Download Florida Life and Health State Exam Simulator Questions and Answers (Verified Solutions) La and more Exams Nursing in PDF only on Docsity!
and Answers (Verified Solutions) Latest 2023 (230 qs)
Which of the following statements about guaranteed renewable health insurance policy is correct? - Correct Answer ✅Premiums normally increase at the time of renewal. The issuer must provide a perspective buyer with an? - Correct Answer ✅Buyers guide and policy summary T would like to be assured $10,000 is available in 10 years to replace a roof on his house. What kind of $10,000 policy should T purchase? - Correct Answer ✅Ten-year Endowment According to the time payment of claims provision, the insurer must pay disability income benefits no less frequently then which of the following options? - Correct Answer ✅Monthly Which of the following is the most important factor when deciding how much disability income coverage an applicant should purchase? - Correct Answer ✅Applicants monthly income
and Answers (Verified Solutions) Latest 2023 (230 qs)
Which two entitles regulate variable annuities? - Correct Answer ✅Department of Financial Services; Securities Exchange Commission. The amount of coverage on a group life policy is limited to? - Correct Answer ✅The insured's total loan value The provision that can be used to put on insurance policy back in force after it has lapsed due to nonpayment is called? - Correct Answer ✅Reinstatement Which product would best serve a retired individual looking to invest a lump- sum of money through an insurance company? - Correct Answer ✅Annuity According to Florida law, a group life insurance policy requires a minimum how many insureds? - Correct Answer ✅No minimum Multiple employer welfare arrangement (MEWA) provides what type of benefits? - Correct Answer ✅Insurance
and Answers (Verified Solutions) Latest 2023 (230 qs)
An insured is past due on his life insurance premium but is still within the grace period. What will the beneficiary receive if the insured dies during the grace period.? - Correct Answer ✅Full face amount minus any past due premiums A business overhead expens policy would cover which of the following if a business owner becomes disabled? - Correct Answer ✅Utilities and office rent Employers with less then —— employees are affected by Florida health insurance coverage continuation act (Mini COBRA)? - Correct Answer ✅ 20 S is employer by large corporation that provides group health coverage for its employees and their dependents. If S dies, The company must allow his surviving spouse and dependents to continue their group health coverage for a maximum of how many months on the cobra regulations? - Correct Answer ✅36 months (under COBRA) J is an agent who recently told a claimant that his rights might be impaired if he does not complete a release form within a specified time. What could this agent be found guilty of? - Correct Answer ✅Coercion
and Answers (Verified Solutions) Latest 2023 (230 qs)
An employer that offers a qualified retirement plan to its employees is eligible to? - Correct Answer ✅Make tax-deductible contribution to the plan Which of the following employees may not be excluded from the group life plan? - Correct Answer ✅Full-time employees after the probation period. When is the face amount of a whole life policy paid? - Correct Answer ✅When the insured dies or at the policies maturity date whichever happens first. Major medical policies typically? - Correct Answer ✅Contain deductible and coinsurance Which of the following provisions is not required in HMO contracts certificates? - Correct Answer ✅Seven-day grace period The health insurance program which is administrated by each state and founded by both the federal and state government is called? - Correct Answer ✅Madicaid
and Answers (Verified Solutions) Latest 2023 (230 qs)
When determining the monthly benefit amount for disability income policy, the factor that limits the amount a prospective insured may purchased is - Correct Answer ✅Income Basic hospital and surgical policy benefits are? - Correct Answer ✅Lower than actual expenses incurred. In Florida which the following practitioners normally do not receive payment from health insurance policies? - Correct Answer ✅Naturopath J purchase a disability income policy that only Jay can terminate and on which the rate will never increase above those illustrated in the policy. Which of the following types of policies did J purchase? - Correct Answer ✅Noncancelable The provision in a group health policy that allows the insurer to postpone coverage for a covered illness 30 days after the policy's effective date is a reference to as the? - Correct Answer ✅Waiting period
and Answers (Verified Solutions) Latest 2023 (230 qs)
Nonprofit life insurance providers that are covered by special section in Florida insurance code are called? - Correct Answer ✅Fraternal Life insurance organizations Which of the following is true if the owner of IRA names their spouse as beneficiary, but then dies before any distributions are made? - Correct Answer ✅The account can be rolled into a surviving spouse's IRA According to Florida law group life insurance conversion privilege must not? - Correct Answer ✅Require evidence of insurability L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer discovers that L had understated her age on the application. Under the Misstatement of age provision, the insurer will? - Correct Answer ✅Adjust the death benefit to reduced amount. The waiting period for a pre-existing condition under a Medicare supplement policy may NOT go beyond? - Correct Answer ✅6 months
and Answers (Verified Solutions) Latest 2023 (230 qs)
A policy owner is able to choose the frequency of premium payment through what policy feature? - Correct Answer ✅Premium mode Which of the following cost would a basic hospital/surgical policy likely cover? - Correct Answer ✅Surgically removing a facial birthmark. In Florida, agents are allowed to engage in rebating if? - Correct Answer ✅Offered to all insureds in the same actuarial class. Which of the following it's not required in the outline of coverage for a health insurance policy? - Correct Answer ✅Project of the policy's future costs. A group plan was recently terminated. In Florida, how many days are covered individuals guaranteed coverage after a group plan's termination? - Correct Answer ✅31 days What is the underlying concepts regarding lever premiums? - Correct Answer ✅The early years are charged more than what is needed.
