2024 XCEL FL TEST STUDY GUIDE
EXAM WITH CORRECT ANSWERS
Which of the following types of health coverage frequently uses a
deductible? - CORRECT ANSWERS- Major Medical policy
What kind of Accidental Death and Dismemberment (AD&D) insurance
beneficiary requires his/her consent when a change of beneficiary is made? -
CORRECT ANSWERS- Irrevocable beneficiary
If a 10-Year Term Life policy contains a Renewability provision, the policy will
renew - CORRECT ANSWERS- without evidence of insurability
Under Florida law, a variable annuity policyowner must be notified of
accumulated value of the contract - CORRECT ANSWERS- once a year
Within how many days after policy delivery can a Medicare Supplement
policy be returned for a 100% premium refund? - CORRECT ANSWERS- 30
A qualified profit-sharing plan is designed to : - CORRECT ANSWERS- allow
employees to participate in the profits of the company
In a Key Employee life insurance policy, the third-party owner can be all of
the following, EXCEPT: - CORRECT ANSWERS- Insured
A life insurance policy's grace period entitles the insured a period of no less
than ___ days to make the premium payment. - CORRECT ANSWERS- 30
The Consideration clause of an insurance contract includes: - CORRECT
ANSWERS- the schedule and amount of premium payments
Which of the following is the MOST important factor when deciding how
much Disability Income coverage an applicant should purchase? - CORRECT
ANSWERS- Applicant's monthly income
During the course of an insurance transaction, if an agent makes a false or
incomplete statement, he/she could be found guilty of - CORRECT ANSWERS-
misrepresentation
Accidental Death coverage is provided to commercial airline passengers in
which of the following types of policies? - CORRECT ANSWERS- Blanket
Accident policy
,An IRA owner can start making withdrawals and NOT be subjected to a tax
penalty beginning at what age? - CORRECT ANSWERS- 59 1/2
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 force even though the premium has not been paid? - CORRECT ANSWERS-
31 days
A licensed agent must be appointed by an insurance company to solicit
insurance in Florida. The agent's license will terminate if a certain period of
time elapses without being appointed. How long is this period of time? -
CORRECT ANSWERS- 48 months
A Life insurance policyowner would like to take out a policy loan against the
cash value in his Whole Life policy. The interest rate applied to this loan may
vary over time. This is referred to as a(n) _______ rate loan. - CORRECT
ANSWERS- Variable
Which of these provisions require proof of insurability after a policy has
lapsed? - CORRECT ANSWERS- Reinstatement
What is the purpose of the Insurance Guaranty Fund Association? - CORRECT
ANSWERS- Protects policyowners against insolvent insurance companies
Which of the following is considered an accurate statement of an unfair trade
practice? - CORRECT ANSWERS- Twisting involves an agent using
misrepresentation to convince a policyowner to cancel their current policy so
that they can purchases a new life insurance policy with another company
Nursing home benefits must be provided for at least 12 consecutive months
in which of the following types of policies? - CORRECT ANSWERS- Long-Term
Care
According to Florida law, a Group Life insurance policy requires a minimum of
how many insureds? - CORRECT ANSWERS- No minimum
Life and health insurance policies are: - CORRECT ANSWERS- Unilateral
contracts
An agent that sells ______ Life insurance MUST be registered with the
Financial Industry Regulatory Authority (FINRA). - CORRECT ANSWERS-
Variable
With a medical discount plan, how often would a person generally pay a fee
to get discounts on specific services? - CORRECT ANSWERS- monthly
, Insurance companies that are organized in countries outside the United
States are referred to as - CORRECT ANSWERS- alien
A long-term care lapse notice must be delivered to both the applicant and -
CORRECT ANSWERS- secondary addressee
The Department may request all of these during the licensing application
process EXCEPT - CORRECT ANSWERS- drug test
A "reimbursement policy" pays what amount of coverage Long-Term Care
expenses? - CORRECT ANSWERS- Actual covered expenses up to the daily
maximum
In Florida, agents are allowed to engage in rebating if - CORRECT ANSWERS-
offered to all insureds in the same actuarial class
The individual who provides general medical care for a patient as well as the
referral for specialized care is known as a: - CORRECT ANSWERS- Primary
Care Physician
Which of the following statements is correct regarding an
employer/employee group health plan? - CORRECT ANSWERS- The employer
receives a master policy and the employees receive certificates.
In order to sell a(n) _______Life policy, a producer is required to register with
the Financial Industry Regulatory Authority (FINRA). - CORRECT ANSWERS-
Variable
R had received full disability income benefits for 6 months. When he returns
to work, he is only able to resume half his normal daily workload. Which
provision pays reduced benefits to R while he is not working at full capacity?
