Accumulation units are converted into annuity units: - at the time of annuity payout.
A group life insurance plan in which the employer pays the entire premium is known as a
________________ plan. - noncontributory
If a disabled worker covered under Social Security disability benefits recovers a...
Florida 2 -15 Insurance License Exam Accumulation units are converted into annuity units: - ✔✔at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. - ✔✔noncontributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years , a new waiting period is required before benefits begin again. - ✔✔FALSE Robert had an accident and qualified for Social Security disability. Given the waiting period, when will Robert begin to receive benefits? - ✔✔After 5 months The Insuring Clause in cludes all of the following EXCEPT the - ✔✔beneficiary Mutualization occurs when a stock company turns to a __________ company. - ✔✔mutual To provide a safeguard for insureds, most major medical policies contain a ____________ feature that limits the ins ured's out -of-pocket expenses. - ✔✔stop -loss Tom is a newly appointed life, health and variable annuity agent with Acme Insurance Agency. He is writing his first insurance policy on his brother -in-law's life. Who does Tom legally represent in this transac tion? - ✔✔Acme Insurance Agency An insurance clause is a distinct article in a formal document that establishes the rules in the contract that _____________________ must adhere to. - ✔✔both the insurer and the insured "ACC" refers to the type of disabili ty that prevents someone from performing the job he was performing prior to the disability. - ✔✔FALSE Which statement is CORRECT about the Department of Financial Services' right to examine an agent's records? - ✔✔An examination can be conducted at any ti me to discover any unfair trade practices. Bill gives Jim a couple of tickets to a Florida Gators game to thank him for purchasing a policy. This is an example of: - ✔✔rebating ____________ term insurance provides a level amount of protection for a speci fied period, after which the policy expires. - ✔✔Level Business overhead expense (B.O.E.) insurance does not provide benefits to cover the business owner's salary. - ✔✔TRUE Level, decreasing, and increasing insurance are all basic forms of ____________ i nsurance. - ✔✔term Hospice services are covered under Medicare Part A. - ✔✔TRUE Under Florida law, group health insurers must offer mental and nervous disorder insurance to policyowners. - ✔✔TRUE Deductibles under a group major medical plan usually run from $250 to $500; whereas individual health plans usually run from: - ✔✔$1,000 pl us. Every HMO subscriber must receive a benefits package that includes a copy of the HMO contract and certificate, and: - ✔✔a member's handbook. A life insurance policy will not be reinstated if it has been: - ✔✔surrendered for its cash value. Which of the following is NOT a type of permanent life insurance? - ✔✔Term Life In Florida, a ______________ must sign for and on behalf of a minor purchasing life insurance. - ✔✔parent or legal guardian
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