Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers, Exams of Nursing

Download Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers and more Exams Nursing in PDF only on Docsity! Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the: - Correct Answer ✅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? - Correct Answer ✅Conditional A life insurance arrangement which circumvents insurable interest statutes is called: - Correct Answer ✅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? - Correct Answer ✅Entire Contract Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund? - Correct Answer ✅30 Which of the following is NOT an unfair claim settlement practice? - Correct Answer ✅Needing written documentation of claim details Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers Who is NOT required to sign a life insurance application? - Correct Answer ✅Beneficiary To be eligible for Social Security disability benefits, an employee must be unable to perform: - Correct Answer ✅any occupation The type of annuity that can be purchased with one monetary deposit is called a(n): - Correct Answer ✅Immediate annuity A life insurance application must be signed by all of these, EXCEPT: - Correct Answer ✅beneficiary Which of the following is considered an accurate statement of an unfair trade practice? - Correct Answer ✅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): - Correct Answer ✅Living Benefit Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers If a policyowner does not pay the premium by the due date, the - Correct Answer ✅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? - Correct Answer ✅Marital status Which of these characteristics is consistent with a Straight Life policy? - Correct Answer ✅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: - Correct Answer ✅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 Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers 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? - Correct Answer ✅Collect initial premium along with a signed health statement A life insurance policyowner may sell their policy to a(n) _____ in order to receive a percentage of the policy's face value. - Correct Answer ✅viatical settlement provider According to Florida law, when must an agent deliver the Outline of Coverage to a Medicare Supplement applicant? - Correct Answer ✅At the time of application Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE? - Correct Answer ✅It is taxed as ordinary income The automatic premium loan provision is designed to: - Correct Answer ✅avoid a policy lapse Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers A term life insurance policy matures: - Correct Answer ✅upon the insured's death during the term of the policy What kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies? - Correct Answer ✅Family Maintenance Policy The guarantee of insurability option provides a long-term care policyowner the ability to: - Correct Answer ✅buy additional coverage at a later date When determining the monthly benefit amount for a Disability Income policy, the factor that limits the amount a prospective insured may purchase is: - Correct Answer ✅income Periodic health claim payments MUST be made at least: - Correct Answer ✅monthly Which type of plan allows an employer to give money to an employee for buying a life insurance policy and also permits the employee to select the beneficiary? - Correct Answer ✅Split-dollar plan Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers An insured pays premiums on an annual basis for an individual health insurance policy. What is the MINIMUM number of days for the Grace Period provision? - Correct Answer ✅31 Which of the following services is NOT covered under a hospitalization expense policy? - Correct Answer ✅surgeon's fees P died five years after purchasing a life policy. While investigating the claim, the insurer discovered material misrepresentations made by P during the application process. Which of these actions will the insurer take? - Correct Answer ✅Beneficiary will be paid the Death Benefit Employers with less than __ employees are affected by Florida's Health Insurance Coverage Continuation Act (Mini COBRA). - Correct Answer ✅20 What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability? - Correct Answer ✅Conversion Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers Which of the following policy provisions prohibits an insurance company from incorporating external documents into an insurance policy? - Correct Answer ✅Entire Contract The incontestable clause allows an insurer to: - Correct Answer ✅contest a claim during the contestable period Which of the following employees may NOT be excluded from a group life plan? - Correct Answer ✅Full-time employees after the probationary period An agent selling Medicare Supplement policies must provide every applicant with a(n) - Correct Answer ✅Suitability form When replacing or exchanging an annuity, the agent must disclose to the annuitant - Correct Answer ✅the possible tax ramifications as a result of the transaction The insuring clause - Correct Answer ✅States the scope and limits of the coverage Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers A stock insurance company - Correct Answer ✅is owned exclusively by its shareholders Which Accident and Health policy provision addresses preexisting conditions? - Correct Answer ✅Time Limit on Certain Defenses The Accidental Death and Dismemberment (AD&D) provision in a life insurance policy would pay additional benefits if the insured: - Correct Answer ✅is blinded in an accident At what time must a policyowner have insurable interest on the insured in order for the life policy to be valid? - Correct Answer ✅At the time of application A license may be denied, suspended, or revoked if the licensee - Correct Answer ✅is found guilty of misrepresentation What is the Suicide provision designed to do? - Correct Answer ✅safeguard the insurer from an applicant who is contemplating suicide Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) 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 ✅Guaranteed Renewable T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? - Correct Answer ✅$0 Which of the following statements is CORRECT about the period in which a Term Policy can be converted? - Correct Answer ✅It varies according to the contracts Which of the following is NOT required in the Outline of Coverage for a health insurance policy? - Correct Answer ✅Projection of the policy's future costs How does a typical Variable Life Policy investment account grow? - Correct Answer ✅Through mutual funds, stocks, bonds Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers What action should a producer take if the initial premium is NOT submitted with the application? - Correct