FLORIDA LIFE AND HEALTH EXAM WITH VERIFIED
QUESTIONS AND GUARANTEED ANSWERS GRADED A+.
Which of these actions is taken when a policyowner uses a Life insurance policy
ascollateral for a bank loan? - ANSWER- collateral assignment
Which of the following correctly explains the actions an agent should take if a
customer wants to apply for an insurance policy? - ANSWER- Complete the
application and review the information with the customer prior to obtaining the
customer's signature, then send the application off to the insurance company
Which of the following types of permanent life insurance policies offers the
highest initialcash value? - ANSWER- Single Premium
What type of life insurance are credit policies issued as? - ANSWER- Term
With Optionally Renewable health policies, the insurer may: - ANSWER- review
thepolicy annually and determine whether or not to renew it
What determines the full amount of Social Security retirement benefits a qualified
individual is entitled to receive? - ANSWER- Primary Insurance Amount (PIA)
Under a Renewable Term policy, - ANSWER- the renewal premium is calculated
on thebasis of the insured's attained age
Which of the following Statements BEST describes that the Legal Actions
provision of an Accident and Health policy requires? - ANSWER- An insured must
wait 60 days after Proof of Loss has been submitted before a lawsuit can be filed
,Who benefits in Investor-Originated Life Insurance (IOLI) when the insured dies? -
ANSWER- policyowner
Which of the following is NOT considered rebating? - ANSWER- Sharing
commissionswith an agent in the same line of business
When a life insurance policy exceeds certain IRS table values, the result would
createwhich of the following? - ANSWER- Modified Endowment Contract (MEC)
Any changes made on an insurance application requires the initials of whom? -
ANSWER- Applicant
S is employed by a large corporation that provides group health coverage for its
employees and their dependents. If S dies, the company must allow his surviving
spouse and dependents to continue their group health coverage for a maximum
of howmany months under COBRA regulations? - ANSWER- 36
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers
(andtheir families) whose employment has been terminated the right to: -
ANSWER- continue group health benefits
In Florida, monthly-premium health insurance policies must provide a grace
period of atleast - ANSWER- 10 days
AN agent that sells life insurance MUST be registered with the Financial Industry
Regulatory Authority (FINRA). - ANSWER- Variable
What is the purpose of the Time of Payment of Claims provision? - ANSWER-
Preventsdelayed claim payments made by the insurer
, Which of the following would be a likely candidate for disability income insurance
on akey employee? - ANSWER- Company executive
When an insured changes to a more hazardous occupation, which disability
policy provision allows an insurer to adjust policy benefits and rates? - ANSWER-
change ofoccupation provision
All of the following are Nonforfeiture Options EXCEPT - ANSWER- Automatic
PremiumLoan Option
K is an insured under a life insurance policy owned by a third party. Which of these
statements is true? - ANSWER- K has no ownership rights
D the agent met with a prospect and ended up selling an insurance policy. While
filliningout the insurance application, D makes a mistake. In this situation, D
MUST - ANSWER- correct the information and have the prospect initial the
change
K has a life insurance policy where her husband is beneficiary and her daughter
is contingent beneficiary. Under the Common Disaster clause, if K and her
husband areboth killed in an automobile accident, where would the death
proceeds be directed? -ANSWER- daughter
Two partners own equal shares in a business worth a total of $1,000,000. If they
both commit to the purchase of a life insurance policy that will fund a Buy-Sell
Agreement, which of the following is TRUE? - ANSWER- Each partner owns a
$500,000 policy on their partner's life
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 policyupon employment termination
QUESTIONS AND GUARANTEED ANSWERS GRADED A+.
Which of these actions is taken when a policyowner uses a Life insurance policy
ascollateral for a bank loan? - ANSWER- collateral assignment
Which of the following correctly explains the actions an agent should take if a
customer wants to apply for an insurance policy? - ANSWER- Complete the
application and review the information with the customer prior to obtaining the
customer's signature, then send the application off to the insurance company
Which of the following types of permanent life insurance policies offers the
highest initialcash value? - ANSWER- Single Premium
What type of life insurance are credit policies issued as? - ANSWER- Term
With Optionally Renewable health policies, the insurer may: - ANSWER- review
thepolicy annually and determine whether or not to renew it
What determines the full amount of Social Security retirement benefits a qualified
individual is entitled to receive? - ANSWER- Primary Insurance Amount (PIA)
Under a Renewable Term policy, - ANSWER- the renewal premium is calculated
on thebasis of the insured's attained age
Which of the following Statements BEST describes that the Legal Actions
provision of an Accident and Health policy requires? - ANSWER- An insured must
wait 60 days after Proof of Loss has been submitted before a lawsuit can be filed
,Who benefits in Investor-Originated Life Insurance (IOLI) when the insured dies? -
ANSWER- policyowner
Which of the following is NOT considered rebating? - ANSWER- Sharing
commissionswith an agent in the same line of business
When a life insurance policy exceeds certain IRS table values, the result would
createwhich of the following? - ANSWER- Modified Endowment Contract (MEC)
Any changes made on an insurance application requires the initials of whom? -
ANSWER- Applicant
S is employed by a large corporation that provides group health coverage for its
employees and their dependents. If S dies, the company must allow his surviving
spouse and dependents to continue their group health coverage for a maximum
of howmany months under COBRA regulations? - ANSWER- 36
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers
(andtheir families) whose employment has been terminated the right to: -
ANSWER- continue group health benefits
In Florida, monthly-premium health insurance policies must provide a grace
period of atleast - ANSWER- 10 days
AN agent that sells life insurance MUST be registered with the Financial Industry
Regulatory Authority (FINRA). - ANSWER- Variable
What is the purpose of the Time of Payment of Claims provision? - ANSWER-
Preventsdelayed claim payments made by the insurer
, Which of the following would be a likely candidate for disability income insurance
on akey employee? - ANSWER- Company executive
When an insured changes to a more hazardous occupation, which disability
policy provision allows an insurer to adjust policy benefits and rates? - ANSWER-
change ofoccupation provision
All of the following are Nonforfeiture Options EXCEPT - ANSWER- Automatic
PremiumLoan Option
K is an insured under a life insurance policy owned by a third party. Which of these
statements is true? - ANSWER- K has no ownership rights
D the agent met with a prospect and ended up selling an insurance policy. While
filliningout the insurance application, D makes a mistake. In this situation, D
MUST - ANSWER- correct the information and have the prospect initial the
change
K has a life insurance policy where her husband is beneficiary and her daughter
is contingent beneficiary. Under the Common Disaster clause, if K and her
husband areboth killed in an automobile accident, where would the death
proceeds be directed? -ANSWER- daughter
Two partners own equal shares in a business worth a total of $1,000,000. If they
both commit to the purchase of a life insurance policy that will fund a Buy-Sell
Agreement, which of the following is TRUE? - ANSWER- Each partner owns a
$500,000 policy on their partner's life
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 policyupon employment termination
