EXAM SIMULATOR FLORIDA-LIFE &
HEALTH / FL HEALTH & LIFE AND
ANNUITY COMPLETE STUDY GUIDE
ACTUAL TEST QUESTIONS WITH
DETAILED VERIFIED ANSWERS /
ALREADY GRADED A+
LATEST UPDATED 2025/2026
A non-contributory plan requires _________ participation of all eligible employees -
ans100%
A characteristic of preferred provider organizations (PPOS) would be: - ansDiscounted fees
for the patient
Which of the following areas of state regulation is NOT protected by the saving clause in
ERISA? - ansCommerce
Additional coverage can be added to a whole Life policy by adding a(n): - ansdecreasing term
rider
What benefit does the payor clause on a Juvenile Life policy provide? - ansPremiums are
waived if the payor becomes disabled
According to Florida law, when must an agent deliver the outline of Coverage to a Medicare
Supplement applicant? - ansAt the time of application
N is a student pilot with a large life insurance policy. Which of these features would limit the
insurer's obligation in the event N was killed while flying as a student pilot? - ansExclusion
Which statement is true regarding a minor beneficiary ? - ansNormally, a guarding is required
to be appointed in the Beneficiary clause of the contract
A sole proprietor may use this plan ONLY if the employees of this business are included. -
ansIndividual Retirement Account (IRA)
Which of the following provisions is NOT required in HMO contracts/certificated? -
ansSeven-day grace period
The Bureau of Unclaimed Property is overseen by the - ansChief Financial Officer
A life policy that contains a monthly mortality charge as well as self-directed investment
choices is called a(n) - ansVariable Universal Life policy
An insurance company normally has 2 years to contest information provided on an accident
and health application. This 2 year period begins on the date that the: - ansinsurer dated the
policy
P is a new employee and will be obtaining non- contributory group Major Medical insurance
from her employer. Which of the following actions must she take during the open enrollment
period? - ansSign an enrollment card
Which of the following statements is true about most Blue Cross/Blue Shield organizations? -
ansThey are nonprofit organizations
A "reimbursement policy" pays what amount of covered Long-Term care expenses? -
ansActual covered expenses up to the daily maximum
An individual covered under a group life insurance policy is considered to be a (n) -
anscertificate holder
,EXAM SIMULATOR FLORIDA-LIFE &
HEALTH / FL HEALTH & LIFE AND
ANNUITY COMPLETE STUDY GUIDE
ACTUAL TEST QUESTIONS WITH
DETAILED VERIFIED ANSWERS /
ALREADY GRADED A+
LATEST UPDATED 2025/2026
The __________ has the right to change a life insurance policy's beneficiary. -
anspolicyowner
Which of the following documents must an agent submit to the replacing insurance company
during the replacement of an existing life insurance policy? - ansNotice to existing and
replacing insurers of intention to replace
Which of these statements concerning an individual Disability income policy is TRUE? -
ansNormally includes an Elimination period
A statement made by an insured in an insurance application that must be true to the best of
one's knowledge and which becomes a part of the contract is known as - ansa representation
A foreign insurance company doing business in Florida - ansis a company that was formed
under the laws of another state
An insurer must provide an insured with claim forms within __ days after receiving notice of
a loss. - ans15
When an insurer issues a policy that refuses to cover certain risks, this is referred to as a(n)
: - ansexclusion
What is the initial source of underwriting for an insurance policy? - ansApplication
containing statements from the insured
T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight life Annuity.
What will this transaction provide? - ansIncome that cannot be outlived by the owner
Tom has a qualified retirement plan with his employer that is currently considered to be 80%
"vested". How can this be interpreted? - ansIf Tom's employment is terminated, 20% of the
funds would be forfeited
Which settlement option pays a stated amount to an annuitant, but no residual value to a
beneficiary? - ansLife Income
K buys a policy where the premium stays fixed for the first 5 years. The premium then
increases in year 6 and stays level thereafter, all the while the death benefit remains the same.
What kind of policy is this? - ansModified Whole Life
An Insured's inability to perform two or more activities of daily living may trigger which type
of life policy rider? - ansLong term care
Which of these is an element of a Variable Life policy? - ansA fixed, level premium
F needs life insurance that provides coverage for only a limited amount of time with a death
benefit that changes regularly to a schedule. What kind of policy is needed? - ansDecreasing
term policy
Which parts of a life insurance policy are guaranteed to be true? - ansWarranty
In Major Medical Expense policies, what is the objective of a Stop Loss provision? -
ansLimits an insured's out-of-pocket medical expenses.
