XCEL 2-15 FLORIDA LIFE & HEALTH STATE
EXAM
With a medical discount plan, how often would a person generally pay a fee to
get discounts on specific services?
Monthly
Agent J takes an application and initial premium from an applicant and sends the
application and premium check to the insurance company. The insurance
company returns the check back to J because the check is made out to J instead of
the insurance company. What action should J take?
return to the customer, collect a new check made out to the insurance company,
and send the new check out to the insurance company
which of the following life insurance policies combine term insurance with an
investment element
universal life
which of the following statements best describes the intent of a coinsurance
clause in a major medical policy
discourages overutilization of the insurance coverage
term insurance has which of the following characteristics
expires at the end of the policy period
,which of the following is an example of a nonforfeiture option
reduced paid up option
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and
Dismemberment policy insuring their father. Their mother was named contingent
beneficiary. Five years later, S dies of natural causes and the father is killed in a
scuba accident shortly afterwards. How much of the death benefit will the mother
receive?
0
a stock life insurance company that issues both participating and nonparticipating
policies is doing business on
a mixed plan
Tom has a qualified retirement plan with his employer that is currently considered
to be 80% "vested". How can this be interpreted?
if toms employment is terminated, 20% of the funds would be forfeited
the accelerated death benefit provision in a life insurance policy is also known as
a(n)
living benefit
,An employee requested that the balance of her 401(k) account be sent directly to
her in one lump sum. Upon receipt of the distribution, she immediately has the
funds rolled over into an IRA. What is the tax consequence of the distribution sent
to this employee?
distribution is subject to federal income tax withholding
A group plan was recently terminated. In Florida, how many days are covered
individuals guaranteed coverage after a group plan's termination?
31 days
Under the USA Patriot Act, insurers are required to report receipt of cash
payments in excess of
10000
a life insurance policyowner may sell their policy to a(n) _______ in order to
receive a percentage of the policys face value
viatical settlement provider
all of the following entries are classified under the four principal areas of florida
insurance law except
an agents commission
an agent that sells _______ life insurance must be registered with the financial
industry regulatory authority (finra)
, variable
a(n) ______ term life policy is normally used when covering an insured mortgage
balance
decreasing
an ira owner can start making withdrawals and not be subjected to a tax penalty
beginning at what age
59 ½
what is considered to be a characteristic of an immediate annuity
benefit payments start within one payment period of purchase
which of these characteristics is consistent with a straight life policy
premiums are payable for as long as there is insurance coverage in force
an insureds inability to perform two or more activities of daily living may trigger
which type of life policy rider
long term care
B recently died and was insured with a life insurance policy for over five years.
During the claims process, the insurer discovered that B had understated his age
by 5 years at the time of application. In this situation, the insurer will
EXAM
With a medical discount plan, how often would a person generally pay a fee to
get discounts on specific services?
Monthly
Agent J takes an application and initial premium from an applicant and sends the
application and premium check to the insurance company. The insurance
company returns the check back to J because the check is made out to J instead of
the insurance company. What action should J take?
return to the customer, collect a new check made out to the insurance company,
and send the new check out to the insurance company
which of the following life insurance policies combine term insurance with an
investment element
universal life
which of the following statements best describes the intent of a coinsurance
clause in a major medical policy
discourages overutilization of the insurance coverage
term insurance has which of the following characteristics
expires at the end of the policy period
,which of the following is an example of a nonforfeiture option
reduced paid up option
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and
Dismemberment policy insuring their father. Their mother was named contingent
beneficiary. Five years later, S dies of natural causes and the father is killed in a
scuba accident shortly afterwards. How much of the death benefit will the mother
receive?
0
a stock life insurance company that issues both participating and nonparticipating
policies is doing business on
a mixed plan
Tom has a qualified retirement plan with his employer that is currently considered
to be 80% "vested". How can this be interpreted?
if toms employment is terminated, 20% of the funds would be forfeited
the accelerated death benefit provision in a life insurance policy is also known as
a(n)
living benefit
,An employee requested that the balance of her 401(k) account be sent directly to
her in one lump sum. Upon receipt of the distribution, she immediately has the
funds rolled over into an IRA. What is the tax consequence of the distribution sent
to this employee?
distribution is subject to federal income tax withholding
A group plan was recently terminated. In Florida, how many days are covered
individuals guaranteed coverage after a group plan's termination?
31 days
Under the USA Patriot Act, insurers are required to report receipt of cash
payments in excess of
10000
a life insurance policyowner may sell their policy to a(n) _______ in order to
receive a percentage of the policys face value
viatical settlement provider
all of the following entries are classified under the four principal areas of florida
insurance law except
an agents commission
an agent that sells _______ life insurance must be registered with the financial
industry regulatory authority (finra)
, variable
a(n) ______ term life policy is normally used when covering an insured mortgage
balance
decreasing
an ira owner can start making withdrawals and not be subjected to a tax penalty
beginning at what age
59 ½
what is considered to be a characteristic of an immediate annuity
benefit payments start within one payment period of purchase
which of these characteristics is consistent with a straight life policy
premiums are payable for as long as there is insurance coverage in force
an insureds inability to perform two or more activities of daily living may trigger
which type of life policy rider
long term care
B recently died and was insured with a life insurance policy for over five years.
During the claims process, the insurer discovered that B had understated his age
by 5 years at the time of application. In this situation, the insurer will
