Florida Insurance Exam Questions And Answers

Florida Insurance Exam Questions And Answers The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the: - ANS Insuring clause K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved. What kind of receipt was used? - ANS Conditional A life insurance arrangement which circumvents insurable interest statutes is called: - ANS Investor-Originated Life Insurance Which of the following health policy provisions states that the producer does NOT have the authority to change the policy or waive any of its provisions? - ANS Entire Contract Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund? - ANS 30 Which of the following is NOT an unfair claim settlement practice? - ANS Needing written documentation of claim details Who is NOT required to sign a life insurance application? - ANS Beneficiary To be eligible for Social Security disability benefits, an employee must be unable to perform: - ANS any occupation The type of annuity that can be purchased with one monetary deposit is called a(n): - ANS Immediate annuity A life insurance application must be signed by all of these, EXCEPT: - ANS beneficiary Which of the following is considered an accurate statement of an unfair trade practice? - ANS 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 The Accelerated Death Benefit provision in a life insurance policy is also known as a(n): - ANS Living Benefit Which of the following policy features allows an insured to defer current health charges to the following year's deductible instead of the current year's deducitble? - ANS Carryover provision Insurance policies are considered aleatory contracts because - ANS performance is conditioned upon a future occurrence Within how many days must a licensee notify the Department of Financial Services of a change in address? - ANS 30 Which organization was established to provide funds to protect an insured in the event of an insurer's insolvency? - ANS Florida Life and Health Insurance Guaranty Association The clause in an Accident and Health policy which defines the benefit amounts the insurer will pay is called the: - ANS Insuring clause When a policyowner cash surrenders a Universal Life insurance policy in it's early years, this may be considered a red flag for a(n): - ANS Anti-Money Laundering violation According to the Time Payment of Claims provision, the insurer must pay Disability Income benefits no less frequently than which of the following options? - ANS Monthly What would the Medical Information Bureau (MIB) identify? - ANS Testing positive for marijuana use from a previous screening How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - ANS If the primary beneficiary dies before the insured Under a Renewable Term policy, - ANS the renewal premium is calculated on the basis of the insured's attained age Which of the following statements is true about most Blue Cross/Blue Shield organizations? - ANS They are nonprofit organizations If a policyowner does not pay the premium by the due date, the - ANS policyowner can make the premium payment during the grace period According to Florida law, which of the following information does NOT need to be obtained by an agent recommending an annuity purchase? - ANS Marital status Which of these characteristics is consistent with a Straight Life policy? - ANS Premiums are payable for as long as there is insurance coverage in force P completes an application for a $10,000 life policy, but does not give the producer the initial premium. P's coverage becomes effective when: - ANS P receives the policy and pays the premium On August 6, D submitted an application for a $50,000 Life Insurance policy and did not pay the initial premium. On August 18, D went to his doctor complaining of chest pains and some tests were given by the doctor. The life policy was delivered by the producer on August 20 and D explains what had recently taken place with the doctor. What action should the producer then take? - ANS Collect initial premium along with a signed health statement A life insurance policyowner may sell their poli