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Florida 2-15 Insurance License Exam Prep |
Health, Life, Annuities & Variable Contracts |
Latest 2026/2027 Edition | Verified Practice
Q&A Set
Disability benefits
Can be delayed up to 90 days depending on the policy
Transaction insurance
Includes all of the following: preliminary negotiations towards the sale of insurance, solicitation
or inducement to purchase insurance, and effecting a contract of insurance.
Group plan
The law requires that each HMO offering a group plan within Florida must have an open
enrollment period of not less than 30 days during every 18 month period.
CFO penalties
Fine, suspension of license, revocation of license
NAIC Objectives
To promote uniformity of insurance legislation among the states, to increase efficiency of
insurance regulation, and to protect the interest of the insuring public.
Florida Life & Heath Guaranty Association
All states have guaranty funds or guaranty associations
Re-entry option
Provides the insured a rate lower than what the contract states
Renewable Term Insurance
The company must renew the policy at the insureds request, without the insured having to prove
good health.
Adhesion
Life insurance is a contract of adhesion because it is drawn up solely by the insured company
Consideration for Health Insurance
The considers clause may specify the insureds right to renew, two principal elements are the
premium payment and the application and the amount and frequency of payment are stated
,within the consideration clause.
Twisting and rebating
Apply to both life and health insurance
Term
Is the most commonly used for group life insurance
Health insurance companies
Are not voluntary service organizations
A multiple protection policy
Pays a benefit of double or triple the face amount if death occurs during a specific period
Typical health insurance
Covers most things except expenses associated with treatment of injury or sickness
Emergency period
Is not recognized as an income need period for survivors in life insurance planning
Coinsurance
The insured bears a percentage of the cost of health care services being received.
Expressed Authority
Authority granted by means of the agent's contract
Unethical Conduct
When an agent replaces a policy w/out doing a full and fair comparison for the client
Sliding
an unfair trade practice that applies to all insurance products
Admitted Insurance Company
One that is licensed by the Florida OIR to transact specified classes of insurance
Classification of Applicants
Preferred risk premium rates are generally lower than standard risk rates
Risk
the only kind of risk that is insurable and involves only the chance of loss; there is never a
possibility of gain or profit
,Morale Hazard
A person who has a habit of driving recklessly
Conditionally Renewable
Allows a company to cancel a policy under certain conditions
Proof of Loss
Loss must be filed w/the carrier w/in 90 days from the date of loss
Franchise (Wholesale) Insurance
Employer is not the master policyholder, they are the sponsor of the plan, and collect premiums
from the employees and remits them to the insurance company; each person received an
individual policy.
Loss of an Appointment for ANY line
48 months
Medicare Supplement (Medigap)
Makes up for what medicare doesn't cover
Waiver of Premium Rider
All premiums are waived during a period of total and permanent disability prior to reaching a
specific age
Substandard Risk Applicants
An applicant who is charged an extra premium
Accelerated Benefits Provision
a standard in life insurance policies
Name Change or Address Change to DFS (timeframe)
30 days
Grace period for an ordinary life policy (timeframe)
30 days
CFO and OIR
Can examine the financial conditions, affairs, and management of any person/company, may
issue subpoenas & summon witnesses to aid in the examination, and is responsible for licensing
& supervising agents/brokers.
, Covered by a qualified pension plan, works part time, and the employer offers no retirement plan
The employee can start their own IRA
Spendthrift Clause
Does not apply to proceeds paid in one lump sum, it shelters the unpaid death proceeds from the
claims of beneficiary's creditors, and shelters the unpaid death proceeds from the claims of the
policy owner's creditors.
Waiting period for disability income benefits under the SS program
5 months
Medicare
Program designed to provide hospital and medical expenses insurance to those age 65 and older.
Flexible premium deferred annuity
Accumulation units held by an investor
Health Policy Exclusions
war or any acts of war, pre-existing illnesses, and injuries received while committing or
attempting to commit a felony.
Conditional Receipt
Before this is issued an application must be signed and premium deposit paid
Group Insurance Plan
the employer is the applicant of this
Medicare Part A
Covers inpatient hospital services, post-hospital skilled nursing care in a facility, and hospice
care for the terminally ill (in lieu of other benefits).
Franchise Health Plan
A type of group health plan that provides health insurance coverage to members of an
association or professional society.
Unfair Trade Practices - Punishments
third degree felony, administrative fine of $5k for each non willful violation, or administrative
fine of $30k for each willful violation.
With an AD&D policy if someone intentionally does something to injure themselves they
would...
receive no benefit.
