Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest, Exams of Nursing

Download Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest and more Exams Nursing in PDF only on Docsity! Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers Which Accident and Health policy provision addresses preexisting conditions? - Correct Answer ✅Time Limit on Certain Defenses Which of the following individual health insurance policies will provide the broadest protection? - Correct Answer ✅Major Medical Which of the following situations does NOT apply to the Florida Replacement Rule? - Correct Answer ✅An existing policyholder purchases an additional policy from the same insurer Agent J takes an application and initial premium from an applicant and sends the application and premium check to the insurance company. The insurance company returns the check back to J because the check is made out to J instead of the insurance company. What action should J take? - Correct Answer ✅Return to the customer, collect a new check made out to the insurance company, and send the new check out to the insurance company Under which of the following circumstances will the benefits under COBRA continuation coverage end? - Correct Answer ✅All group health plans are terminated by the employer Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers Which type of renewability best describes a Disability Income policy that covers an individual until the age of 65, but the insurer has the right to change the premium rate for the overall risk class? - Correct Answer ✅Garunteed Renewable An incomplete life insurance application submitted to an insurer will result in which of these actions? - Correct Answer ✅Application will be returned to the writting agent The waiting period for a pre-existing condition under a Medicare Supplement policy may NOT go beyond - Correct Answer ✅6 Months Which of these statements is INCORRECT regarding the federal income tax treatment of life insurance? - Correct Answer ✅Entire cash surrender value is taxable Which of these is considered a mandatory provision? - Correct Answer ✅Payment of Claims Which of the following actions will an insurance company most likely NOT take if an applicant, who has diabetes, applies for a Disability Income policy? Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers Which of the following statements is CORRECT about the period in which a Term Policy can be converted? - Correct Answer ✅It varies according to contracts When does a life insurance contract become effective if the initial premium is not collected during the application process? - Correct Answer ✅When producer delives policy and collects initial premium A provision in a life insurance policy that pays the policyowner an amount that does not surpass the guaranteed cash value is called the: - Correct Answer ✅Policy Loan Provision Medicare Part A and Part B do no pay for: - Correct Answer ✅Dental Work When a misrepresentation on a life insurance policy application is discovered, what action may an insurance company take? - Correct Answer ✅Void the policy only if it is discovered during the Contestable period and proven to be material The insuring Clause - Correct Answer ✅States the scope and limits of the coverage Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers An applicant's medical information recieved from the Medical Information Bureau (MIB) may be furnished to the: - Correct Answer ✅Applicant's physician K has an Accidental Death and Dismemberment (AD&D) insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed? - Correct Answer ✅Daughter K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed? - Correct Answer ✅Primary Beneficiary. Which of the following is NOT considered rebating - Correct Answer ✅Sharing commissions with an agent licensed in the same line of buisness Which of the following employer tasks does a Professional Employer Organization normally handle? - Correct Answer ✅Administration tasks Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers What type of life policy has a death benefit that adjusts periodically and is written for a specific period of time? - Correct Answer ✅Decreasing Term Which action could result in a hearing being ordered by the Department of Financial Services? - Correct Answer ✅Performing insurance transactions without a license What kind of special need would a policyowner require with an Adjustable Life insurance policy? - Correct Answer ✅Flexible Premiums The premiums paid by an employer for his employee's group life insurance are usually considered to be: - Correct Answer ✅Tax deductible to the employer Which of the following consists of an offer, acceptance, and consideration? - Correct Answer ✅Contract Which of the following statements is true about most Blue Cross/Blue Shield organizations? - Correct Answer ✅They are non-profit organizations Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers Which of the following claims are typically excluded from Medical expense policies? - Correct Answer ✅Intentionally Self-Inflicted injuries T files a claim on his Accident and Health policy after being treated for an illness. The insurance company believes that T misrepresented his actual health on the initial insurance application and is, therefore, disputing the claim's validity. The provision that limits the time period