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Florida Life and Health Insurance State Exam Review
By ExamNavigator
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Florida Life and Health Insurance State Exam Review
- 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
3. Pre-hospitalization authorization is considered an example of:
Answer: Managed care
- The Bureau of Unclaimed Property is overseen by the
Answer: Cheif Financial Officer
- Which entity approves the insurance policy forms used in Florida?
Answer: Office of Insurance Regulation (OIR)
- One becomes eligible for Social Security disability benefits having been disabled for:
Answer: 5 months
- All of the following statements about Major Medical benefits are true EX- CEPT:
Answer: Benefits have no maximum limit
- What should an insured do if the insurer does not send claims forms within the time period
set forth in a health policy's Claims Forms provision?
Answer: Submit the claim in any form
- Which of the following situation does NOT apply to the Florida Replacement Rule?
Answer: An existing policyholder purchases an additional policy from the same insurer
- Q is hospitalized for 3 days and receives a bill for $10,100. Q has a Major Medical policy
with a $100 deductible and 80/20 coinsurance. how much will Q be responsible for paying on the claim?
Answer: $2,100
- Which type of contract liquidates an estate through recurrent payments?-
Answer: Annuity
- A retirement plan that sets aside part of the company's net income for distributions to
qualified employees is called a :
Answer: profit-sharing plan
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- A primary beneficiary has died before the insured in a life insurance policy. A contingent
beneficiary is also named in the policy. Which of the following will occur when the insured dies?
Answer: Proceeds will go to contingent beneficiary
- T is covered by an Accidental Death and Dismemberment (AD&D) policy that has an
irrevocable beneficiary. What action will the insurance company take if T request a. change of beneficiary?
Answer: Request of the change will be refused
- which of the following is an example of an Unfair Trade Practice?
Answer: Coercion
- If a policyowner does not pay the premium by the due date, the
Answer: polucyowner can make the premium payment during the grace period
- Which of the following factors is NOT considered when the Department of Financial
Services determines if an agent's home is insurance agency?
Answer: The amount of premium collected at this location
18. The difference between group insurance and blanket health polices is:
Answer: -Blanket health policies do not issue certificates
- Any violations of the Florida financial institutions code my be investigated by the
Answer: Department of Financial Services (DFS)
- What is the main reason for regulating the insurance industry?
Answer: Maintain the solvency of insurance companies
- An individual covered under a Group Life insurance policy is considered to be a(n)
Answer: certificated holder
- A (n) term life policy is normally used when covering an
insured's mortgage balance
Answer: decreasing
- In Florida, monthly-premium health insurance policies must provide a grace period of at
least
Answer: 10 days
- Which of the following is NOT a consequence for placing business with an unauthorized
insurer?
Answer: Fist degree misdemeanor
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- Which of the following policy provisions prohibits an insurance company from
incorporating external documents into an insurance policy?
Answer: Entire Con- tract
- In Florida, a health policy that is paid on a quarterly basis requires a grace period of
Answer: 31 days
- Any changes made on an insurance application requires the initial of whom
Answer: Applicant
- A person insured under a health policy is required to give the insurance company a Notice
of Claims within how many days after a covered loss?
Answer: - Twenty
- What is the suicide provision designed to do?
Answer: safeguard the insurer from an applicant who is contemplating suicide
- What type of life insurance incorporates flexible premiums and an adjustable death
benefit?
Answer: Universal life
- An insured covered by Accidental Death and Dismemberment (AD&D) insurance has
just died. What will happen if the primary beneficiary had already died before the insured and contingent beneficiary?
Answer: Proceeds will go to the contingent beneficiary
- In a life insurance policy, which provision state who may select policy options, designate
and name a beneficiary, and be the recipient of any financial benefits from the policy
Answer: Owner's Rights
- A company that owns a life insurance policy on one of its key employees may do all of the
following EXEPT
Answer: Change the policy's interest rate
- Which of these types of coverage is best described as a short term medical policy?
Answer: interim coverage
- t took a $50,000 life insurance policy with an Accidental Death and Dismemberment
rider. Five years later, T commits suicide. How much will the insurer pay?
Answer: $50,000
- T has a term policy that allows him to continue the coverage after expiration of the initial
policy period. What type of term coverage is this?
Answer: Renewables
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