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Florida Life and Health Insurance Practice Questions
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Florida Life and Health Insurance Practice Questions
- Within how many days must a licensee notify the Department of Financial Services of a
change in address?
Answer: 30
- All of the following entries are classified under the four principal areas of Florida insurance
law EXCEPT...
Answer: An agent's commission
- Which of the following factors is NOT considered when the Department of Financial
Services determines if an agent's home is an insurance agency?
Answer: - The amount of premium collected at this location
- Florida requires that an insurance agent must complete hours of continuing education on
the subject of law and ethics every two years
Answer: 5
- Agents that have been licensed for less than six years must complete hours of
continuing education every two years
Answer: 24
- 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?
Answer: 48
- What is the maximum percentage of controlled business an agent may produce?
Answer: 50%
- A group plan was recently terminated. In Florida how many days are covered individuals
guaranteed coverage after a group plan's termination?
Answer: 31 days
- The Financial Services Commision may hold hearings...
Answer: For any reason deemed necessary
- In Florida, an insurer domiciled and incorporated in this state is called...
Answer: -Domestic company
- According to Florida law, which of the following statements accurately describes an
admitted mail order insurance company?Answer: It may solicit insurance business by mail only without the assistance of a licensed Florida agent 2 / 4
- According to Florida law, an additional lapse notice must be issued after the standard
grace period has expired for policyowners age...
Answer: 64 years or older
- Which action could result in a hearing being ordered by the Department of Financial
Services?
Answer: Performing insurance transactions without a license
- Which of the following professional organizations has its code of ethics incorporated into
Florida law?
Answer: National Association of Insurance and Financial Advisors (NAIFA)
- Which entity approves the insurance policy forms used in Florida?
Answer: Office of Insurance Regulation (OIR)
- In Florida, agents are allowed to engage in rebating if...
Answer: Offered to all insured in the same actuarial class
- In Florida, when agents recommend changes be made for existing cover- age, the agent
must follow established procedures. The name of this rule is called the...
Answer: Florida Replacement Rule
- In Florida, an element of an insurance transaction would be...
Answer: Issuing an insurance contract
- The Bureau of Unclaimed Property is overseen by...
Answer: The chief financial officer
- One of the stated purposes of the Life and Health Insurance Guaranty Association is...
Answer: To assist in the prevention of insurer insolvencies
- The Life and health Insurance Guaranty Association is funded by...
Answer: Assessments on member companies
- The purpose of the Guaranty Fund is to...
Answer: Ensure that claims filed against involvement insurance companies will be paid
- The rules and regulations of the Life and health Insurance Guaranty Association apply to...
Answer: Life and health policies issues by companies authorized in that particular state
- The fund that assures policyholder payment of benefits on Life and Health Policies, if the
company is involved at the time of the claim, is called the...
Answer: The Life and Health Insurance Guaranty Association
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- A stock life insurance company that issues both participating and nonparticipating policies
is doing business on...
Answer: Mixed plan
- A stock insurance company is owned by
Answer: Its stockholders
- Who is a mutual insurance company owned by?
Answer: Its policyholders
- Which type of insurance company allows their policyowners to elect a governing body?
Answer: Mutual
- What percentage of eligible persons must a policy cover in a noncontributory group?
Answer: 100%
- Which of the following employer tasks does a Professional Employer Organization
normally handle?
Answer: Administration tasks
- The Coordination of Benefits (COB) provision exists in order to...
Answer: Avoid duplication of benefit payments
- M completes an application for health insurance but does not pay the initial premium. All of
these actions must occur before M's policy goes into effect EXCEPT?
Answer: Free look period has expired
- Q applied for life insurance and submitted the initial premium on January
- The policy was issued February 1, but it was not delivered by the agent until February 7. Q is
dissatisfied and returns the policy February 13. How will the insurer handle this situation?Answer: Policy was returned within the free-look period, premium will be fully refunded
- According to Florida law, which of the following info does NOT need to be obtained by an
agent recommending an annuity purchase?
Answer: Marital status
- K is an agent who made improper sales of an annuity to a client. Which of the following
corrective actions would the Department of Financial Services likely order K to take?
Answer: Pay a monetary restitution to the client
- Under Florida law, a variable annuity policyowner must be notified of the accumulated
value of the contract...
Answer: Once each year
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