during which the company may dispute a claim's validity is called: - Correct Answer ✅Time lImit of certain Defenses If its employees share in the cost of insurance, what type of group life insurance plan would a corporation have? - Correct Answer ✅contributory What do families pay that are covered by the Florida Healthy Kids Corporation? - Correct Answer ✅A Portion of the premium A comprehensive major medical health insurance policy contains an Eligible Expenses provision which identifies the types of health care services that are covered. All of the following health care services are typically covered, EXCEPT for: - Correct Answer ✅experimental and investigative servives Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers A comprehensive major medical health insurance policy contains an Eligible Expenses provision which identifies the types of health care services that are covered. All of the following health care services are typically covered, EXCEPT for: - Correct Answer ✅$300,000 G is involved in an automobile accident as a result of driving while intoxicated and suffers numerous injuries. According to the Intoxicants and Narcotics exclusion in G's policy, who is responsible for paying the medical bills? - Correct Answer ✅The insured The minimum age at which a person can sign a life insurance application is - Correct Answer ✅15 Years Which of these would be considered a Limited-Pay Life policy? - Correct Answer ✅Life Paid-Up at age 70 J owns a business and has a Group Life policy covering her employees. J decides to cancel the policy by letting it lapse on the renewal date. What action must be taken? - Correct Answer ✅All of the employees must be notified of the cancellation either by the insurance company or through J Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers Which of the following provisions is NOT required in HMO contracts/certificates? - Correct Answer ✅Seven-day Grace Period J is an agent who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? - Correct Answer ✅Twisting The unfair trade practice of replacing an insurance policy from one insurer to another based on misrepresentation Which of the following statements about a Guaranteed Renewable Health Insurance policy is CORRECT? - Correct Answer ✅Premiums normally increase at the time of renewal M had an annual life insurance premium payment due January 1. She died January 10 without making the premium payment. What action will the insurer take? - Correct Answer ✅Pay face amount minus the past due premium Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers Employers with less than __ employees are affected by Florida's Health Insurance Coverage Continuation Act (Mini COBRA). - Correct Answer ✅20 Which of the following health insurance policy provisions specifies the health care services a policy will provide? - Correct Answer ✅Insuring Clause What benefit does the Payor clause on a Juvenile Life policy provide? - Correct Answer ✅premiums are waved if the payor becomes disabled In Florida, most life insurance policies have a contestability period of - Correct Answer ✅2 Years Z owns a Disability Income policy with a 30-day Elimination period. Z contracts pneumonia that leaves him unable to work from January 1 until January 15. Z then becomes disabled from an accident on February 1 and the disability lasts until July 1 the same year. Z will become eligible to receive benefits starting on: - Correct Answer ✅March 1 The elimination period of the time between the onset of a disability, and the time you are eligibe for benefits. It is best thought of as a deductible period Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers for your policy. After a 30-Day Elimination period, Z will become eligible for recieving benefits on March 1. When does a Guaranteed Insurability Rider allow the insured to buy additional coverage? - Correct Answer ✅at future dates specifies in the contrac with no evidence of insurability required Which is true concerning a Variable Life Universal Life Policy? - Correct Answer ✅Policyowner controls where the investment will go and selects the amount of the premium payment A whole life insurance policy endows when the: - Correct Answer ✅Cash Value equals the death benefit Health insurance benefits NOT covered due to an act of war are: - Correct Answer ✅excluded by the insurer in the contract provisions When applied to Whole Life insurance, the word "straight" denotes: - Correct Answer ✅the duration of premium payments Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers Which statement is TRUE in regards to a policy loan? - Correct Answer ✅Past-due interest on a policy loan is added to the total debt WHat is the purpose of the U.S.A. Patriot Act? - Correct Answer ✅detect and deter terrorism The insurer must provide a prospective buyer with a(n) - Correct Answer ✅Buyer's Guide and Policy Summary The agreement in a life insurance contract that states a specific sum of money will be paid to a designated person upon an insured's death is called a(n): - Correct Answer ✅Insuring Agreement S has a Whole Life policy with a premium payment due soon. Which provision would keep the policy in force if S does not make the required payment and the policy has adequate cash value from which the premium payment can be made? - Correct Answer ✅Automatic Policy Loan As a