FL LIFE AND HEALTH INSURANCE 2-15
STUDY EXAM 165 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
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? - CORRECT ANSWER ✔✔- 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 - CORRECT ANSWER ✔✔- adhesion
All of the following statements about Major Medical benefits are true, EXCEPT: -
CORRECT ANSWER ✔✔- 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? - CORRECT ANSWER ✔✔- 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: - CORRECT ANSWER ✔✔- 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
1
,force even though the premium has not been paid? - CORRECT ANSWER ✔✔-
31 days
Which provision allows the policy owner to change a term life policy to a
permanent one without providing proof of good health? - CORRECT ANSWER
✔✔- Conversion
What do families pay that are covered by the Florida Healthy Kids Corporation? -
CORRECT ANSWER ✔✔- A portion of the premium
Which statement regarding third-party ownership of a life insurance policy is true?
- CORRECT ANSWER ✔✔- 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? -
CORRECT ANSWER ✔✔- 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? - CORRECT ANSWER ✔✔-
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? - CORRECT ANSWER ✔✔- 100%
What are adjustable rates for life policy loans in Florida based on? - CORRECT
ANSWER ✔✔- Moody's corporate bond index.
2
, 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): -
CORRECT ANSWER ✔✔- exclusion for the medical condition
What is the initial requirement for an insured to become eligible for benefits under
the Waiver of Premium provision? - CORRECT ANSWER ✔✔- 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? -
CORRECT ANSWER ✔✔- Non occupational coverage
K is insured under a Group Life Insurance policy. K is considered to be a(n) -
CORRECT ANSWER ✔✔- certificate holder
According to Florida law, which of the following information does NOT need to
be obtained by an agent recommending an annuity purchase? - CORRECT
ANSWER ✔✔- Marital status
Dividends paid from a life insurance policy are - CORRECT ANSWER ✔✔-
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? - CORRECT ANSWER ✔✔-
Entire Contract
3
STUDY EXAM 165 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
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? - CORRECT ANSWER ✔✔- 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 - CORRECT ANSWER ✔✔- adhesion
All of the following statements about Major Medical benefits are true, EXCEPT: -
CORRECT ANSWER ✔✔- 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? - CORRECT ANSWER ✔✔- 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: - CORRECT ANSWER ✔✔- 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
1
,force even though the premium has not been paid? - CORRECT ANSWER ✔✔-
31 days
Which provision allows the policy owner to change a term life policy to a
permanent one without providing proof of good health? - CORRECT ANSWER
✔✔- Conversion
What do families pay that are covered by the Florida Healthy Kids Corporation? -
CORRECT ANSWER ✔✔- A portion of the premium
Which statement regarding third-party ownership of a life insurance policy is true?
- CORRECT ANSWER ✔✔- 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? -
CORRECT ANSWER ✔✔- 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? - CORRECT ANSWER ✔✔-
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? - CORRECT ANSWER ✔✔- 100%
What are adjustable rates for life policy loans in Florida based on? - CORRECT
ANSWER ✔✔- Moody's corporate bond index.
2
, 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): -
CORRECT ANSWER ✔✔- exclusion for the medical condition
What is the initial requirement for an insured to become eligible for benefits under
the Waiver of Premium provision? - CORRECT ANSWER ✔✔- 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? -
CORRECT ANSWER ✔✔- Non occupational coverage
K is insured under a Group Life Insurance policy. K is considered to be a(n) -
CORRECT ANSWER ✔✔- certificate holder
According to Florida law, which of the following information does NOT need to
be obtained by an agent recommending an annuity purchase? - CORRECT
ANSWER ✔✔- Marital status
Dividends paid from a life insurance policy are - CORRECT ANSWER ✔✔-
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? - CORRECT ANSWER ✔✔-
Entire Contract
3
