- Study guides, Class notes & Summaries

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...

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11 pages

Written in 2024/2025

Grade A

twishfrancis

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...

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4 pages

Written in 2024/2025

Grade A

twishfrancis

Health Insurance Florida 2-40 Practice Exam Questions 2 and Correct Answers Which of the following is NOT a form of medical insurance? -Business overhead expense -Surgical expense -Hospital expense -Long term care Business overhead expense (Explanation:Business Overhead Expense insurance is designed to reimburse a business for overhead expenses in the event a business owner becomes disabled. Expenses such as rent, utilities, telephone, equipment, employees' salaries, etc.) All of th...

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60 pages

Written in 2024/2025

Grade A

twishfrancis

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. ...

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27 pages

Written in 2024/2025

Grade A

twishfrancis

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...

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40 pages

Written in 2024/2025

Grade A

twishfrancis

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...

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8 pages

Written in 2024/2025

Grade A

twishfrancis

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 ...

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9 pages

Written in 2024/2025

Grade A

twishfrancis

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...

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9 pages

Written in 2024/2025

Grade A

twishfrancis

Florida Health & Life (Including Annuities & Variable Contracts) Questions and Correct Answers Risk Can be defined as uncertainty regarding financial loss Speculative Risks You can Win or lose/ loss or gain Pure Risks Only change is Loss Peril defined as the immediate specific event causing loss and giving rise to risk. Hazard A factor that give rise to a Peril 1- physical Hazards Deafness and blindness-increase the chance of a peril 2-Moral Hazards Alcohol/drug addiction/intentional..ten...

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7 pages

Written in 2024/2025

Grade A

twishfrancis

Certification Exam- Florida Life and Health Pre-Licensing Review Questions and Correct Answers What percentage of eligible persons must be a policy cover in a noncontributory group? 100% In Florida, a health policy that is paid on a quarterly basis requires a grace period of 31 days 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 to an individual policy upon employment termination The minimu...

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11 pages

Written in 2024/2025

Grade A

twishfrancis

FL Exam Study for Health and Life Insurance, Part 2 Questions and Correct Answers Insurer can increase premium on anniversary date and insurer has right to renew for life of contract Guaranteed renewability Dependent children benefits cover kids up to what age? 26 Reimbursed medical expenses can be claimed when? When expenses exceed 10% of adjusted gross income Contract where one company (reinsurer) indemnifies another insurance company (ceding) for or all of liabilities Reinsurance ...

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4 pages

Written in 2024/2025

Grade A

twishfrancis

Florida Agent's Health Insurance General Knowledge-Types of Policies Questions and Correct Answers Short Term Medical Insurance A plan designed to provide temporary coverage fro people in transition. Abailable fo terms from 1 month to 11 months. Are not regulated by the Affordable Health Care Act. Enorllment is not limited but they do not meet the requiremnts of federally mandated health insurance converage. Accident-Only Policies Limited Policies and provide coverage for death, dismemberme...

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7 pages

Written in 2024/2025

Grade A

twishfrancis

Florida XCEL Health Practice Exam Questions and Correct Answers 2025 What type of insurance company is domiciled in England, but conducts business in Florida? Alien The minimum age at which a person can sign a life insurance application is 15 Years In Florida, monthly-premium health insurance policies must provide a grace period of at least 10 days W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true...

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23 pages

Written in 2024/2025

Grade A

twishfrancis

Florida Life Insurance Practice Test Questions and Correct Answers The receipt given to a life insurance applicant when the application is completed and the initial premium is recieved is called an Insurable Receipt Conditional receipt Unconditional receipt Ensuring receipt conditional receipt Statements in the app that are believed to be true Warranties Representations Waivers Ambiguties warranties All of the following apply to the waiver of premium EXCEPT The premium is...

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8 pages

Written in 2024/2025

Grade A

twishfrancis

Florida Life Insurance State Exam Simulator Questions and Correct Answers Post-tax dollar contributions are found in Roth IRA investments N purchases an annuity by making payments in an amount no less than $100 quarterly. This describes which of the following annuities? Flexible installment deferred Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns...

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6 pages

Written in 2024/2025

Grade A

twishfrancis

Florida Agent's Health & Life (including Annuities & Variable Contracts) Chapter 7 An insured has endured multiple surgeries and hospitalizations for an illness during the summer months. Her insurer no longer bills her for medical expenses. What term best describes the condition she has met? A Stop-Loss Limit B Out-of-Pocket Limit C Maximum Loss Threshold D Maximum Loss A) A "stop-loss limit" is a specified dollar amount beyond which the insured no longer participates in the sharing o...

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4 pages

Written in 2024/2025

Grade A

twishfrancis

Florida Life & Health Insurance - Types of Insurance Policies Test Questions and Correct Answers The most important factor to consider when determining whether to convert term insurance at the insurer's attained age or the insured's original age is; The cost Which type of policy is considered to be overfunded, as stated by IRS guidelines? Modified Endowment Contract What does a Face Amount Plus Cash Value Policy pay at the insured's death? Face amount plus the policy's cash value ...

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8 pages

Written in 2024/2025

Grade A

twishfrancis

Florida Life and Health Laws and Rules Test Questions and Correct Answers An agent's license can be suspended or revoked by writing primarily controlled business What is the purpose of the Insurance Guaranty Fund Association? Protects policyowners against insolvent insurance companies Florida requires that coverage for newborns begins "from the moment of birth" and continues for 18 months What percentage of eligible persons must a policy cover in a noncontributory group? 100...

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13 pages

Written in 2024/2025

Grade A

twishfrancis

CH 8 Florida Laws & Rules Pertinent to Insurance Practice Questions and Correct Answers In Florida, what is the maximum percentage of controlled business an agent may produce? 50% Which Unfair Trade Practice involves an agent telling a prospective client that a policy's dividends are guaranteed? Misrepresentation In Florida, the underwriting and issuance of a master group health policy requires that all employees are eligible to participate, regardless of their individual health history A...

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8 pages

Written in 2024/2025

Grade A

twishfrancis

Health Insurance Florida 2-40 Practice Exam Questions and Answers - Medical Expenses A) Basic Hospital/Surgical and Major Medical Comprehensive Medical Expense Insurance combines which of the following coverage in one policy: A) Basic Hospital/Surgical and Major Medical B) Disability Income and Accidental Death and Dismemberment C) Disability Income and Basic Hospital/Surgical D) Major Medical and Accidental Death and Dismemberment B) The amount paid will be reduced If the client goes out of t...

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3 pages

Written in 2024/2025

Grade A

twishfrancis