Florida Life and Health Final Exam 2

Florida Life and Health Final Exam 2

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Florida Life and Health Final Exam 2

• Which of the following factors affect the amount of monthly disability benefits payable

under social security?

Answer: The AMOUNT OF BENEFITS AVAILABLE from other sources

• Which of the following provisions specifies how long a policy owner's health coverage will

remain in effect if the policy owner does not pay the premium when it is due?

Answer: Grace period

• As a condition for a loan, a bank requires the borrower to purchase credit insurance from a

specific company. What is the bank guilty of?

Answer: Coercion

• A physician opens up a new practice and qualifies for a $7,000/monthly Dis- ability income

policy. What rider would the physician add if he wants the ability to increase his policy benefits as his practice and income grow?

Answer: Guaranteed insurability option rider

• Which of these types of coverage is best described as a short term medical policy

Answer: INTERIM coverage

• The COBRA gives workers (and their families) whose employment has been terminated the

right to...

Answer: Continue group health benefits

• Under Florida law, which of the following provisions is NOT required in a Medicare

Supplement policy?

Answer: Limitation on pre-existing conditions for up to 12 months.

• What are adjustable rates for life policy loans in Florida based on?

Answer: Moody's corporate bond index

• A policyowner's rights are limited under which beneficiary designation?

Answer: -Irrevocable

• A trustee-to-trustee transfer or rollover funds in a qualified plan allows a participant to

avoid:

Answer: Mandatory income tax withholding on the transfer amount.

• J is an agent who has induced an insured through misrepresentation to surrender an

existing insurance policy. What is J guilty of?

Answer: Twisted (got me twisted)

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