Florida Life and Health Insurance State Exam Review (2-15) Questions and Answers<\/p>\n\n\n\n
Florida Life and Health Insurance State Exam Review (2-15)
1
Florida Life and Health Insurance
State Exam Review (2-15) With
Complete Solutions \/ Guarantee Pass
A life insurance policy that provides a policyowner with cash value along with a
level face amount is called (Answer: – whole life
Florida requires that coverage for newborns begins “from the moment of birth” and
continues for (Answer: – 18 months
Which of these arrangements allows one to bypass insurable interest laws?
(Answer: – Investor-Originated Life Insurance
Which of the following statements about accumulated interest earned on dividends
from an insurance policy is TRUE (Answer: – Taxes as ordinary income
T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight Life
Annuity. What will this transaction provide?
(Answer: – Income that cannot be outlived by the owner
In Florida, what is the maximum percentage of controlled business and agent may
produce? (Answer: – 50%
What type of employee welfare plans are not subject to ERISA regulations?
(Answer: – Church plans
With Disability Income insurance, an insurance company may limit the monthly
benefit amount a prospective policy holder may obtain because of the insured’s
(Answer: – gross income at the time of purchase
ABC Insurance Company has accepted a life insurance application which contains
unanswered questions. The company then makes the application part of the life
contract. In this situation, the insurer has
(Answer: – waived one of its legal rights<\/p>\n\n\n\n
Florida Life and Health Insurance State Exam Review (2-15) Florida Life and Health Insurance State Exam Review (2-15) Florida Life and Health Insurance State Exam Review (2-15)
2
A Universal Life policy is sometimes referred to as an unbundled Life Policy because
the owner can see the interest earned, cost of insurance, and the
(Answer: – expanse charge
When funds are shifted straight from one IRA to another IRA, what percentage of
the tax is withheld?
(Answer: – none
A(n)_ Life policy offers the owner investments in products such as moneymarket funds, long-term bond and equities (Answer: – Universal Which of the following BEST describe a Hospital Indemnity policy? (Answer: – Coverage that pays stated amount per day of covered hospitalization A Whole Life insurance policyowner does NOT have the right to (Answer: – take out policy loan All of the following are Nonforfeiture Options EXCEPT (Answer: – Automatic Premium Loan option An agent that sells_<\/strong><\/em><\/strong> Life insurance MUST be registered with the Financial
Industry Regulatory Authority (FINRA)
(Answer: – variable
M has an insurance policy that also has and outstanding policy loan at the time of
M’s death. The insurer will deduct the outstanding loan balance from the
(Answer: – policy proceeds
When an insured has the same disability within a specified time periods and the
insurance company provides the same benefits without a new waiting period, the
second disability is covered under which of the following benefits?
(Answer: – recurrent disability<\/p>\n\n\n\n
3
All of the following statements regarding a Tax Sheltered Annuity (TSA) are true
EXCEPT
(Answer: – Income derived from TSA is received income tax-free
Insures\/agents must, in Florida , offer and issue all small employer health plans on
a basis
(Answer: – guaranteed – issue
An agent’s license can be suspended or revoked by
(Answer: – writing primarily controlled business
Under a life insurance policy the<\/em><\/strong> has the authority to name the beneficiary?
(Answer: – owner
Within how many days after policy delivery can a Medicare Supplement policy be
returned for 100% premium refund?
(Answer: – 30
Which provision prevents an insurer from changing the terms of the contract with
the policyowner by referring to documents not found within the policy itself?
(Answer: – entire contract provision
Which of the following features of a group term life policy enables an individual
evidence of insurability
(Answer: – insuring agreement
A(n)_<\/em><\/strong> rider may be used to include coverage for children under their
parents life insurance policy
(Answer: – term
Which of the following provisions is NOT required in HMO contracts\/certificates?
(Answer: – seven-day grace period.<\/p>\n\n\n\n
4
Upon reaching the limiting age, a disabled child may extend their health insurance
coverage as a dependent
(Answer: – only if the child is incapable of employment and chiefly dependent on
the policyowner
which of the following is the reimbursement of benefits for the treatment of a
beneficiary’s injuries caused by a third party?
(Answer: – subrogation
E and F are business partners. Each takes out a $500,000 life insurance policy on
the other, naming himself as primary beneficiary. E and F eventually terminate their
business, and four months later E dies. Although E was married with three children
at the time of death, the primary beneficiary is still F. However, an insurable
interest no longer exists. Where will the proceeds from E’s life insurance policy be
directed to?
(Answer: – F
D is the policyowner and insured for a $50,000 life insurance policy. The
beneficiary is D’s wife. D and his wife divorce and D remarries, transferring
ownership of his policy to his new wife. If D dies without making any further
changes, to whom will the policy proceeds be paid to?
(Answer: – Ex-wife
According to Florida law, a Group Life insurance policy requires a minimum of how
many insureds?
(Answer: – No minimum
Which of the following situations does a Critacal Illnes plan cover?
(Answer: – leukemia
Pre-hospitalization authorization is considered an example of:
(Answer: – Managed care
The Bureau of Unclaimed Property is overseen by the
(Answer: – Cheif Financial Officer
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