FLORIDA INSURANCE EXAM REVIEW

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FLORIDA INSURANCE EXAM REVIEW

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

-Format: Multiple-choice / Flashcard

Question 1: Individual and group health policies must provide coverage for newborn

children of a family member from the moment of birth for at least:

Answer:

18 months Question 2: A surgeon who has a neurological problem in his arm is not able to perform surgery, but he can practice internal medicine. His disability policy states that he will qualify for benefits if he is unable to perform the essential duties of his occupation as a result of a sickness or an accident for 5 years and any occupation for which he have had prior experience, education or training thereafter. What benefits might he expect from this policy?

Answer:

Full benefits for 5 years and no benefits thereafter Question 3: What practice may NOT be used by agents when selling annuities to senior citizens?

Answer:

Cold lead advertising

Question 4: What rider can decrease the death benefit when utilized?

Answer:

Long-term care rider

Question 5: Who must sign the Notice Regarding Replacement of Medicare Supplement Coverage?

Answer:

The applicant and the replacing agent Question 6: Statements made in an insurance application are held to a principle of:

Answer:

Representation Question 7: What are nonprofit entities that provide life insurance as a benefit for their members and beneficiaries?

Answer:

Fraternal organizations Question 8: What is the minimum free look period for life insurance policies in Florida?

Answer:

14 days

Question 9: Benefits of a qualified retirement plan

Answer:

Employers can deduct contributions for each participant, contributions and earning on the contributions are tax deferred until withdrawn, and transferring the contributions into a different IRA can further defer taxes Question 10: What action will an insurance company take in issuing an individual health insurance policy to someone who has had asthma since childhood?

Answer:

Issue the policy with an impairment rider Question 11: In Florida, what is the minimum number of employees to be considered a "small employer?"

Answer:

1

Question 12: In what provision does this statement appear: "Benefits are subject to all the provisions, conditions and exclusions of the policy?"

Answer:

Insuring clause

Question 13: What is the length of time that the suicide clause is in effect?

Answer:

• years

Question 14: What would be best for someone who received a large lump sum from their company retirement and wants to be sure their basic living needs are always covered?

Answer:

An immediate annuity purchased with a lump sum

Question 15: What is intended to be covered by health insurance?

Answer:

Accidental injury, illness, and medical costs Question 16: How does one handle the designation of minor beneficiaries on a life policy?

Answer:

Set up a trust to receive and administer the proceeds of the policies, instruct the insurance company to hold the proceeds until the children are of a competent age, and/or appoint a guardian to administer the proceeds Question 17: Who much sign the Notice Regarding Replacement of Accident and Sickness or Long-term Care Coverage?

Answer:

The applicant only Question 18: What guarantee sates that if the policyholder discontinues payment of the premiums, the policyholder can have access to the cash value of the policy?

Answer:

Nonforfeiture provision

Question 19: What are features of variable universal life insurance?

Answer:

Flexible premiums, cash value based on investment in separate account, and death protection is deduced from cash value Question 20: To fall under the common disaster provision, most policies specify that the death

of the primary beneficiary must occur:

Answer:

Within 30-90 days of the accident Question 21: What is one condition to re-instate a lapsed life insurance policy?

Answer:

The policy has been expired no more than 3 years Question 22: Jamie had group life insurance with his former employer, but his new company does not offer life insurance. What are his options?

Answer:

He can convert his insurance to an individual policy Question 23: Which policy would best suit someone who retires with a large amount of cash?

Answer:

Single premium whole life insurance Question 24: An answer an applicant provides on an application is considered a:

Answer:

Represetation Question 25: What is the purpose of the Florida Life and Health Guaranty Association?

Answer:

To protect policy holders and insureds from insurers who cannot fulfill their financial obligations Question 26: A binding arrangement under which an insured their health plan be made directly to a person or facility that they dictate (such as a doctor or hospital)

Answer:

Assignment of benefits