Florida Life and Health Final Exam Questions with Answers Latest Update
Florida Life and Health Final Exam Questions
with Answers Latest Update
Which Unfair Trade Practice involves making a false statement on an insurance application in order to
receive money from an insurer? - ✔-Misrepresentation
Who owns a stock company? - ✔-A stock insurance company is owned by its stockholders.
In Florida, which of the following is considered an Unfair Trade Practice? - ✔-Coercion
Which of these options can an individual use their medical flexible spending account to pay for? - ✔-
Prescription drugs are an allowable expense when paid for by a medical flexible spending account.
Which of the following features of a group Term Life policy enables an individual to leave the group and
continue his or her insurance without providing evidence of insurability? - ✔-The conversion privilege
allows an individual to leave the group term plan and continue his or her insurance without providing
evidence of insurability.
An example of false advertising would be - ✔-An insurer exaggerating its dividends in a magazine
advertisement
Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first six months. Q dies
suddenly and the beneficiary is paid $500,000. This exchange of unequal values reflects which of the
following insurance contract features? - ✔-Aleatory.
Insurance contracts are aleatory in that the amount the insured will pay in premiums is unequal to the
amount that the insurer will pay in the event of a loss.
An example of an unfair trade practice is - ✔-Making a material misrepresentation to an insured is
considered to be an unfair trade practice.
How would a contingent beneficiary receive the policy proceeds in an Accidental Death and
Dismemberment (AD&D) policy? - ✔-A contingent beneficiary will receive the policy proceeds if the
primary beneficiary dies before the insured's death.
Florida Life and Health Final Exam Questions with Answers Latest Update
,Florida Life and Health Final Exam Questions with Answers Latest Update
Which of these terms accurately defines an underwriter's assessment of information on a life insurance
application? - ✔-Risk classification.
Underwriting, another term for risk selection, is the process of reviewing the many characteristics that
make up the risk profile of an applicant to determine if the applicant is insurable and, if so, at standard
or substandard rates.
T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage
as of the date of the application or medical examination, whichever is later. Assuming that T is an
acceptable risk, what item is given to T? - ✔-Conditional receipt.
A conditional receipt binds the insurer to coverage as of the date of the application or medical exam,
provided the proposed insured is determined to be an acceptable risk.
What is required in the Florida Employee Health Care Access Act? - ✔-Small group benefit plans are to
be issued on a "guarantee-issue" basis
P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and
Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in
a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to - ✔-P.
In this situation, benefits will be paid to P because P survived the accident and is the primary
beneficiary.
The health insurance program which is administered by each state and funded by both the federal and
state governments is called - ✔-Medicaid- is funded by both the federal and state governments and
administered by individual states.
Which of the following BEST describes a short-term medical expense policy? - ✔-Nonrenewable.
A typical short-term medical expense policy is best described as nonrenewable.
Which of the following statements about noncontributory employee group life insurance is FALSE? - ✔-
A minimum number of employees is required to participate". Noncontributory employee group life
insurance plans must cover ALL eligible employees at all times
Florida Life and Health Final Exam Questions with Answers Latest Update
, Florida Life and Health Final Exam Questions with Answers Latest Update
A Disability Income policyowner recently submitted a claim for a chronic neck problem that has now
resulted in total disability. The original neck injury occurred before the application was taken 5 years
prior. The neck injury was never disclosed to the insurer at the time of application. How will the insurer
handle this claim? - ✔-Claim will be paid and coverage will remain in force.
After a policy has been in force for 2 (sometimes 3) years, it enters the incontestable period, in which
the insurer may not deny a claim based on information not disclosed at the time of application.
S takes out a health insurance policy which contains a provision that states that the agent does not have
the authority to change the policy or waive any of its provisions. Which health policy provision is this? -
✔-Entire Contract.
The Entire Contract provision states that the agent does NOT have the authority to change the policy or
waive any of its provisions.
What type of life insurance gives the greatest amount of coverage for a limited period of time? - ✔-
Term life.
Level Term or Level-Premium: Level term life insurance provides the insured with coverage for a
specified period of time; the term may be one, five, 10, 20 years or longer. The premium is calculated
based on the age and health of the insured.
Periodic health claim payments MUST be made at least - ✔-monthly.
Under an individual health policy, periodic claim payments must be made at least monthly.
Many small business owners worry how their business would survive financially if the owner becomes
disabled. The policy which BEST addresses this concern is - ✔-Business Overhead Expense.
A Business Overhead Expense policy's purpose is to cover certain overhead expenses that continue
when the businessowner is disabled.
