FLORIDA LIFE AND HEALTH EXAM
QUESTIONS AND VERIFIED ANSWERS GRADED A +
A physician opens up a new practice and qualifies for a $7,000/monthly Disability income
policy. What rider would the physician add if he wants the ability to increase hispolicy benefits
as his practice and income grow? - ANSWER- Guaranteed insurability option rider
Which of these types of coverage is best described as a short term medical policy -ANSWER-
INTERIM coverage
The COBRA gives workers (and their families) whose employment has been terminatedthe right
to... - ANSWER- Continue group health benefits
Under Florida law, which of the following provisions is NOT required in a MedicareSupplement
policy? - ANSWER- Limitation on pre-existing conditions for up to 12 months.
What are adjustable rates for life policy loans in Florida based on? - ANSWER- Moody's
corporate bond index
A policyowner's rights are limited under which beneficiary designation? - ANSWER- Irrevocable
A trustee-to-trustee transfer or rollover funds in a qualified plan allows a participant toavoid: -
ANSWER- Mandatory income tax withholding on the transfer amount.
J is an agent who has induced an insured through misrepresentation to surrender anexisting
insurance policy. What is J guilty of? - ANSWER- Twisted (got me twisted)
Who's life is covered on a life insurance policy that contains a payor benefit clause? -ANSWER-
Child
,Which of the following annuities pays benefits based on units rather that specific dollaramounts
- ANSWER- A Variable annuity
Which of the following factors affect the amount of monthly disability benefits payable under
social security? - ANSWER- The THE AMOUNT OF BENEFITS AVAILABLE fromother
sources
Which of the following provisions specifies how long a policy owner's health coveragewill
remain in effect if the policy owner does not pay the premium when it is due? - ANSWER- Grace
period
As a condition for a loan, a bank requires the borrower to purchase credit insurancefrom a
specific company. What is the bank guilty of? - ANSWER- Coercion
the USA Patriot Act was enacted in - ANSWER- 2001
What type of rider would be added to an Accident and Health Policy if the policy ownerwants to
ensure the policy will continue if he/she ever becomes totally disabled? - ANSWER- Waiver of
Premium Rider
A Disability Income policyowner suffers a disability which was due to the same cause as a
previous disability. Both disabilities occurred within a five-month period. The insurer
may cover the second disability without a new elimination period under the: - ANSWER-
Recurrent disability provision
What is the purpose of the Life and Health Insurance Guaranty Association? -ANSWER- Protect
policy owners against insolvent insurance companies
, In Florida, which of the following practitioners normally do NOT receive payment from health
insurance policies? - ANSWER- Naturopaths
S would like to use dividends from her life insurance policy to purchase paid-up additions. All of
these would be factors that determine how much coverage can bepurchased EXCEPT -
ANSWER- S's attained age
In regards to representations or warranties which of these statements is true -
ANSWER- if materialto the Risk, false representation will void the policy
Which of these action should be a producer take went to submitting and insurance application to
an insurer? - ANSWER- Inform insure relevant information not includedon the application
An immediate annuity consist of a: - ANSWER- Single premium
A life insurance application must be signed by all of these except - ANSWER- Thebeneficiary
(kid)
Additional coverage can be added to a whole life policy by adding a(n): - ANSWER-Decreasing
term rider
Under what system do a group of doctors and hospitals in a designated area contact with an
insurer to provide any service to a prearrange cost to the insured - ANSWER-PPO
W is a 39-year-old female who just purchased an annuity to provide income for life starting at
age 60. All of these would be acceptable annuity choices except - ANSWER- Immediate annuity
Florida 14 day free look period for life insurance policy begins at the - ANSWER- Dateof
delivery
QUESTIONS AND VERIFIED ANSWERS GRADED A +
A physician opens up a new practice and qualifies for a $7,000/monthly Disability income
policy. What rider would the physician add if he wants the ability to increase hispolicy benefits
as his practice and income grow? - ANSWER- Guaranteed insurability option rider
Which of these types of coverage is best described as a short term medical policy -ANSWER-
INTERIM coverage
The COBRA gives workers (and their families) whose employment has been terminatedthe right
to... - ANSWER- Continue group health benefits
Under Florida law, which of the following provisions is NOT required in a MedicareSupplement
policy? - ANSWER- Limitation on pre-existing conditions for up to 12 months.
What are adjustable rates for life policy loans in Florida based on? - ANSWER- Moody's
corporate bond index
A policyowner's rights are limited under which beneficiary designation? - ANSWER- Irrevocable
A trustee-to-trustee transfer or rollover funds in a qualified plan allows a participant toavoid: -
ANSWER- Mandatory income tax withholding on the transfer amount.
J is an agent who has induced an insured through misrepresentation to surrender anexisting
insurance policy. What is J guilty of? - ANSWER- Twisted (got me twisted)
Who's life is covered on a life insurance policy that contains a payor benefit clause? -ANSWER-
Child
,Which of the following annuities pays benefits based on units rather that specific dollaramounts
- ANSWER- A Variable annuity
Which of the following factors affect the amount of monthly disability benefits payable under
social security? - ANSWER- The THE AMOUNT OF BENEFITS AVAILABLE fromother
sources
Which of the following provisions specifies how long a policy owner's health coveragewill
remain in effect if the policy owner does not pay the premium when it is due? - ANSWER- Grace
period
As a condition for a loan, a bank requires the borrower to purchase credit insurancefrom a
specific company. What is the bank guilty of? - ANSWER- Coercion
the USA Patriot Act was enacted in - ANSWER- 2001
What type of rider would be added to an Accident and Health Policy if the policy ownerwants to
ensure the policy will continue if he/she ever becomes totally disabled? - ANSWER- Waiver of
Premium Rider
A Disability Income policyowner suffers a disability which was due to the same cause as a
previous disability. Both disabilities occurred within a five-month period. The insurer
may cover the second disability without a new elimination period under the: - ANSWER-
Recurrent disability provision
What is the purpose of the Life and Health Insurance Guaranty Association? -ANSWER- Protect
policy owners against insolvent insurance companies
, In Florida, which of the following practitioners normally do NOT receive payment from health
insurance policies? - ANSWER- Naturopaths
S would like to use dividends from her life insurance policy to purchase paid-up additions. All of
these would be factors that determine how much coverage can bepurchased EXCEPT -
ANSWER- S's attained age
In regards to representations or warranties which of these statements is true -
ANSWER- if materialto the Risk, false representation will void the policy
Which of these action should be a producer take went to submitting and insurance application to
an insurer? - ANSWER- Inform insure relevant information not includedon the application
An immediate annuity consist of a: - ANSWER- Single premium
A life insurance application must be signed by all of these except - ANSWER- Thebeneficiary
(kid)
Additional coverage can be added to a whole life policy by adding a(n): - ANSWER-Decreasing
term rider
Under what system do a group of doctors and hospitals in a designated area contact with an
insurer to provide any service to a prearrange cost to the insured - ANSWER-PPO
W is a 39-year-old female who just purchased an annuity to provide income for life starting at
age 60. All of these would be acceptable annuity choices except - ANSWER- Immediate annuity
Florida 14 day free look period for life insurance policy begins at the - ANSWER- Dateof
delivery
