FL 0215 Health and Life Insurance Questions With
Complete Solutions
A ___ day notice to the policyholder is required for any health
insurer that wishes to cancel a health insurance policy. Correct
Answers 45
A 66 year-old is covered under a group health plan while
employed with a business that has 40 employees. If she injures
herself while walking in the park, what coverage would be
considered primary? Correct Answers Her group health plan
A contract where one party either accepts or rejects the terms of
a contract written by another party is called a contract of
Correct Answers adheasion
A Hospital/Surgical Expense policy was purchased for a family
of four in March 2013. The policy was issued with a $500
deductible and a limit of four deductibles per calendar year. Two
claims were paid in September 2013, each incurring medical
expenses in excess of the deductible. Two additional claims
were filed in 2014, each in excess of the deductible amount as
well. What would be this family's out of pocket medical
expenses for 2013? Correct Answers $1,000
A life insurance application may be rejected on the basis of all
of these factors EXCEPT Correct Answers gender
A life insurance policy that provides a policyowner with cash
value along with a level face amount is called: Correct Answers
Whole life
,A life insurance policyowner may sell their policy to a(n) __ in
order to receive a percentage of the policy's face value. Correct
Answers Viatical settlement provider
A life insurance policyowner would like to file a complaint
against a life insurance agent. In Florida, the entity that oversees
these complaints is called the Correct Answers Office of
Financial Regulation
A life policy loan in Florida cannot charge a fixed rate of
interest higher than Correct Answers 10%
A major medical policy typically Correct Answers provides
benefits for reasonable and necessary medical expenses, subject
to policy limits
A mutual insurance company and a stock insurance company
have one main difference between them. What is this major
contrast? Correct Answers Stock company is owned by its
shareholders. Mutual company is owned by its policyholders
A person insured under a health policy is required to give the
insurance company a Notice of Claim within how many days
after a covered loss? Correct Answers twenty
A physician opens up a new practice and qualifies for a
$7,000/month Disability Income policy. What rider would the
physician add if he wants the ability to increase his policy
benefit as his practice and income grow? Correct Answers
Guaranteed Insurability Option rider
, A pilot applies for Life insurance. The insurer approves the
application with a $10 additional monthly premium modification
due to the risk involved. The pilot declines the additional
premium modification. The insurer will then likely issue the
coverage with a(n) Correct Answers Aviation Exclusion
A policy loan is made possible by which of these life insurance
policy features? Correct Answers cash value provision
A policy that becomes a Modified Endowment Contract (MEC)
Correct Answers will lose many of its tax advantages
A policyowner is able to choose the frequency of premium
payments through what policy feature? Correct Answers
Premium mode
A potential client, age 40, would like to purchase a Whole Life
policy that will accumulate cash value at a faster rate in the early
years of the policy. Which of these statements made by the
producer would be correct? Correct Answers 20-Pay Life
accumulates cash value faster than Straight Life
A provision in a life insurance policy that pays the policyowner
an amount that does not surpass the guaranteed cash value is
called the: Correct Answers Policy Loan provision
A trustee-to-trustee transfer of rollover funds in a qualified plan
allows a participant to avoid: Correct Answers mandatory
income tax withholding on the transfer amount
Complete Solutions
A ___ day notice to the policyholder is required for any health
insurer that wishes to cancel a health insurance policy. Correct
Answers 45
A 66 year-old is covered under a group health plan while
employed with a business that has 40 employees. If she injures
herself while walking in the park, what coverage would be
considered primary? Correct Answers Her group health plan
A contract where one party either accepts or rejects the terms of
a contract written by another party is called a contract of
Correct Answers adheasion
A Hospital/Surgical Expense policy was purchased for a family
of four in March 2013. The policy was issued with a $500
deductible and a limit of four deductibles per calendar year. Two
claims were paid in September 2013, each incurring medical
expenses in excess of the deductible. Two additional claims
were filed in 2014, each in excess of the deductible amount as
well. What would be this family's out of pocket medical
expenses for 2013? Correct Answers $1,000
A life insurance application may be rejected on the basis of all
of these factors EXCEPT Correct Answers gender
A life insurance policy that provides a policyowner with cash
value along with a level face amount is called: Correct Answers
Whole life
,A life insurance policyowner may sell their policy to a(n) __ in
order to receive a percentage of the policy's face value. Correct
Answers Viatical settlement provider
A life insurance policyowner would like to file a complaint
against a life insurance agent. In Florida, the entity that oversees
these complaints is called the Correct Answers Office of
Financial Regulation
A life policy loan in Florida cannot charge a fixed rate of
interest higher than Correct Answers 10%
A major medical policy typically Correct Answers provides
benefits for reasonable and necessary medical expenses, subject
to policy limits
A mutual insurance company and a stock insurance company
have one main difference between them. What is this major
contrast? Correct Answers Stock company is owned by its
shareholders. Mutual company is owned by its policyholders
A person insured under a health policy is required to give the
insurance company a Notice of Claim within how many days
after a covered loss? Correct Answers twenty
A physician opens up a new practice and qualifies for a
$7,000/month Disability Income policy. What rider would the
physician add if he wants the ability to increase his policy
benefit as his practice and income grow? Correct Answers
Guaranteed Insurability Option rider
, A pilot applies for Life insurance. The insurer approves the
application with a $10 additional monthly premium modification
due to the risk involved. The pilot declines the additional
premium modification. The insurer will then likely issue the
coverage with a(n) Correct Answers Aviation Exclusion
A policy loan is made possible by which of these life insurance
policy features? Correct Answers cash value provision
A policy that becomes a Modified Endowment Contract (MEC)
Correct Answers will lose many of its tax advantages
A policyowner is able to choose the frequency of premium
payments through what policy feature? Correct Answers
Premium mode
A potential client, age 40, would like to purchase a Whole Life
policy that will accumulate cash value at a faster rate in the early
years of the policy. Which of these statements made by the
producer would be correct? Correct Answers 20-Pay Life
accumulates cash value faster than Straight Life
A provision in a life insurance policy that pays the policyowner
an amount that does not surpass the guaranteed cash value is
called the: Correct Answers Policy Loan provision
A trustee-to-trustee transfer of rollover funds in a qualified plan
allows a participant to avoid: Correct Answers mandatory
income tax withholding on the transfer amount
