Florida 2 -15 Insurance Exam Sample Questions with correct solutio ns. A medigap policy is a Medicare supplement insurance policy sold by private insurance companies to : ✔️ Fill the gaps in medicare part a and b Generally Noncontributory group health plans require what percentage of participation by eligible members ? ✔️ 100% Are there certain standards and procedures that must be followed in order to make reccomendations for annuity products to consumers age 65 and older? EXCEPT some facts that must be collected from the senior consumer are ? ✔️ Personal information, including the age and sex of the parties to the annuity and the ages and number of dependents and the applicants annual income. Which of the following ones below whole life policies provide level premiums limited to a certain time period ? ✔️ Limited Pay Whole Life Which of the following is an optional provision in Health Insurance ? ✔️ Misstatement of age. Any transaction in which new life insurance or an annuity is to be purchased and it is known, or should be known to the agent, that existing life insurance or an annuity will be amended to reduce benefits or coverage is covered under which regulation ? ✔️ Replacement Dollar Cost Averaging is considered : ✔️ An investment strategy for reducing the impact of volatilely on large purchases of financial assets such as equities. A life insurance company organized in Georgia with its home office in Kentucky is licensed to conduct business in California. In California, this company is classified as : ✔️ A foreign company Florida Law requires an additional lapse notice be sent for individual life contract that have been in force for at least one year and that covers persons : ✔️ 64 years or older A variable annuity offers a plan : ✔️ ( all of the above ) Based primarily on equity investments That could negate the effects of inflation To provide payments that can change monthly in dollar amount. When a life insurance policy beneficiary opts to receive interest only payments , the insurance company can pay a ___ interest rate than the pre -
established minimum rate. ✔️ Higher The suicide provision typically stipulates a ___ period of time in which the policy's death benefit will not be paid if the insured commits suicide ✔️ Two - year The ________ is the amount the AD&D policy will pay as a death benefit if death is due to an accident and the ______ is the amount payable for the accidental loss of eyesight or accidental dismemberment. ✔️ Principle Sum, Capital Sum A company that is incorporated in Florida and is conducting business in Florida is considered ____ insurer ✔️ Domestic Peter is insured under a 500,000 life insurance policy, and his wife Jennifer are instantly killed in an accident. Under the Uniform Simultaneous Death Act, to whose estate would the proceeds be paid ? ✔️ Divided equally between the both estates
established minimum rate. ✔️ Higher The suicide provision typically stipulates a ___ period of time in which the policy's death benefit will not be paid if the insured commits suicide ✔️ Two - year The ________ is the amount the AD&D policy will pay as a death benefit if death is due to an accident and the ______ is the amount payable for the accidental loss of eyesight or accidental dismemberment. ✔️ Principle Sum, Capital Sum A company that is incorporated in Florida and is conducting business in Florida is considered ____ insurer ✔️ Domestic Peter is insured under a 500,000 life insurance policy, and his wife Jennifer are instantly killed in an accident. Under the Uniform Simultaneous Death Act, to whose estate would the proceeds be paid ? ✔️ Divided equally between the both estates