- CORRECT ANSWERS- Residual Disability
T sends proof of loss to her insurer for an acceptable medical expense claim
under her individual Health Insurance policy. Upon receipt, the insurer must
pay the benefits - CORRECT ANSWERS- immediately
An insurance company must act on an Accident and Health insurance
application for reinstatement within ____ days. - CORRECT ANSWERS- 45
Florida requires that coverage for newborns begins "from the moment of
birth" and continues for - CORRECT ANSWERS- 18 months
EXAM WITH CORRECT ANSWERS
Which of the following types of health coverage frequently uses a
deductible? - CORRECT ANSWERS- Major Medical policy
What kind of Accidental Death and Dismemberment (AD&D) insurance
beneficiary requires his/her consent when a change of beneficiary is made? -
CORRECT ANSWERS- Irrevocable beneficiary
If a 10-Year Term Life policy contains a Renewability provision, the policy will
renew - CORRECT ANSWERS- without evidence of insurability
Under Florida law, a variable annuity policyowner must be notified of
accumulated value of the contract - CORRECT ANSWERS- once a year
Within how many days after policy delivery can a Medicare Supplement
policy be returned for a 100% premium refund? - CORRECT ANSWERS- 30
A qualified profit-sharing plan is designed to : - CORRECT ANSWERS- allow
employees to participate in the profits of the company
In a Key Employee life insurance policy, the third-party owner can be all of
the following, EXCEPT: - CORRECT ANSWERS- Insured
A life insurance policy's grace period entitles the insured a period of no less
than ___ days to make the premium payment. - CORRECT ANSWERS- 30
The Consideration clause of an insurance contract includes: - CORRECT
ANSWERS- the schedule and amount of premium payments
Which of the following is the MOST important factor when deciding how
much Disability Income coverage an applicant should purchase? - CORRECT
ANSWERS- Applicant's monthly income
During the course of an insurance transaction, if an agent makes a false or
incomplete statement, he/she could be found guilty of - CORRECT ANSWERS-
misrepresentation
Accidental Death coverage is provided to commercial airline passengers in
which of the following types of policies? - CORRECT ANSWERS- Blanket
Accident policy
,An IRA owner can start making withdrawals and NOT be subjected to a tax
penalty beginning at what age? - CORRECT ANSWERS- 59 1/2
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 force even though the premium has not been paid? - CORRECT ANSWERS-
31 days
A licensed agent must be appointed by an insurance company to solicit
insurance in Florida. The agent's license will terminate if a certain period of
time elapses without being appointed. How long is this period of time? -
CORRECT ANSWERS- 48 months
A Life insurance policyowner would like to take out a policy loan against the
cash value in his Whole Life policy. The interest rate applied to this loan may
vary over time. This is referred to as a(n) _______ rate loan. - CORRECT
ANSWERS- Variable
Which of these provisions require proof of insurability after a policy has
lapsed? - CORRECT ANSWERS- Reinstatement
What is the purpose of the Insurance Guaranty Fund Association? - CORRECT
ANSWERS- Protects policyowners against insolvent insurance companies
Which of the following is considered an accurate statement of an unfair trade
practice? - CORRECT ANSWERS- Twisting involves an agent using
misrepresentation to convince a policyowner to cancel their current policy so
that they can purchases a new life insurance policy with another company
Nursing home benefits must be provided for at least 12 consecutive months
in which of the following types of policies? - CORRECT ANSWERS- Long-Term
Care
According to Florida law, a Group Life insurance policy requires a minimum of
how many insureds? - CORRECT ANSWERS- No minimum
Life and health insurance policies are: - CORRECT ANSWERS- Unilateral
contracts
An agent that sells ______ Life insurance MUST be registered with the
Financial Industry Regulatory Authority (FINRA). - CORRECT ANSWERS-
Variable
With a medical discount plan, how often would a person generally pay a fee
to get discounts on specific services? - CORRECT ANSWERS- monthly
, Insurance companies that are organized in countries outside the United
States are referred to as - CORRECT ANSWERS- alien
A long-term care lapse notice must be delivered to both the applicant and -
CORRECT ANSWERS- secondary addressee
The Department may request all of these during the licensing application
process EXCEPT - CORRECT ANSWERS- drug test
A "reimbursement policy" pays what amount of coverage Long-Term Care
expenses? - CORRECT ANSWERS- Actual covered expenses up to the daily
maximum
In Florida, agents are allowed to engage in rebating if - CORRECT ANSWERS-
offered to all insureds in the same actuarial class
The individual who provides general medical care for a patient as well as the
referral for specialized care is known as a: - CORRECT ANSWERS- Primary
Care Physician
Which of the following statements is correct regarding an
employer/employee group health plan? - CORRECT ANSWERS- The employer
receives a master policy and the employees receive certificates.
In order to sell a(n) _______Life policy, a producer is required to register with
the Financial Industry Regulatory Authority (FINRA). - CORRECT ANSWERS-
Variable
R had received full disability income benefits for 6 months. When he returns
to work, he is only able to resume half his normal daily workload. Which
provision pays reduced benefits to R while he is not working at full capacity?
- CORRECT ANSWERS- Residual Disability
T sends proof of loss to her insurer for an acceptable medical expense claim
under her individual Health Insurance policy. Upon receipt, the insurer must
pay the benefits - CORRECT ANSWERS- immediately
An insurance company must act on an Accident and Health insurance
application for reinstatement within ____ days. - CORRECT ANSWERS- 45
Florida requires that coverage for newborns begins "from the moment of
birth" and continues for - CORRECT ANSWERS- 18 months
