that wishes to cancel a health
insurance policy. - ✔-45
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
FL 0215 Health and Life Insurance Exam Questions & Answers Latest Update
, FL 0215 Health and Life Insurance Exam Questions & Answers Latest Update
Whole Life insurance is sometimes referred to as "Straight Life". What does the word "Straight" indicate
when using this phrase? - ✔-The duration of premium payments
A trustee-to-trustee transfer of rollover funds in a qualified plan allows a participant to avoid: - ✔-
mandatory income tax withholding on the transfer amount
Which parts of a life insurance policy are guaranteed to be true? - ✔-Warranty
An example of sliding would be - ✔-charging for an additional product without the applicant's consent
What is considered to be a characteristic of a Conditionally Renewable Health Insurance policy? - ✔-
Premiums may increase at time of renewal
The guarantee of insurability option provides a long-term care policyowner the ability to: - ✔-buy
additional coverage at a later date
Y purchased $100,000 worth of permanent protection on himself and $50,000 worth of 10-year Term
coverage for his wife on the same policy. Which if these policies did Y purchase? - ✔-Whole Life policy
with an Other Insured Rider
Which of the following situations does a Critical Illness plan cover? - ✔-Leukemia
J, an Accidental Death and Dismemberment (AD&D) policy holder, dies after injuries sustained in an
accident. J's age as stated on the application five years ago was found to be understated by ten years.
Which of the following actions will the insurance company take? - ✔-The insurer will adjust the benefit
to what the premiums paid would have purchased at the insured's actual age
The federal income tax treatment of employer-provided group Medical Expense insurance can be
accurately described as: - ✔-Employee's premium paid by the employer is tax-deductible to the
employer as a business expenditure
FL 0215 Health and Life Insurance Exam Questions & Answers Latest Update
