Florida Laws and Rules Questions and Answers Solved 100% Correct

According to Florida law, an additional notice must be issued after the standard grace period has expired for policyowners age - ANSWER-64 The waiting period for a pre-existing condition under a Medicare Supplement policy may NOT go beyond - ANSWER-6 months Which of the following employer tasks does a Professional Employer Organization normally handle? - ANSWER-Administration tasks Which of the following is an example of an Unfair Trade Practice? - ANSWER-coercion Which two entities regulate variable annuities? - ANSWER-Department of Financial Services; and Securities Exchange Commission Which of the following is NOT required in the Outline of Coverage for a health insurance policy? - ANSWER-Projection of the policy's future costs Which action could result in a hearing being ordered by the Department of Financial Services? - ANSWER-Performing insurance transactions without a license All of these are a prerequisite for becoming a licensed agent EXCEPT - ANSWER-to graduate from high school 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? - ANSWER-The proceeds would be reduced based on whatever the premium would have been if purchased at age 59 In Florida, the underwriting and issuance of a master group health policy requires that all employees - ANSWER-are eligible to participate, regardless of their individual health history Which of the following is NOT a consequence for placing business with an unauthorized insurer? - ANSWER-First degree misdemeanor According to Florida, which of the following situations would a dependent handicapped child NOT be covered under a Family Health Policy? - ANSWER-The premiums are not paid When replacing or exchanging an annuity, the agent must disclose to the annuitant - ANSWER-the possible tax ramifications as a result of the transaction Florida's 14-day free-look period for life insurance policies begins at the - ANSWER-Date of delivery Which of the following situations are NOt subject to Florida life insurance laws? - ANSWER-Insurance companies' day-to-day operations A mutual insurance company and a stock insurance company have one main difference between them. What is this major contract? - ANSWER-Stock company owned by shareholders and mutual company owned by policy owners T is an employee covered under a Group Life policy. If T's employment is terminated, the conversion privilege gives T the right to convert - ANSWER-to an individual policy upon employment termination An example of an unfair claims practice would be - ANSWER-failing to effectuate prompt, fair, and equitable settlements of a claim Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund? - ANSWER-30 Which of the following documents must an agent submit to the replacing insurance company during the replacement of an existing life insurance? - ANSWER-Notice to existing and replacing insurer of intention to replace The coordination of benefits (COB) provisions exists in order to - ANSWER-Avoid duplication of benefit pyments Agents that have been licensed for less than six years must complete __ hours of continuing education every two years. - ANSWER-24 Association Plans that are designed to provide health benefits to their members are regulated by the state because *they are insured by an authorized insurer *they conduct business in Florida *they provide a service to their members *they require a certain level of member participation - ANSWER-*they are insured by an authorized insurer (Association Plans must be fully insured by an authorized insurer. The insurer is subject to state regulation.)