Florida Life and Health Insurance State Exam Review (2-15) 2023 Solved 100% Correct
Florida Life and Health Insurance State Exam Review (2-15)
1
Florida Life and Health Insurance
State Exam Review (2-15) 2023
Solved 100% Correct
When life insurance proceeds are used to pay inheritance taxes and federal estate
taxes, it is known as (Correct Ans: – Estate conservation
In group insurance, the primary purpose of the Coordination of Benefits provision
is to (Correct Ans: – Prevent overinsurance
Which of the following statements is NOT true regarding health insurance policy
provisions? (Correct Ans: – All additional provisions written by insurers are
cataloged by their respective states.
The policyowner has an option to pledge the life insurance policy as collateral for a
bank loan. This is called (Correct Ans: – A collateral assignment
A whole life policy is surrendered for a reduced-paid up policy. The cash value in
the new policy will (Correct Ans: – Continue to increase
When filling out an application for insurance, the applicant makes a mistake. If a
fresh application were not available, what could the applicant do to properly correct
the mistake? (Correct Ans: – Cross the incorrect answer out, write the correct one
beside it, and initial the answer.
Which of the following riders pays a beneficiary a death benefit that is double or
triple the face amount if the insured’s death was caused by an accident as defined
in the policy? (Correct Ans: – An Accidental Death Rider
All of the following are consideration in an insurance policy EXCEPT
(Correct Ans: – The cash value in the policy.
An individual has a $200,000 convertible term life insurance policy. If he chooses,
he can (Correct Ans: – Convert to a whole life policy for the same face amount
without proof of insurability.
Florida Life and Health Insurance State Exam Review (2-15)
2
Which of the following is NOT true regarding a deferred annuity?
(Correct Ans: – Income payments begin within 1 year from the date of purchase.
A retail shop owner is insured under a business overhead expense policy that pays
a maximum monthly benefit of $2,500. His actual monthly expenses are $3,000. If
the owner becomes disabled, the monthly benefit payable under his policy will be
(Correct Ans: – $2,500
Which federal act defines rules pertaining to protected health information? (Correct
Ans: – HIPAA
The “stop-loss” feature on a major medical policy is intended to
(Correct Ans: – Establish a maximum amount of out-of-pocket expense that an
insured will have to pay for medical expense in a calendar year.
If a business wants to make sure it will be able to cover losses due to the disability
of its top employee, the business should get which type of insurance?
(Correct Ans: – Key person disability income
Life insurance creates an immediate estate. Which of the following best explains
this statement? (Correct Ans: – The face value of the policy is payable to the
beneficiary upon the death of the insured.
What is the maximum age that a disabled insured worker may receive Social
Security disability benefits? (Correct Ans: – 65
Whose responsibility is it to ensure that the application for health insurance is
complete and accurate? (Correct Ans: – The agent’s
Which of the following policies would NOT offer a policy loan option?
(Correct Ans: – Term Life
Regarding the consideration clause, which of the following is NOT correct? (Correct
Ans: – Consideration of the insurer and insured must be equal.
The guaranteed purchase option is also referred to as the
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