Florida 2-15 Insurance License bundled Exams with 100% correct answers

A Supplementary Medical Expense policy combines the benefits of what two types of plans? correct answersBasic Medical and Major Medical Which of the following is not correct concerning Health Maintenance Organizations? correct answersThey mandate enrollment for groups of 25 or more. Which is n...

Insurance Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance Is based on actuarial or mathematical principles and guarantees a specified...

In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? correct answers6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect...

Speculative Risk correct answersRisk that involves chance of both loss and gain; not insurable Pure Risk correct answersRisk that involves the chance of loss only, there is no opportunity for gain; insurable Law of Large Numbers correct answersBasic principle of insurance that the larger the n...

Speculative Risk correct answersRisk that involves chance of both loss and gain; not insurable Pure Risk correct answersRisk that involves the chance of loss only, there is no opportunity for gain; insurable Law of Large Numbers correct answersBasic principle of insurance that the larger the n...

risk pooling correct answersspreading risk over a large group of people law of large numbers correct answerslarger the group, the more certain the predictions speculative risk correct answersnot insurable - involves both chance of loss or gain pure risk correct answersinsurable - involves c...

Replacing a life insurance policy correct answersWhen replacing a life insurance policy an insurance producer must submit a notice to both the applicant and the insurance producers own company regarding the replacement All must appear on all applications correct answersAgents name & signature, th...

Insuring Clause (or Insuring Agreement) correct answersis the insurer's basic promise to pay specified benefits to a designated person in the event of a covered loss. States the scope and limits of coverage "We ensure to INSURE you for..." Consideration Clause correct answersstates a policyown...

What Medicare part provides a prescription drugs benefit? correct answersPart D An insured with Medicare Part D has reached the initial benefit limit and must now pay a portion of prescription drugs cost. What is the term for this gap in coverage? correct answersThe donut hole What is another ...

The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the: correct answersInsuring clause K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating tha...

3 ways insurance contracts are different than other legally binding documents correct answersNumber one. They are aleatory. Meaning the insured pays a premium but may not receive anything back. Number 2. They are contracts of adhesion meaning the contract was prepared by one party. number 3. They...

1. An employer pays $90 of a $100 group disability premium, and the employee pays the other $10. The disability benefit under the plan is $1,000/month. If the employee becomes disabled and receives the full benefit, how much, if any, of the monthly benefit would be taxable income? correct answers900...

Nondisabling Injury Provision correct answersA person who has a disability income policy and suffers from a disability that is not serious enough to qualify them for disability income benefits may receive the actual cost of medical treatment for accident-related injuries under the: The following ...

what policy component must decrease in decreasing term insurance? correct answersface amount can a business or a corporation be an annuitant? correct answersno, an annuitant must always be a natural person if the annuitant dies during the accumulation period, who will receive the annuity benef...