Florida Life and Health Final Exam Questions with Answers Latest Update
Florida Life and Health Final Exam Questions
with Answers Latest Update
Which Unfair Trade Practice involves making a false statement on an insurance application in order to
receive money from an insurer? - ✔-Misrepresentation
Who owns a stock company? - ✔-A stock insurance company is owned by its stockholders.
In Florida, which of the following is considered an Unfair Trade Practice? - ✔-Coercion
Which of these options can an individual use their medical flexible spending account to pay for? - ✔-
Prescription drugs are an allowable expense when paid for by a medical flexible spending account.
Which of the following features of a group Term Life policy enables an individual to leave the group and
continue his or her insurance without providing evidence of insurability? - ✔-The conversion privilege
allows an individual to leave the group term plan and continue his or her insurance without providing
evidence of insurability.
An example of false advertising would be - ✔-An insurer exaggerating its dividends in a magazine
advertisement
Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first six months. Q dies
suddenly and the beneficiary is paid $500,000. This exchange of unequal values reflects which of the
following insurance contract features? - ✔-Aleatory.
Insurance contracts are aleatory in that the amount the insured will pay in premiums is unequal to the
amount that the insurer will pay in the event of a loss.
An example of an unfair trade practice is - ✔-Making a material misrepresentation to an insured is
considered to be an unfair trade practice.
How would a contingent beneficiary receive the policy proceeds in an Accidental Death and
Dismemberment (AD&D) policy? - ✔-A contingent beneficiary will receive the policy proceeds if the
primary beneficiary dies before the insured's death.
Florida Life and Health Final Exam Questions with Answers Latest Update
,Florida Life and Health Final Exam Questions with Answers Latest Update
Which of these terms accurately defines an underwriter's assessment of information on a life insurance
application? - ✔-Risk classification.
Underwriting, another term for risk selection, is the process of reviewing the many characteristics that
make up the risk profile of an applicant to determine if the applicant is insurable and, if so, at standard
or substandard rates.
T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage
as of the date of the application or medical examination, whichever is later. Assuming that T is an
acceptable risk, what item is given to T? - ✔-Conditional receipt.
A conditional receipt binds the insurer to coverage as of the date of the application or medical exam,
provided the proposed insured is determined to be an acceptable risk.
What is required in the Florida Employee Health Care Access Act? - ✔-Small group benefit plans are to
be issued on a "guarantee-issue" basis
P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and
Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in
a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to - ✔-P.
In this situation, benefits will be paid to P because P survived the accident and is the primary
beneficiary.
The health insurance program which is administered by each state and funded by both the federal and
state governments is called - ✔-Medicaid- is funded by both the federal and state governments and
administered by individual states.
Which of the following BEST describes a short-term medical expense policy? - ✔-Nonrenewable.
A typical short-term medical expense policy is best described as nonrenewable.
Which of the following statements about noncontributory employee group life insurance is FALSE? - ✔-
A minimum number of employees is required to participate". Noncontributory employee group life
insurance plans must cover ALL eligible employees at all times
Florida Life and Health Final Exam Questions with Answers Latest Update
, Florida Life and Health Final Exam Questions with Answers Latest Update
A Disability Income policyowner recently submitted a claim for a chronic neck problem that has now
resulted in total disability. The original neck injury occurred before the application was taken 5 years
prior. The neck injury was never disclosed to the insurer at the time of application. How will the insurer
handle this claim? - ✔-Claim will be paid and coverage will remain in force.
After a policy has been in force for 2 (sometimes 3) years, it enters the incontestable period, in which
the insurer may not deny a claim based on information not disclosed at the time of application.
S takes out a health insurance policy which contains a provision that states that the agent does not have
the authority to change the policy or waive any of its provisions. Which health policy provision is this? -
✔-Entire Contract.
The Entire Contract provision states that the agent does NOT have the authority to change the policy or
waive any of its provisions.
What type of life insurance gives the greatest amount of coverage for a limited period of time? - ✔-
Term life.
Level Term or Level-Premium: Level term life insurance provides the insured with coverage for a
specified period of time; the term may be one, five, 10, 20 years or longer. The premium is calculated
based on the age and health of the insured.
Periodic health claim payments MUST be made at least - ✔-monthly.
Under an individual health policy, periodic claim payments must be made at least monthly.
Many small business owners worry how their business would survive financially if the owner becomes
disabled. The policy which BEST addresses this concern is - ✔-Business Overhead Expense.
A Business Overhead Expense policy's purpose is to cover certain overhead expenses that continue
when the businessowner is disabled.
Florida Life and Health Final Exam Questions with Answers Latest Update