and Answers (Verified Solutions) Latest 2023 (230 qs)
In major medical expenses policies, what is the intent of a Stop Loss provision? - Correct Answer ✅Limits an insured's out-of-pocket medical expenses. Which of the following health policy provision states that the producer does not have the authority to change the policy or wave any of any of its provisions? - Correct Answer ✅Entire contract K is looking to purchase renewable term insurance. Which of the following types of Term insurance may be renewable? - Correct Answer ✅Level Which of the following combination plants is designed to protect an insured from an unpaid mortgage balance upon premature death? - Correct Answer ✅Joint life A policy owner would like to change the beneficiary on an accidental death and Dismemberment (AD&D) insurance policy and make the change permanently. which type of designation would fulfill this need? - Correct Answer ✅Irrevocable
and Answers (Verified Solutions) Latest 2023 (230 qs)
The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the? - Correct Answer ✅Insuring clause. When does a probationary Provision become effective in a health insurance contract? - Correct Answer ✅At the policy's inception According to Florida rules on disclosure, a life insurance applicant is excepted to be provided with? - Correct Answer ✅A Buyers guide and a policy summary. Before a life insurance policy is issued, which of these components of the contract is required? - Correct Answer ✅Applicant's signature on application Variable annuities may invest premiums in each of the following except? - Correct Answer ✅Insurer's corporate business account During the course of insurance transaction, if an agent makes a false or incomplete statement, he/she could be found guilty of? - Correct Answer ✅Misrepresentation
and Answers (Verified Solutions) Latest 2023 (230 qs)
Which is true concerning Variable universal life policy? - Correct Answer ✅Policy owner controls where the investment will go and select the amount of the premium payment. If an invitation has an accidental death and dismemberment policy and dies, an autopsy can be performed in all these situations except? - Correct Answer ✅When the state prohibits this by law Which of the following types of care is typically not covered in the long-term care policy? - Correct Answer ✅Acupuncture An insurer receives proof of loss for an acceptable medical expenses claim under an individual health insurance policy. Under the time of payment of claims provision, the insurer MUST pay the benefits? - Correct Answer ✅Immediately Which premium schedule result in the lowest cost to the policy owner? - Correct Answer ✅Annual
and Answers (Verified Solutions) Latest 2023 (230 qs)
Which of these statements is incorrect regarding a preference provider organization? (PPO) - Correct Answer ✅PPO's are not a type of managed care system( ppo are considered to be a managed health care system) Non-occupational disability coverage is designed for? - Correct Answer ✅Employees who suffer non-work related disability, since work-related disability are covered by workers compensation. Nursing home benefits must be provided for all at least consecutive months in which of the following types of policies? - Correct Answer ✅Long-term care With how many days after policy delivery can a Medicare supplement policy be returning for 100% premium refund? - Correct Answer ✅30 (maximum 30 days) What is the purpose of the Time of Payment of claims provision? - Correct Answer ✅Prevents delayed claims payments made by insurer
and Answers (Verified Solutions) Latest 2023 (230 qs)
When replacing or exchanging an annuity, the agent must disclose to the annuitant? - Correct Answer ✅The possible tax ramifications as a result of the transaction Q purchase $500,000 life insurance policy and pays $900 in premiums over the first six months. Q die suddenly and the beneficiary is paid $500,000. This exchange of unequal value reflects which of the following assurance contract pictures? - Correct Answer ✅Aleatory. How many hours of continuing education must the newly licensed agent complete every two years - Correct Answer ✅ 24 Which the these statements accurately describes the waiver of premium provision in an accident and health policy? - Correct Answer ✅Premiums are waved after the insured has been totally disabled for a specified time period. From what authority derives the requirement that an insurance application contains a disclosure starting that an investigative consumer report may be updated on an applicant? - Correct Answer ✅Fair Credit Report Act
and Answers (Verified Solutions) Latest 2023 (230 qs)
contingent beneficiary. Five years later, S dies of natural causes and the father is killed in scuba accident shortly afterwords. How much of the death benefits will the mother receive? - Correct Answer ✅$ Which of the following provisions specified how long a policyowner's health coverage will remain in effect if the policyowner does not pay the premium when it is due? - Correct Answer ✅Grace Period A potential client age 40 would like to purchase a whole life policy that will accumulate cash value at faster rate in the early years of the policy. Which of these Statemants made by the producer would be correct? - Correct Answer ✅20-Pay Life accumulates cash value faster than Straight Life According to Florida law, in which of the following situations would a dependent handicapped child NOT be covered under family health policy? - Correct Answer ✅The premiums for the handicapped child are not paid How long does the coverage normally remain on limited-pay life policy? - Correct Answer ✅Age 100
and Answers (Verified Solutions) Latest 2023 (230 qs)
Information obtained from a phone conversation to the proposed insured can be found in which of these reports? - Correct Answer ✅Inspection report How does group insurance differ from individual insurance? - Correct Answer ✅Premiums are lower An Insurance company Incorporated under the law of the state in which its home office is located is called an —- company? - Correct Answer ✅Domestic J would like to maintain the right to change beneficiaries. which beneficiary designation would be used? - Correct Answer ✅Revocable When does a life insurance contract becomes effective if the initial premium is not collected during the application process? - Correct Answer ✅When producer delivers policy and collect initial premium A Variable insurance policy? - Correct Answer ✅It does not guarantee a return on investment accounts