, EXAM SIMULATOR FLORIDA-LIFE &
HEALTH / FL HEALTH & LIFE AND
ANNUITY COMPLETE STUDY GUIDE
ACTUAL TEST QUESTIONS WITH
DETAILED VERIFIED ANSWERS /
ALREADY GRADED A+
LATEST UPDATED 2025/2026
T has an annuity that guarantees an income payment for the rest of his life. The contract also
guaranteed that if T dies before receiving payments for 20 years, the remaining payments will
be paid to his son for the balance of the 20 years. What type of annuity is this? - ansLife
Annuity with Period Certain
Florida's 14-day free-look period for life insurance policies begins at the - ansdate of delivery
J would like to maintain the right to change beneficiaries. Which beneficiary designation
should be used? - ansRevocable
The Notice of Claims provision requires a policyowner to: - ansnotify an insurer of a claim
within a specified time
What type of life policy cover 2 lives and pays the face amount after the first one dies? -
ansJoint Life Policy
on August 6, D submitted and application for a $50,000 Life Insurance policy and did not pay
the initial premium. On August 18, D went to his doctor complaining of chest pains and some
tests were given by the doctor. The life policy was delivered by the producer on August 20
and D explains what had recently taken place with the doctor. What action should the
producer take? - ansCollect initial premium along with a signed health statement
J owns a business and has a group Life policy covering her employees. J decides to cancel the
policy by letting it lapse on the renewal date. What action must be taken? - ansAll of the
employees must be notified of the cancellation either by the insurance company or through J
Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of Term
coverage on himself under the same policy. What kind of policy should Q purchase? -
ansWhole life policy with other insured rider
A life insurance policy would be considered a wagering contract WITHOUT - ansinsurable
interest
A Business overhead Expense policy would cover which of the following if a business owner
becomes disabled? - ansUtilities and office rent
A Whole Life insurance policyowner does NOT have the right to - anschange the grace
period
Which of the following types of Term Life policies most likely contains a Renewability
feature? - ans10 Year Convertible Term
A catastrophic illness would be best covered by which of the following health insurance
plans? - ansMajor Medical
Many small business owner worry how their business would survive financially if the owner
becomes disabled. The policy which BEST addresses this concern is: - ansBusiness Overhead
Expense
HEALTH / FL HEALTH & LIFE AND
ANNUITY COMPLETE STUDY GUIDE
ACTUAL TEST QUESTIONS WITH
DETAILED VERIFIED ANSWERS /
ALREADY GRADED A+
LATEST UPDATED 2025/2026
A non-contributory plan requires _________ participation of all eligible employees -
ans100%
A characteristic of preferred provider organizations (PPOS) would be: - ansDiscounted fees
for the patient
Which of the following areas of state regulation is NOT protected by the saving clause in
ERISA? - ansCommerce
Additional coverage can be added to a whole Life policy by adding a(n): - ansdecreasing term
rider
What benefit does the payor clause on a Juvenile Life policy provide? - ansPremiums are
waived if the payor becomes disabled
According to Florida law, when must an agent deliver the outline of Coverage to a Medicare
Supplement applicant? - ansAt the time of application
N is a student pilot with a large life insurance policy. Which of these features would limit the
insurer's obligation in the event N was killed while flying as a student pilot? - ansExclusion
Which statement is true regarding a minor beneficiary ? - ansNormally, a guarding is required
to be appointed in the Beneficiary clause of the contract
A sole proprietor may use this plan ONLY if the employees of this business are included. -
ansIndividual Retirement Account (IRA)
Which of the following provisions is NOT required in HMO contracts/certificated? -
ansSeven-day grace period
The Bureau of Unclaimed Property is overseen by the - ansChief Financial Officer
A life policy that contains a monthly mortality charge as well as self-directed investment
choices is called a(n) - ansVariable Universal Life policy
An insurance company normally has 2 years to contest information provided on an accident
and health application. This 2 year period begins on the date that the: - ansinsurer dated the
policy
P is a new employee and will be obtaining non- contributory group Major Medical insurance
from her employer. Which of the following actions must she take during the open enrollment
period? - ansSign an enrollment card
Which of the following statements is true about most Blue Cross/Blue Shield organizations? -
ansThey are nonprofit organizations
A "reimbursement policy" pays what amount of covered Long-Term care expenses? -
ansActual covered expenses up to the daily maximum
An individual covered under a group life insurance policy is considered to be a (n) -
anscertificate holder
,EXAM SIMULATOR FLORIDA-LIFE &
HEALTH / FL HEALTH & LIFE AND
ANNUITY COMPLETE STUDY GUIDE
ACTUAL TEST QUESTIONS WITH
DETAILED VERIFIED ANSWERS /
ALREADY GRADED A+
LATEST UPDATED 2025/2026
The __________ has the right to change a life insurance policy's beneficiary. -
anspolicyowner
Which of the following documents must an agent submit to the replacing insurance company
during the replacement of an existing life insurance policy? - ansNotice to existing and
replacing insurers of intention to replace
Which of these statements concerning an individual Disability income policy is TRUE? -
ansNormally includes an Elimination period
A statement made by an insured in an insurance application that must be true to the best of
one's knowledge and which becomes a part of the contract is known as - ansa representation
A foreign insurance company doing business in Florida - ansis a company that was formed
under the laws of another state
An insurer must provide an insured with claim forms within __ days after receiving notice of
a loss. - ans15
When an insurer issues a policy that refuses to cover certain risks, this is referred to as a(n)
: - ansexclusion
What is the initial source of underwriting for an insurance policy? - ansApplication
containing statements from the insured
T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight life Annuity.
