FLORIDA INSURANCE EXAM 2-15

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FLORIDA INSURANCE EXAM (2-15)

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

-Format: Multiple-choice / Flashcard

Question 1: A _______ contract may be set aside.

Answer:

voidable

Question 2: Which of the following are NOT eligible for Medicare coverage?

Answer:

People with any life threatening condition Question 3: A Hospital Expense policy that pays a FLAT AMOUNT per day for hospital room and board pays benefits on what basis?

Answer:

A fixed-rate plan Question 4: 6. Which of the following service providers allows for a primary care physician as well as out-of-network care?

Answer:

Point of Service Plan (POS) Question 5: When benefits are paid to a policyowner covered under a Hospital Expense policy, the policy is considered to be which of the following?

Answer:

Fixed-Rate plan

Question 6: If all or part of a $500 deductible is offset by a Basic Medical policy, what type of deductible applies?

Answer:

Integrated Question 7: The term FIRST DOLLAR often is used to describe benefits payable by which type of policy?

Answer:

A Hospital Indemnity policy Question 8: What type of agent represents a number of insurance companies under separate contractual agreements?

Answer:

Independent Agents Question 9: The tendency for less favorable risks to seek or continue insurance is known as:

Answer:

adverse selection Question 10: All of the following statements describe risk avoidance, EXCEPT:

Answer:

Pat pays his insurance premium.

Question 11: Social Security was started in what year?

Answer:

1935 Question 12: How does a basic medical plan avoid small claims and keep the cost of premiums down?

Answer:

by imposing benefit limits Question 13: There are risks that include the possibility of loss or gain. What is the definition of accepting risk and confronting it if and when it occurs?

Answer:

Retention

Question 14: If 100 men, age 25, desired to provide their beneficiary with $10,000, how much would each have to pay if we knew three were going to die?

Answer:

$300 The mortality tables told us three would die. That would create a $30,000 pool to be divided by the 100 men. $30,000 divided by the 100 equals $300.Question 15: Dread disease, travel accident, vision care, and hospital indemnity policies are all

examples of:

Answer:

Limited risk policies Question 16: The Financial Services Modernization Act:

Answer:

Repealed the Glass-Steegal Act Question 17: All of the following are types of deductible provisions associated with major

medical policies except:

Answer:

stop loss

Question 18: 19. Which statement concerning a life insurance contract is true?

Answer:

It is not a personal contract and can be given away.Question 19: Which of the following describes the idea that the insurance contract is created by the insurer and the client can "take it or leave it"?

Answer:

Adhesion

Question 20: Which is not true concerning a Hospital Fixed-Rate plan?

Answer:

Benefits are paid directly to the hospital

Question 21: Which of the following cause the potential for increasing risk?

Answer:

Hazard Question 22: In a health insurance policy, what term describes a situation where a policyowner transfers a portion of his or her rights in an insurance policy to the hospital?

Answer:

Right of assignment Question 23: All of the following systems support the sale of insurance through agents

EXCEPT:

Answer:

direct selling

Question 24: Which of the following is true about coinsurance?

Answer:

It helps control overutilization of benefits.Question 25: All of the following statements about noncancellable policies are true except:

Answer:

The insurer may increase the premium rate after the policy is in effect provided it does so by classes of insureds.Question 26: All of the following statements concerning Social Security disability benefits are

true except:

Answer:

Benefits are retroactive to the time of disability

Question 27: What type of contract pays a stated amount in the event of loss?

Answer:

valued Question 28: Statements made by an applicant for a life insurance policy which are supposed to

be true are referred to as:

Answer:

representations