condition for a loan, a bank requires the borrower to purchase credit insurance from a specific company. What is the bank guilty of? - Correct Answer ✅Coercion Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers Any changes made on an insurance application requires the initials of whom? - Correct Answer ✅Applicant When an insurance company sends a policy to the insured with an attached application, the element that makes the application part of the contract between the insured and the insurer is called the: - Correct Answer ✅Entire Contract Provision Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund? - Correct Answer ✅30 In Florida, an element of an insurance transaction would be - Correct Answer ✅issuing insurance contract 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 - Correct Answer ✅to an individual policy upon employment termination Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers What do Dread Disease policies cover? - Correct Answer ✅A specific disease or illness What type of renewability guarantees premium rates and renewability? - Correct Answer ✅Noncancellable According to Florida law, which of the following information does NOT need to be obtained by an agent recommending an annuity purchase? - Correct Answer ✅Marital Status All of the following will result in the suspension of an agent's license EXCEPT - Correct Answer ✅acting with a fiduciary responsibility According to the Time Limit of Certain Defenses provision in an Individual Health Insurance Policy, nonfraudulent misstatements first become incontestable: - Correct Answer ✅two years from the date of the policy was issued What does the ownership clause in a life insurance policy state? - Correct Answer ✅Who the policyowner is and what rights the policyowner is entitled to Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers In Florida, monthly-premium health insurance policies must provide a grace period of at least - Correct Answer ✅10 days Florida's 14-day free-look period for life insurance policies begins at the - Correct Answer ✅date of delivery P is the insured on a participating life policy. Which statement is true if P's premiums are waived due to a disability? - Correct Answer ✅P will still recieve declared dividends What is the main reason for regulating the insurance industry? - Correct Answer ✅maintain solvency of insurance companies A trustee-to-trustee transfer of rollover funds in a qualified plan allows a participant to avoid: - Correct Answer ✅mandatory income tax withholding on the transfer amount Which of the following is NOT an unfair claim settlement practice? - Correct Answer ✅Needing written documentation of claim details Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers A medical care provider which typically delivers health services at its own local medical facility is known as a: - Correct Answer ✅HMO The investment gains from a Universal Life Policy usually go toward: - Correct Answer ✅the cash value According to Florida Law, in which of the following situations would a dependent handicapped child NOT be covered under a Family Health policy? - Correct Answer ✅The premiums for the handicapped child are not paid The Florida Employee Health Care Access Act was established to make - Correct Answer ✅group health insurance available to employers with up to 50 employees When is a Group Health policy required to provide coverage for a newborn child? - Correct Answer ✅at the moment of birth Which type of policy would pay an employee's salary if the employer was injured in a bicycle accident and out of work for six weeks? - Correct Answer ✅Buisness Overhead Expense Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers In Florida, which of the following practitioners normally do NOT receive payment from health insurance policies? - Correct Answer ✅Naturopaths Which of the following BEST describes a short-term medical expense policy? - Correct Answer ✅nonrenewable An insurance company may NOT reject a prospective insured's life application on the basis of which of the following factors? - Correct Answer ✅Gender A policy loan is made possible by which of these life insurance policy features? - Correct Answer ✅Cash Value Provision Which of the following is a standard provision of the conversion privileges in a Group Life policy? - Correct Answer ✅Group Life coverage can be converted to an individual policy at regular rates on an attained-age basis Florida Health and Life Insurance State Exam Practice Part 1 Questions and Answers (latest Update 2023) Verified Answers Which health policy clause stipulates that an insurance company must attach a copy of the application to the policy to ensure that it is part of the contract? - Correct Answer ✅Entire Contract What is Florida's definition of Life insurance replacement? - Correct Answer ✅A transaction in which a new policy is bought and an old policy is terminated What percentage of eligible persons must a policy cover in a noncontributory group? - Correct Answer ✅%100 Which factors are taken into consideration when an insurance company determines the premium rate for a Whole Life policy on an applicant? - Correct Answer ✅Risk Classification Which of the following can an agent provide to help a prospective client understand and purchase the most appropriate product? - Correct Answer ✅Buyer's Guide