Florida
2-15
Insurance
License
Exam
Accumulation
units
are
converted
into
annuity
units:
-
Answer
at
the
time
of
annuity
payout.
A
group
life
insurance
plan
in
which
the
employer
pays
the
entire
premium
is
known
as
a
________________
plan.
-
Answer
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.
-
Answer
FALSE
Robert
had
an
accident
and
qualified
for
Social
Security
disability.
Given
the
waiting
period,
when
will
Robert
begin
to
receive
benefits?
-
Answer
After
5
months
The
Insuring
Clause
includes
all
of
the
following
EXCEPT
the
-
Answer
beneficiary
Mutualization
occurs
when
a
stock
company
turns
to
a
__________
company.
-
Answer
mutual
To
provide
a
safeguard
for
insureds,
most
major
medical
policies
contain
a
____________
feature
that
limits
the
insured's
out-of-pocket
expenses.
-
Answer
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
transaction?
-
Answer
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.
-
Answer
both
the
insurer
and
the
insured
"ACC"
refers
to
the
type
of
disability
that
prevents
someone
from
performing
the
job
he
was
performing
prior
to
the
disability.
-
Answer
FALSE
Which
statement
is
CORRECT
about
the
Department
of
Financial
Services'
right
to
examine
an
agent's
records?
-
Answer
An
examination
can
be
conducted
at
any
time
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:
-
Answer
rebating
____________
term
insurance
provides
a
level
amount
of
protection
for
a
specified
period,
after
which
the
policy
expires.
-
Answer
Level Business
overhead
expense
(B.O.E.)
insurance
does
not
provide
benefits
to
cover
the
business
owner's
salary.
-
Answer
TRUE
Level,
decreasing,
and
increasing
insurance
are
all
basic
forms
of
____________
insurance.
-
Answer
term
Hospice
services
are
covered
under
Medicare
Part
A.
-
Answer
TRUE
Under
Florida
law,
group
health
insurers
must
offer
mental
and
nervous
disorder
insurance
to
policyowners.
-
Answer
TRUE
Deductibles
under
a
group
major
medical
plan
usually
run
from
$250
to
$500;
whereas
individual
health
plans
usually
run
from:
-
Answer
$1,000
plus.
Every
HMO
subscriber
must
receive
a
benefits
package
that
includes
a
copy
of
the
HMO
contract
and
certificate,
and:
-
Answer
a
member's
handbook.
A
life
insurance
policy
will
not
be
reinstated
if
it
has
been:
-
Answer
surrendered
for
its
cash
value.
Which
of
the
following
is
NOT
a
type
of
permanent
life
insurance?
-
Answer
Term
Life
In
Florida,
a
______________
must
sign
for
and
on
behalf
of
a
minor
purchasing
life
insurance.
-
Answer
parent
or
legal
guardian
When
an
agent
spreads
a
false
story
that
damages
a
competing
agent's
reputation,
the
offense
is
called:
-
Answer
defamation
__________
is
when
policy
values
of
an
insurance
policy
are
used
to
purchase
another
policy
with
the
same
insurer
for
the
sole
purpose
of
earning
additional
premiums
or
commissions.
-
Answer
Churning
Once
an
organization
has
filed
an
application
to
conduct
insurance
business,
the
Office
of
Insurance
Regulation
will
begin
its
review
for
issuing
a(n):
-
Answer
Certificate
of
Authority
Florida
law
requires
health
insurance
policies
and
HMO
contracts
to
provide
coverage
for
all
medically
necessary
equipment,
supplies
and
services
used
to
treat
diabetes
when
the
patient's
physician
certifies
that
they
are
medically
necessary.
-
Answer
TRUE
If
an
insurance
company
reimburses
the
insured
for
medical
expenses,
can
the
insured
deduct
that
amount
from
their
federal
income
tax?
-
Answer
NO
Which
of
the
following
is
NOT
a
benefit
to
key
person
insurance?
-
Answer
Wage
control
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