Florida 2-15 Insurance License Exam Prep |
Health, Life, Annuities & Variable Contracts |
Latest 2026/2027 Edition | Verified Practice
Q&A Set
Disability benefits
Can be delayed up to 90 days depending on the policy
Transaction insurance
Includes all of the following: preliminary negotiations towards the sale of insurance, solicitation
or inducement to purchase insurance, and effecting a contract of insurance.
Group plan
The law requires that each HMO offering a group plan within Florida must have an open
enrollment period of not less than 30 days during every 18 month period.
CFO penalties
Fine, suspension of license, revocation of license
NAIC Objectives
To promote uniformity of insurance legislation among the states, to increase efficiency of
insurance regulation, and to protect the interest of the insuring public.
Florida Life & Heath Guaranty Association
All states have guaranty funds or guaranty associations
Re-entry option
Provides the insured a rate lower than what the contract states
Renewable Term Insurance
The company must renew the policy at the insureds request, without the insured having to prove
good health.
Adhesion
Life insurance is a contract of adhesion because it is drawn up solely by the insured company
Consideration for Health Insurance
The considers clause may specify the insureds right to renew, two principal elements are the
premium payment and the application and the amount and frequency of payment are stated
,within the consideration clause.
Twisting and rebating
Apply to both life and health insurance
Term
Is the most commonly used for group life insurance
Health insurance companies
Are not voluntary service organizations
A multiple protection policy
Pays a benefit of double or triple the face amount if death occurs during a specific period
Typical health insurance
Covers most things except expenses associated with treatment of injury or sickness
Emergency period
Is not recognized as an income need period for survivors in life insurance planning
Coinsurance
The insured bears a percentage of the cost of health care services being received.
Expressed Authority
Authority granted by means of the agent's contract
Unethical Conduct
When an agent replaces a policy w/out doing a full and fair comparison for the client
Sliding
an unfair trade practice that applies to all insurance products
Admitted Insurance Company
One that is licensed by the Florida OIR to transact specified classes of insurance
Classification of Applicants
Preferred risk premium rates are generally lower than standard risk rates
Risk
the only kind of risk that is insurable and involves only the chance of loss; there is never a
possibility of gain or profit
,Morale Hazard
A person who has a habit of driving recklessly
Conditionally Renewable
Allows a company to cancel a policy under certain conditions
Proof of Loss
Loss must be filed w/the carrier w/in 90 days from the date of loss
Franchise (Wholesale) Insurance
Employer is not the master policyholder, they are the sponsor of the plan, and collect premiums
from the employees and remits them to the insurance company; each person received an
individual policy.
Loss of an Appointment for ANY line
48 months
Medicare Supplement (Medigap)
Makes up for what medicare doesn't cover
Waiver of Premium Rider
All premiums are waived during a period of total and permanent disability prior to reaching a
specific age
Substandard Risk Applicants
An applicant who is charged an extra premium
Accelerated Benefits Provision
a standard in life insurance policies
Name Change or Address Change to DFS (timeframe)
30 days
Grace period for an ordinary life policy (timeframe)
30 days
CFO and OIR
Can examine the financial conditions, affairs, and management of any person/company, may
issue subpoenas & summon witnesses to aid in the examination, and is responsible for licensing
& supervising agents/brokers.
, Covered by a qualified pension plan, works part time, and the employer offers no retirement plan
The employee can start their own IRA
Spendthrift Clause
Does not apply to proceeds paid in one lump sum, it shelters the unpaid death proceeds from the
claims of beneficiary's creditors, and shelters the unpaid death proceeds from the claims of the
policy owner's creditors.
Waiting period for disability income benefits under the SS program
5 months
Medicare
Program designed to provide hospital and medical expenses insurance to those age 65 and older.
Flexible premium deferred annuity
Accumulation units held by an investor
Health Policy Exclusions
war or any acts of war, pre-existing illnesses, and injuries received while committing or
attempting to commit a felony.
Conditional Receipt
Before this is issued an application must be signed and premium deposit paid
Group Insurance Plan
the employer is the applicant of this
Medicare Part A
Covers inpatient hospital services, post-hospital skilled nursing care in a facility, and hospice
care for the terminally ill (in lieu of other benefits).
Franchise Health Plan
A type of group health plan that provides health insurance coverage to members of an
association or professional society.
Unfair Trade Practices - Punishments
third degree felony, administrative fine of $5k for each non willful violation, or administrative
fine of $30k for each willful violation.
With an AD&D policy if someone intentionally does something to injure themselves they
would...
receive no benefit.
