XCEL FL TEST STUDY GUIDE Graded A+

XCEL FL TEST STUDY GUIDE Graded A+ Which of the following types of health coverage frequently uses a deductible? policy Major Medical 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 evidence of insurability once a year without Under Florida law, a variable annuity policyowner must be notified of accumulated value of the contract Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund? 30 During the course of an insurance transaction, if an agent makes a false or incomplete statement, he/she could be found guilty of misrepresentation Accidental Death coverage is provided to commercial airline passengers in which of the following types of policies? Blanket Accident policy An IRA owner can start making withdrawals and NOT be subjected to a tax penalty beginning at what age? 59 1/2 According to the Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid? 31 days A licensed agent must be appointed by an insurance company to solicit insurance in Florida. The agent's license will terminate if a certain period of time elapses without being appointed. How long is this period of time? 48 months A Life insurance policyowner would like to take out a policy loan against the cash value in his Whole Life policy. The interest rate applied to this loan may vary over time. This is referred to as a(n) _______ rate loan. Variable Which of these provisions require proof of insurability after a policy has lapsed? What is the purpose of the Insurance Guaranty Fund Association? Reinstatement Protects policyowners against insolvent insurance companies Which of the following is considered an accurate statement of an unfair trade practice? Twisting involves an agent using misrepresentation to convince a policyowner to cancel their current policy so that they can purchases a new life insurance policy with another company Nursing home benefits must be provided for at least 12 consecutive months in which of the following types of policies? Long-Term Care No minimum According to Florida law, a Group Life insurance policy requires a minimum of how many insureds? Life and health insurance policies are: Unilateral contracts An agent that sells ______ Life insurance MUST be registered with the Financial Industry Regulatory Authority (FINRA). Variable With a medical discount plan, how often would a person generally pay a fee to get discounts on specific services? monthly alien Insurance companies that are organized in countries outside the United States are referred to as A long-term care lapse notice must be delivered to both the applicant and secondary addressee The Department may request all of these during the licensing application process EXCEPT drug test A "reimbursement policy" pays what amount of coverage Long-Term Care expenses? covered expenses up to the daily maximum In Florida, agents are allowed to engage in rebating if Actual offered to all insureds in the same actuarial class The individual who provides general medical care for a patient as well as the referral for specialized care is known as a: Primary Care Physician Which of the following statements is correct regarding an employer/employee group health plan? The employer receives a master policy and the employees receive certificates. In order to sell a(n) _______Life policy, a producer is required to register with the Financial Industry Regulatory Authority (FINRA). Variable R had received full disability income benefits for 6 months. When he returns to work, he is only able to resume half his normal daily workload. Which provision pays reduced benefits to R while he is not working at full capacity? Residual Disability T sends proof of loss to her insurer for an acceptable medical expense claim under her individual Health Insurance policy. Upon receipt, the insurer must pay the benefits immediately An insurance company must act on an Accident and Health insurance application for reinstatement within ____ days. 45 18 months Florida requires that coverage for newborns begins "from the moment of birth" and continues for J is an agent who recently told a claimant that his rights might be impaired if he does not complete a release form within a specified time. What could this agent be found guilty of? Coercion A company that owns a life insurance policy on one of its key employees may do all of the following EXCEPT Change the policy's interest rate The provision that defines to whom the insurer will pay benefit to is called: Payment of Claims A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits? In a qualified retirement plan, the yearly contributions to an employee's account: maximum levels set by the IRS A policyowner's right are limited under which beneficiary designation? Irrevocable Insurance are restricted t