Life and Health Insurance- Florida 2-15| 200 Questions Solved With Complete Solutions<\/p>\n\n\n\n
Life and Health Insurance- Florida 2-15
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Life and Health Insurance- Florida 2-15| 200
Questions Solved With Complete Solutions
In a life insurance policy, which provision states who may select policy options,
designated and name a beneficiary, and be the recipient of any financial benefits
from the policy? [Correct Ans: – Owner’s Rights
Which of the following BEST describes how a Preferred Provider Organization (PPO)
is less restrictive than a Health Maintenance Organization (HMO)?
[Correct Ans: – More physicians to choose from
All of these are characteristics of a Health Reimbursement Arrangement(HRA)
EXCEPT [Correct Ans: – HRA is entirely funded by the employee
A life insurance arrangement which circumvents insurable interest statutes is
called: [Correct Ans: – Investor- Originated Life Insurance
An insured’s inability to perform two or more activities of daily living may trigger
which type of life policy rider? [Correct Ans: – Long term care
T has an annuity that guarantees an income payment for the rest of his life. The
contract also guarantees that if T dies before receiving payments for 20 years, the
remaining payments will be paid to his son for the balance of the 20 years. What
type of annuity is this? [Correct Ans: – Life annuity with period certain
T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight Life
Annuity. What will this transaction provide? [Correct Ans: – Income that cannot be
outlived by the owner
With Accidental Death and Dismemberment policies, what is the purpose of the
Grace Period? [Correct Ans: – Gives the policyowner additional time to pay overdue
premiums
What is the purpose of the insurance guaranty Fund Association?
[Correct Ans: – protects policyowners against insolvent insurance companies<\/p>\n\n\n\n
Life and Health Insurance- Florida 2-15 Life and Health Insurance- Florida 2-15
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The free-look provision begins [Correct Ans: – upon the completion of the
application
Employers with less than _ employees are affected by Florida’s Health Insurance Coverage Continuation Act (MINI COBRA). [Correct Ans: – 20 What does a 401(k) plan generally provide its participants? [Correct Ans: – Salarydeferral contributions 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 Ans: – Policy Loan provision The coordination of benefits (COB) provision exists in order to [Correct Ans: – avoid duplication of benefit payments What action can a policyowner take if an application for a bank loan requires collateral? [Correct Ans: – Assign policy ownership to the bank An application for Medicare Supplement coverage may NOT be denied by the insurer if the application was submitted ___<\/em> month(s) after the applicant reaches
the age of 65. [Correct Ans: – six
According to Florida law, when must an agent deliver the Outline of Coverage to a
Medicare Supplement applicant? [Correct Ans: – at the time of application
Which of the following is the best description of insurer? [Correct Ans: – any person,
corporation, association, or society that writes insurance contracts
The individual most likely to buy a Medicare Supplement policy would be a(n):
[Correct Ans: – 68-year old male covered by Medicare
A prepaid application for individual Disability Income insurance was recently
submitted to an insurer. When the insurer received the Medical Information Bureau
(MIB) report, the report showed that the applicant had suffered a stroke 18 months
ago, something that was not disclosed on the application. Which of the following
actions would the insurance company NOT take? [Correct Ans: – send a notice to the
MIB that the applicant was declined<\/p>\n\n\n\n
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An agent may provide a prospective client with an advertising gift as long as the
value of that gift does not exceed _<\/strong>. [Correct Ans: – $100
Florida’s 14-day free-look period for life insurance policies begins at the [Correct
Ans: – date of delivery
A qualified profit-sharing plan is designed to: [Correct Ans: – allow employees to
participate in the profits of the company
All of the following entries are classified under the four principal areas of Florida
insurance law except [Correct Ans: – an agents commission
Which of the following statements does NOT accurately describe the tax treatment
of premiums and benefits of individual Accident and Health insurance? [Correct
Ans: – Disability income policy premiums are tax-deductible
A variable life insurance agent must be licensed and appointed as a life and variable
contract agent, as well as a(N) [Correct Ans: – broker dealer
Which of the following is a standard provision of the conversion privileges in a
Group Life policy? [Correct Ans: – Group Life coverage can be converted to an
individual policy at regular rates on attained-age basis
Which statement regarding the Misstatement of Age provision is considered to be
true? [Correct Ans: – Coverage will be adjusted to reflect the insured’s true age if a
misstatement of age is discovered
The policy summary contains specific information on all of the following, EXCEPT:
[Correct Ans: – Commission
G purchased a Family Income policy at age 40. The policy has a 20-year rider period.
If G were to die at age 50, how long would G’s family receive an income? [Correct
Ans: – 10 years
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