Study guides, Class notes & Summaries

FLORIDA 2-15 INSURANCE LICENSE EXAM LATEST REAL EXAM 300 QUESTIONS AND CORRECT ANSWERS WITH RATIONALES |AGRADE|NEW!!

When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as - ANSWER Estate conservation In group insurance, the primary purpose of the Coordination of Benefits provision is to - ANSWER Prevent overinsurance Which of the following statements is NOT true regarding health insurance policy provisions? - ANSWER All additional provisions written by insurers are cataloged by their respective states. The policyowner has an option to pledge the life i...

A Supplementary Medical Expense policy combines the benefits of what two types of plans? - ANSWER Basic Medical and Major Medical Which of the following is not correct concerning Health Maintenance Organizations? - ANSWER They mandate enrollment for groups of 25 or more

Insurance - ANSWER Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - ANSWER Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Health Insurance - ANSWER Evolved from scientific principles to provide funds for medical expensed due to sickness or injury a...

risk pooling - ANSWER spreading risk over a large group of people law of large numbers - ANSWER larger the group, the more certain the predictions

In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - ANSWER 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. - ANSWER general buyer's guide

The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the: - ANSWER Insuring clause K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved. What kind of receipt was used? - ANSWER Conditional A life insurance arrangement which circumvents insurable interest statutes is called: - A...

Florida 2-15 Insurance License Exam Questions With Correct Answers 2024/2025 Accumulation units are converted into annuity units: - Correct Answer at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. - Correct Answer noncontributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before ...

In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - correct answer 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. - correct answer general buyer's guide; policy summary The Incontestable Clause states that the insurer cannot contest the va...

When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as - correct answer Estate conservation In group insurance, the primary purpose of the Coordination of Benefits provision is to - correct answer Prevent overinsurance Which of the following statements is NOT true regarding health insurance policy provisions? - correct answer All additional provisions written by insurers are cataloged by their respective states. The policyowner has an opt...