Florida 240 Practice Exam Questions and Answers (Latest Update 2023), Exams of Nursing

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Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers A medical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as - Correct Answer ✅Usual, customary and reasonable What provision would prevent an insurance company from paying a reimbursement claim to someone other than the policyowner? - Correct Answer ✅Payment of Claims All of the following are true about group disability Income insurance EXCEPT a) The longer the waiting period, the lower the premium. b) Coverage applies both on and off the job. c) Benefits are usually short term. d) The waiting period starts at the onset of the injury or sickness. - Correct Answer ✅Coverage applies both on and off the job. Which of the following statements regarding Business Overhead Expense policies is NOT true? Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers a) Premiums paid for BOE are tax-deductible. b) Any benefits received are taxable to the business. c) Leased equipment expenses are covered by the plan. d) Benefits are usually limited to six months, - Correct Answer ✅d) Benefits are usually limited to six months In long-term care insurance, what type of care is provided with intermediate care? - Correct Answer ✅Occasional nursing or rehabilitative care After a person's employment is terminated, it is possible to obtain individual health insurance after losing the group health coverage provided by the employer. Which of the following is NOT true? a) The employee can convert from group to individual insurance within 31 days of termination. b) The premium of the individual health insurance policy can be higher than the original policy. c) By law, the new, individual policy must provide the same benefits as the group insurance policy. Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers d) They are issued by private insurers. - Correct Answer ✅a) They cover the cost of extended nursing home care. Long-term care coverage may be available as any of the following options EXCEPT: a) Endorsement to a life policy. b) Endorsement to a health policy. c) Group long-term care d) Individual long-term care. - Correct Answer ✅b) Endorsement to a health policy. LTC policies may be purchased on an individual or group basis, or as an endorsement to a life insurance policy. An insured pays a monthly premium of $100 for her health insurance. What would be the duration of the grace period under her policy? - Correct Answer ✅10 days. Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers The grace period is 7 days if the premium is paid weekly, 10 days if paid monthly, and 31 days for all other modes. Aninsurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What contract characteristic does this describe? - Correct Answer ✅Conditional A conditional contract requires both the insurer and policyowner to meet certain conditions before the contract can be executed, unlike other types of policies which put the burden of condition on either the insurer or the policyowner. How are HMO territories typically divided? - Correct Answer ✅Geographic areas A participating insurance policy may do which of the following? a) Provide group coverage b) Pay dividends to the stockholder Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers c) Require 80% participation d) Pay dividends to the policyowner - Correct Answer ✅d) Pay dividends to the policyowner. When may an insurer require an insured to provide genetic information? - Correct Answer ✅Never. Insurers are prohibited from requesting a person or relative of a person to supply genetic information. If an insurance company offers Medicare supplement policies, it must offer which of the following plans? a) В-N b) A-D c) A d) A & B - Correct Answer ✅c) A Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers An insured is involved in an accident that renders him permanently deaf, although he does not sustain any other major injuries. The insured is still able to perform his current job. To what extent will he receive Presumptive Disability benefits? - Correct Answer ✅Full benefits Presumptive Disability plans offer full benefits for specified conditions. Which of the following is NOT provided by an HMO? a) Reimbursement b) Services c) Financing d) Patient care - Correct Answer ✅a) Reimbursement The HMO provides benefits in the form of services rather than in the form of reimbursement for the services of the physician or hospital. Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers In order to maintain coverage under COBRA, how soon from termination of employment must an employee exercise extension of benefits? - Correct Answer ✅60 days Under COBRA, terminated employees must exercise extension of benefits within 60 days of separation from employment. When Linda suffered a broken hip, she notified her agent, in writing, within 12 days of the loss. However, her agent did not notify the insurance company until 60 days after the loss. how would this claim be handled? - Correct Answer ✅The insurer is considered to be notified since the notification to agent equals notification to the insurer. Notice to the agent equals notice to the insurer. The agent is the insurer's representative. Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Which of the following is NOT a feature of a guaranteed renewable provision? a) The insured has a unilateral right to renew the policy for the life of the contract. b) Coverage is not renewable beyond the insured's age 65. c) The insured's benefits cannot be reduced d) The insurer can increase the policy premium on an individual basis. - Correct Answer ✅d) The insurer can increase the policy premium on an individual basis. Guaranteed renewable provision has all the same features that the noncancellable provision does, with the exception that the insurer can increase the policy premium on the policy anniversary date. However, the premiums can only be increased on a class basis, not on an individual policy. Which of the following is NOT required to be stated in the outline of coverage provided with a long-term care policy? Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers A long-term care shopper's guide must be presented at what point? - Correct Answer ✅Prior to the time of application A long-term care insurance shopper's guide must be provided in the format developed by the National Association of Insurance Commissioners (NAIC). The shopper's guide must be presented to the applicant prior to completing the application. In individual health insurance coverage, the insurer must cover a newborn from the moment of birth, and if additional premium payment is required, how many days should be allowed for payment? - Correct Answer ✅Within 30 days of birth The insured must notify the insurer of a newly born dependent, and if additional payment is required, pay within 30 days. Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers In order to maintain an insurance license, an agent will need to satisfy Florida's continuing education requirement of : - Correct Answer ✅24 hours of continuing education in every 2-year period. An insured submits a proof of loss form within 10 days of a loss. The insurer, however, does not acknowledge the form for 3 months. Which of the following violations has the insurer committed? - Correct Answer ✅Unfair claims settlement Failing to affirm or deny coverage of claims within a reasonable time after proof of loss statements are completed and submitted by insureds is an example of unfair claims settlement. If a person accumulates more continuing education hours than is necessary to fulfill the requirements for a 2-year period, what will occur? - Correct Answer ✅The extra hours may be continued into the next period, Excess classroom hours accumulated during any 2-year period may be carried forward to the next 2-year period. Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers All small employer group health plans, in order to comply with the requirements of the Florida Employee Health Care Access Act, must be issued on what basis? - Correct Answer ✅Guaranteed issue A small group plan must be issued on a guaranteed-issue basis, which means an insurance policy must be offered to an employer, employee, or dependent of the employee, regardless of health status, pre-existing conditions or claims history. If an agent is in the military, which of the following is true? a) The agent cannot sell a policy to someone outside of the military base. b) The agent cannot sell any policies during times of war or conflict. c) The agent cannot sell policies while on active duty. d) The agent cannot sell a policy to another active military person who is of a lower rank. - Correct Answer ✅d) The agent cannot sell a policy to another active military person who is of a lower rank. Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers a) Determining whether or not the policy will replace another accident and health policy b) Advising applicants regarding the availability of counseling services c) Presuming the applicant is eligible for Medicaid, based on the nature of the policy d) Determining whether or not an applicant has an existing Medicare supplement policy - Correct Answer ✅c) Presuming the applicant is eligible for Medicaid, based on the nature of the policy Medicare supplement policies must ask the applicant if they are eligible for Medicaid. While a claim is pending, an insurance company may require: A. An independent examination only once every 45 days. B An independent examination as often as reasonably required. C. The insured to be examined only within the first 30 days. Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers D. The insured to be examined only once annually. - Correct Answer ✅B An independent examination as often as reasonably required. Florida 240 Practice exam questions and answers (Latest Update 2023) Verified Answers