What will this transaction provide? - ansIncome that cannot be outlived by the owner
Tom has a qualified retirement plan with his employer that is currently considered to be 80%
"vested". How can this be interpreted? - ansIf Tom's employment is terminated, 20% of the
funds would be forfeited
Which settlement option pays a stated amount to an annuitant, but no residual value to a
beneficiary? - ansLife Income
K buys a policy where the premium stays fixed for the first 5 years. The premium then
increases in year 6 and stays level thereafter, all the while the death benefit remains the same.
What kind of policy is this? - ansModified Whole Life
An Insured's inability to perform two or more activities of daily living may trigger which type
of life policy rider? - ansLong term care
Which of these is an element of a Variable Life policy? - ansA fixed, level premium
F needs life insurance that provides coverage for only a limited amount of time with a death
benefit that changes regularly to a schedule. What kind of policy is needed? - ansDecreasing
term policy
Which parts of a life insurance policy are guaranteed to be true? - ansWarranty
In Major Medical Expense policies, what is the objective of a Stop Loss provision? -
ansLimits an insured's out-of-pocket medical expenses.
, EXAM SIMULATOR FLORIDA-LIFE &
HEALTH / FL HEALTH & LIFE AND
ANNUITY COMPLETE STUDY GUIDE
ACTUAL TEST QUESTIONS WITH
DETAILED VERIFIED ANSWERS /
ALREADY GRADED A+
LATEST UPDATED 2025/2026
T has an annuity that guarantees an income payment for the rest of his life. The contract also
guaranteed that if T dies before receiving payments for 20 years, the remaining payments will
be paid to his son for the balance of the 20 years. What type of annuity is this? - ansLife
Annuity with Period Certain
Florida's 14-day free-look period for life insurance policies begins at the - ansdate of delivery
J would like to maintain the right to change beneficiaries. Which beneficiary designation
should be used? - ansRevocable
The Notice of Claims provision requires a policyowner to: - ansnotify an insurer of a claim
within a specified time
What type of life policy cover 2 lives and pays the face amount after the first one dies? -
ansJoint Life Policy
on August 6, D submitted and application for a $50,000 Life Insurance policy and did not pay
the initial premium. On August 18, D went to his doctor complaining of chest pains and some
tests were given by the doctor. The life policy was delivered by the producer on August 20
and D explains what had recently taken place with the doctor. What action should the
producer take? - ansCollect initial premium along with a signed health statement
J owns a business and has a group Life policy covering her employees. J decides to cancel the
policy by letting it lapse on the renewal date. What action must be taken? - ansAll of the
employees must be notified of the cancellation either by the insurance company or through J
Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of Term
coverage on himself under the same policy. What kind of policy should Q purchase? -
ansWhole life policy with other insured rider
A life insurance policy would be considered a wagering contract WITHOUT - ansinsurable
interest
A Business overhead Expense policy would cover which of the following if a business owner
becomes disabled? - ansUtilities and office rent
A Whole Life insurance policyowner does NOT have the right to - anschange the grace
period
Which of the following types of Term Life policies most likely contains a Renewability
feature? - ans10 Year Convertible Term
A catastrophic illness would be best covered by which of the following health insurance
plans? - ansMajor Medical
Many small business owner worry how their business would survive financially if the owner
becomes disabled. The policy which BEST addresses this concern is: - ansBusiness Overhead
Expense
