Florida Life and Health Exam Simulator -
Questions With Comprehensive Solutions
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? Correct Answer - All
of the employees must be notified of the cancellation either by the
insurance company or through J
Statements made on an insurance application that are believed to be
true to the best of the applicant's knowledge are called Correct
Answer - representations
Business Overhead Expense Policy Correct Answer - covers
business expenses such as rent and utilities
In Florida, monthly-premium health insurance policies must provide
a grace period of at least Correct Answer - 10 Days
The payments on Q's annuity are no less than $250 quarterly. Which
of the following annuities does Q own? Correct Answer -
Flexible Installment Deferred
A "reimbursement policy" pays what amount of covered Long-Term
Care expenses? Correct Answer - Actual covered expenses up
to the daily maximum
How long is the typical free look period for Long Term care
insurance policies? Correct Answer - 30 days
When an employee is terminated, which statement about a group
term life conversion is true? Correct Answer - Policy proceeds
will be paid if the employee dies during the conversion period
, An ———- ————- life policy combines investment choices with
a form of term coverage. Correct Answer - Variable Universal
S, while in the process of converting her group life insurance to an
individual policy, dies. What happens to the claim her beneficiary
submits? Correct Answer - Full benefits are payable under the
Master contract
Life insurance immediately creates an estate upon the death of an
insured. Which of the following policies is characterized by a
guaranteed minimum death benefit? Correct Answer - Variable
Life
The advantage of reinstating an original life policy is Correct
Answer - The premiums are based on a younger age
What would be an accurate definition of "controlled business"
Correct Answer - Insurance business that is written on the
agents own life,property, or interests.
E and F are business partners. Each takes out a $500,000 life
insurance policy on the other, naming himself as primary
beneficiary. E and F eventually terminate their business, and four
months later E dies. Although E was married with three children at
the time of death, the primary beneficiary is still F. However, an
insurable interest no longer exists. Where will the proceeds from E's
life insurance policy be directed to? Correct Answer - In this
situation, the proceeds from E's life insurance policy will go to F.
Which product would best serve a retired individual looking to
invest a lump-sum of money through an insurance company?
Correct Answer - Annuity
Questions With Comprehensive Solutions
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? Correct Answer - All
of the employees must be notified of the cancellation either by the
insurance company or through J
Statements made on an insurance application that are believed to be
true to the best of the applicant's knowledge are called Correct
Answer - representations
Business Overhead Expense Policy Correct Answer - covers
business expenses such as rent and utilities
In Florida, monthly-premium health insurance policies must provide
a grace period of at least Correct Answer - 10 Days
The payments on Q's annuity are no less than $250 quarterly. Which
of the following annuities does Q own? Correct Answer -
Flexible Installment Deferred
A "reimbursement policy" pays what amount of covered Long-Term
Care expenses? Correct Answer - Actual covered expenses up
to the daily maximum
How long is the typical free look period for Long Term care
insurance policies? Correct Answer - 30 days
When an employee is terminated, which statement about a group
term life conversion is true? Correct Answer - Policy proceeds
will be paid if the employee dies during the conversion period
, An ———- ————- life policy combines investment choices with
a form of term coverage. Correct Answer - Variable Universal
S, while in the process of converting her group life insurance to an
individual policy, dies. What happens to the claim her beneficiary
submits? Correct Answer - Full benefits are payable under the
Master contract
Life insurance immediately creates an estate upon the death of an
insured. Which of the following policies is characterized by a
guaranteed minimum death benefit? Correct Answer - Variable
Life
The advantage of reinstating an original life policy is Correct
Answer - The premiums are based on a younger age
What would be an accurate definition of "controlled business"
Correct Answer - Insurance business that is written on the
agents own life,property, or interests.
E and F are business partners. Each takes out a $500,000 life
insurance policy on the other, naming himself as primary
beneficiary. E and F eventually terminate their business, and four
months later E dies. Although E was married with three children at
the time of death, the primary beneficiary is still F. However, an
insurable interest no longer exists. Where will the proceeds from E's
life insurance policy be directed to? Correct Answer - In this
situation, the proceeds from E's life insurance policy will go to F.
Which product would best serve a retired individual looking to
invest a lump-sum of money through an insurance company?
Correct Answer - Annuity
