XCel 2-15 Florida Life & Health State Exam
Simulator: Questions And Accurate Answers
What is considered to be a characteristic of an immediate annuity
Correct Answer - benefit payments start within one payment
period of purchase
Which of these characteristics is consistent with a straight life policy
Correct Answer - 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 Correct Answer -
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 Correct Answer - pay the amount
that the premium would have purchased at the correct age
What action can a policyowner take if an application for a bank loan
requires collateral Correct Answer - assign policy ownership
to the bank
What is required in the Florida Employee Health Care Access Act
Correct Answer - small group benefit plans are to be issued on a
guarantee issue basis
P is a forty year old woman and would like to purchase an annuity
that will provide a lifetime income stream beginning at age sixty.
Which of the following did she NOT buy? Correct Answer - an
immediate annuity
,The situation in which a group of physicians are salaried employees
and conduct business in an hmo facility is called Correct Answer -
closed panel
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 Answer -
immediately
an application for medicare supplement coverage may not be denied
by the insurer if the application was submitted within ______
month(s) after the applicant reaches the age 65 Correct Answer -
six
when a policyowner cash surrenders a universal life insurance
policy in its early years, this may be considered a red flag for a(n)
Correct Answer - anti money laundering violation
When is a Group Health policy required to provide coverage for a
newborn child? Correct Answer - at the moment of birth
which of the following situations does not apply to the florida
replacement rule Correct Answer - an existing policyholder
purchases an additional policy from the same insurer
under a renewable term policy Correct Answer - the renewal
premium is calculated on the basis of the insured's attained age
D owns a Whole Life policy that was purchased 10 years ago. If the
premium payments suddenly stop and D takes no additional action,
which Nonforfeiture Option will the insurer likely proceed with?
Correct Answer - extended term
, In Florida, which employee is eligible for an employer's group term
life plan? Correct Answer - employee who works more than 40
hours per week
which of the following statements is correct regarding an
employer/employee group health plan Correct Answer - the
employer receives a master policy and the employees receive
certificates
all of the following statements regarding a tax sheltered annuity
(tsa) are true except Correct Answer - income derived from
the tsa is received income tax free
How would a contingent beneficiary receive the policy proceeds in
an Accidental Death and Dismemberment (AD&D) policy? Correct
Answer - if the primary beneficiary dies before the insured
A student pilot can pay regular premium costs for her life insurance
policy with the addition of which of the following? Correct Answer
- aviation exclusion
which of these statements is incorrect regarding a preferred
provider organization (ppo)? Correct Answer - ppos are not a
type of managed care systems
which of the following is considered an accurate statement of an
unfair trade practice? Correct Answer - twisting involves an
agent using misrepresentation to convince a policyowner to cancel
their current policy so that they can purchase a new life insurance
policy with another company
what is floridas definition of life insurance replacement Correct
Answer - a transaction in which a new policy is bought and an
old policy is terminated
Simulator: Questions And Accurate Answers
What is considered to be a characteristic of an immediate annuity
Correct Answer - benefit payments start within one payment
period of purchase
Which of these characteristics is consistent with a straight life policy
Correct Answer - 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 Correct Answer -
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 Correct Answer - pay the amount
that the premium would have purchased at the correct age
What action can a policyowner take if an application for a bank loan
requires collateral Correct Answer - assign policy ownership
to the bank
What is required in the Florida Employee Health Care Access Act
Correct Answer - small group benefit plans are to be issued on a
guarantee issue basis
P is a forty year old woman and would like to purchase an annuity
that will provide a lifetime income stream beginning at age sixty.
Which of the following did she NOT buy? Correct Answer - an
immediate annuity
,The situation in which a group of physicians are salaried employees
and conduct business in an hmo facility is called Correct Answer -
closed panel
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 Answer -
immediately
an application for medicare supplement coverage may not be denied
by the insurer if the application was submitted within ______
month(s) after the applicant reaches the age 65 Correct Answer -
six
when a policyowner cash surrenders a universal life insurance
policy in its early years, this may be considered a red flag for a(n)
Correct Answer - anti money laundering violation
When is a Group Health policy required to provide coverage for a
newborn child? Correct Answer - at the moment of birth
which of the following situations does not apply to the florida
replacement rule Correct Answer - an existing policyholder
purchases an additional policy from the same insurer
under a renewable term policy Correct Answer - the renewal
premium is calculated on the basis of the insured's attained age
D owns a Whole Life policy that was purchased 10 years ago. If the
premium payments suddenly stop and D takes no additional action,
which Nonforfeiture Option will the insurer likely proceed with?
Correct Answer - extended term
, In Florida, which employee is eligible for an employer's group term
life plan? Correct Answer - employee who works more than 40
hours per week
which of the following statements is correct regarding an
employer/employee group health plan Correct Answer - the
employer receives a master policy and the employees receive
certificates
all of the following statements regarding a tax sheltered annuity
(tsa) are true except Correct Answer - income derived from
the tsa is received income tax free
How would a contingent beneficiary receive the policy proceeds in
an Accidental Death and Dismemberment (AD&D) policy? Correct
Answer - if the primary beneficiary dies before the insured
A student pilot can pay regular premium costs for her life insurance
policy with the addition of which of the following? Correct Answer
- aviation exclusion
which of these statements is incorrect regarding a preferred
provider organization (ppo)? Correct Answer - ppos are not a
type of managed care systems
which of the following is considered an accurate statement of an
unfair trade practice? Correct Answer - twisting involves an
agent using misrepresentation to convince a policyowner to cancel
their current policy so that they can purchase a new life insurance
policy with another company
what is floridas definition of life insurance replacement Correct
Answer - a transaction in which a new policy is bought and an
old policy is terminated