Answer ✅Forward the application to the insurer without the initial premium The policy provision that entitles the insurer to establish conditions the insured must meet while a claim is pending is: - Correct Answer ✅Time Limit on Certain Defenses The minimum age at which a person can sign a life insurance application is - Correct Answer ✅15 years Which of the following costs would a Basic Hospital/Surgical policy likely cover? - Correct Answer ✅Surgically removing a facial birthmark Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent - Correct Answer ✅only if the child is incapable of employment and chiefly dependent on the policyowner Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers 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? - Correct Answer ✅48 months If an agent would like to sell Variable annuities, which state examination must the agent pass? - Correct Answer ✅Life and Variable contracts Term insurance has which of the following characteristics? - Correct Answer ✅Expires at the end of the policy period A policy loan is made possible by which of these life insurance policy features? - Correct Answer ✅Cash value provision How are surrender charges deducted in a life policy with a rear-end loaded provision? - Correct Answer ✅Deducted when the policy is discontinued Florida's 14-day free-look period for life insurance policies begins at the - Correct Answer ✅date of delivery Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers Whole Life insurance policies are contractually guaranteed to provide each of the following, EXCEPT: - Correct Answer ✅partial withdrawal features beyond a surrender charge period What is the purpose of a Policy Summary? - Correct Answer ✅It highlights the critical parts of the policy issued Information obtained from a phone conversation to the proposed insured can be found in which of these reports? - Correct Answer ✅Inspection report Which of the following statements is correct regarding an employer/employee group health plan? - Correct Answer ✅the employer receives a master policy and the employees receive certificates Which of the following is the reimbursement of benefits for the treatment of a beneficiary's injuries caused by a third party? - Correct Answer ✅Subrogation Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers Stranger Originated Life Insurance (STOLI) has been found to be in violation of which of the following contractual elements? - Correct Answer ✅Legal Purpose (Insurable Interest) The sections of an insurance contract which limit coverage are called: - Correct Answer ✅exclusions A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct? - Correct Answer ✅20-Pay Life accumulates cash value faster than Straight Life What type of policy would offer a 40-year old the quickest accumulation of cash value? - Correct Answer ✅20-pay life Which of the following correctly explains the actions an agent should take if a customer wants to apply for an insurance policy? - Correct Answer ✅Complete the application and review the information with the customer prior to obtaining the customer's signature, then send the application off to the insurance company Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers T was insured under an individual Disability Income policy and was severely burned in a fire. As a result, T became totally disabled. The insurer began making monthly benefit payments, but later discovered that the fire was set by T in what was described as arson. What actions will the insurer take? - Correct Answer ✅The insurer will rescind the policy, deny the claim, and recover all payments made Which of the following provisions is NOT required in HMO contracts/certificates? - Correct Answer ✅Seven-day grace period In Florida, the underwriting and issuance of a master group health policy requires that all employees - Correct Answer ✅are eligible to participate, regardless of their individual health history In order to establish a Health Reimbursement Arrangement (HRA), it MUST: - Correct Answer ✅be established by the employer The waiting period for a pre-existing condition under a Medicare Supplement policy may NOT go beyond - Correct Answer ✅6 months Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers Advertising gifts not to exceed ___ are allowed to be given by an agent to a prospective client. - Correct Answer ✅$25 What is considered to be a characteristic of a Conditionally Renewable Health Insurance policy? - Correct Answer ✅Premiums may increase at time of renewal J, an Accidental Death and Dismemberment (AD&D) policy holder, dies after injuries sustained in an accident. J's age as stated on the application five years ago was found to be understated by ten years. Which of the following actions will the insurance company take? - Correct Answer ✅The insurer will adjust the benefit to what the premiums paid would have purchased at the insured's actual age An insurer must provide an insured with claim forms within __ days after receiving notice of a loss. - Correct Answer ✅15 Which of the following acts is an agent NOT authorized to do on behalf of an insurer? - Correct Answer ✅Authorize claim payments Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers In Florida, a health policy that is paid on a quarterly basis requires a grace period of - Correct Answer ✅31 days When an insured has the same disability within a specified time period and the insurance company provides the same benefits without a new waiting period, the second disability is covered under which of the following benefits? - Correct Answer ✅Recurrent Disability All of the following statements about traditional individual retirement accounts are false EXCEPT - Correct Answer ✅10% penalty is applied to withdrawals before age 59 1/2 Which of the following statements regarding a Tax Sheltered Annuity (TSA) is INCORRECT? - Correct Answer ✅The income from the TSA is received income tax-free 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 Florida Insurance Exam Questions and Answers (Latest Update 2023-2024) Verified Answers 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 What does the insuring agreement in a Life insurance contract establish? - Correct Answer ✅An insurer's basic promise According to Florida's rules on disclosure, a life insurance applicant is expected to be provided with - Correct Answer ✅a Certificate of Coverage and Buyer's Guide T is covered by two health insurance plans: a group plan through his employer and his spouse's plan as a dependent. Under the Model Group Coordination of Benefits provision, when T files a claim, his employer's plan is considered the: - Correct Answer ✅Primary carrier Agent J takes an application and initial premium from an applicant and sends the application and premium check to the insurance company. The insurance