FLORIDA 2-15 FINAL EXAM

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FLORIDA 2-15 FINAL EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: An insured purchased a health insurance policy with a renewability clause that states the policy is "Guaranteed Renewable." This means that as long as the required premiums are paid, the policy will continue until the insured

Answer:

Reaches 65

Question 2: The entire contract includes all of the following EXCEPT

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A buyer's guide.Question 3: All of the following are excluded from coverage in an individual health insurance policy EXCEPT

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Mental illness.Question 4: Considering the principles of liquidity, how would the policyowner use today's cash values in a life insurance policy?

Answer:

Use it for emergency expenses

Question 5: Which of the following is NOT mandatory under the Uniform Provisions Law as applied to accident and health policies?

Answer:

Probationary Period Question 6: An annuity owner receives the same guaranteed payment every month. What type of annuity is it?

Answer:

Fixed Question 7: All of the following are true regarding the federal Fair Credit Reporting Act EXCEPT

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Reports may be sent to anyone who requests one.Question 8: In health insurance, the length of the grace period varies according to the

Answer:

Mode of premium payment.Question 9: All of the following statements about indexed whole life insurance are correct

EXCEPT

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The death benefit is not guaranteed Question 10: When filling out an application for insurance, the applicant makes a mistake. If a fresh application were not available, what could the applicant do to properly correct the mistake?

Answer:

Cross the incorrect answer out, write the correct one beside it, and initial the answer.Question 11: Which of the following statements regarding HIV testing is NOT true?

Answer:

Test results must be sent to the Department of Insurance.

Question 12: How does insurance distribute the financial consequences of individual losses?

Answer:

It transfers the risk to all persons insured.

Question 13: What does an annuity protect the annuitant against?

Answer:

Living longer than expected Question 14: An agent delivers a life policy. He explains a policy change was made and asks the applicant to sign a statement acknowledging the changes were explained. The agent says the premium has not been paid and must be paid before the policy goes into effect. He collects a Statement of Good Health, relinquishes the policy, and leaves. What did he do wrong?

Answer:

He left the policy with the insured without collecting the premium

Question 15: Which of the following used to be called Medicare + Choice Plans?

Answer:

Medicare Advantage Plans Question 16: A whole life policy is surrendered for a reduced-paid up policy. The cash value in the new policy will

Answer:

Continue to increase Question 17: Regarding the consideration clause, which of the following is NOT correct?

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Consideration of the insurer and insured must be equal.Question 18: Riley reads an agreement on the first page of her policy which includes a list of losses that will be covered by her insurer. What is the name of this agreement?

Answer:

Insuring Clause

Question 19: In addition to participation requirements, how does an insurer guard against adverse selection when underwriting group health?

Answer:

By requiring that the insurance be incidental to the group Question 20: What happens to the copy of the application for health insurance once the policy is issued?

Answer:

It becomes part of the entire contract.

Question 21: HMOs are known as what type of plans?

Answer:

Service Question 22: Under the mandatory uniform provision Legal Actions, an insured is prevented from bringing a suit against the insurer to recover on a health policy prior to

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60 days after written proof of loss has been submitted.Question 23: To be valid, an insurance policy must have all of the following EXCEPT

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Countersignature Question 24: In order to reinstate a life insurance policy the insured must do all of the following

EXCEPT

Answer:

Pay next year's premium in advance Question 25: An insurer is attempting to determine the insurability of an applicant and decides to obtain medical information from several different sources. Which of the following must be notified of the investigation?

Answer:

The applicant