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XCEL FL TEST STUDY GUIDE WITH QUESTIONS AND CORRECT ANSWERS/ ALREADY PASSED Which of the following types of health coverage frequently uses a deductible? Major Medical policy What kind of Accidental Death and Dismemberment (AD&D) insurance beneficiary requires his/her consent when a change of beneficiary is made? Irrevocable beneficiary If a 10-Year Term Life policy contains a Renewability provision, the policy will renew without evidence of insurability Under Florida law, a variable...

Florida 2-20 Exam Preparation Questions and Correct Answers B. A general lines agent or a general lines insurance agency Who may appoint a Customer Representative? Select one: A. A surplus lines agent holding a general lines license and a surplus lines license B. A general lines agent or a general lines insurance agency C. An adjuster D. An insurance company D. After 90 days in Florida Mr. Smith lives in New Jersey but visits Florida each year. When does he come under the Florida N...

Life and Health State Exam Questions and 100% Correct Answers What documentation grants express authority to an agent? a. Fiduciary Contract b. State provisions c. Agent's contract with the principal d. Agent's insurance license Agent's contract with the principal Which of the following must an insurer obtain in order to transact insurance within a given state? a. Certificate of authority b. Producer's certificate c. Business entity license d. Insurer's license Cert...

Florida 2-15 Insurance License Exam Questions and Correct Answers Accumulation units are converted into annuity units: at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. noncontributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again. FALSE Robert had an acc...

Florida Health and Life Chapter 1 Review Questions and Correct Answers Reserve funds held by the company to help fulfill future claims Multi-lane insurer an insurance company/independent agent that provides a one-stop shop for businesses or individuals seeking coverage for all their insurance needs. Stock Companies insurance companies owned and controlled by a group of stockholders whose investment in the company provides the safety margin necessary in issuance of guaranteed, fixed prem...

Florida Life and Health Pre-licensing Test Questions and Correct Answers Participating When a policy pays dividends to its policyholders, it is said to be Risk Retention Assesses and spreads risk of liability to members Policyholders Elects the governing body of a mutual insurance company Investor Contract Life insurance arrangement which circumvents insurable interest statuses Investor Originated Life Insurance (IOLI) allows one to bypass insurable interest laws Stranger-Origi...

Health and Life Insurance Study Guide with Questions and Correct Answers According to the laws of agency, an insurance agent appointed by an insurance company acts on behalf of: the appointing insurer Which characteristic about an insurance policy prevents the policyowner from transferring it to a third party without the insurer's consent? personal Which entity spreads the cost of losses among its members by having each member pay a pro-rata share of these losses? reciprocal insurer ...

Life, Health, Variable Annuity Review Questions and Correct Answers The purpose of Disability Income insurance is to provide: protection against economic death Old Man AnnaCee, 67 yrs old, has had a policy for 16 years. In addition to his regular grace period he will have an additional grace period of how many days? 30 days 21 days 31 days there are no additional days 21 days Which premium factor is not common to both life and health insurance? 1. age & sex 2. dividends 3. ...

2-15 Life, Health, and Variable Annuities- State of FL Exam Questions and Correct Answers Insurance Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Health Insurance Evolved from scientific principles t...

FL Life and Health State Exam Study Questions and Correct Answers To an individual policy upon employment termination 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 Self maintenance expenses Which of these factors does NOT influence an applicant's need for life insurance? Full face amount minus any past due premiums An insured is past due on his life insurance premium, but is still within t...