Florida Insurance Exam – Questions With
Solutions
The clause identifying which losses resulting from an accident or sickness are
insured by the policy is called the: ✔️Ans - Insuring 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 that coverage
begins immediately if the application is approved. What kind of receipt was
used? ✔️Ans - Conditional
A life insurance arrangement which circumvents insurable interest statutes is
called: ✔️Ans - Investor-Originated Life Insurance
Which of the following health policy provisions states that the producer does
NOT have the authority to change the policy or waive any of its provisions?
✔️Ans - Entire Contract
Within how many days after policy delivery can a Medicare Supplement policy
be returned for a 100% premium refund? ✔️Ans - 30
Which of the following is NOT an unfair claim settlement practice? ✔️Ans -
Needing written documentation of claim details
Who is NOT required to sign a life insurance application? ✔️Ans -
Beneficiary
To be eligible for Social Security disability benefits, an employee must be
unable to perform: ✔️Ans - any occupation
The type of annuity that can be purchased with one monetary deposit is called
a(n): ✔️Ans - Immediate annuity
A life insurance application must be signed by all of these, EXCEPT: ✔️Ans
- beneficiary
Which of the following is considered an accurate statement of an unfair trade
practice? ✔️Ans - Twisting involves an agent using misrepresentation to
, convince a policyowner to cancel their current policy so that they can
purchase a new life insurance policy with another company
The Accelerated Death Benefit provision in a life insurance policy is also
known as a(n): ✔️Ans - Living Benefit
Which of the following policy features allows an insured to defer current
health charges to the following year's deductible instead of the current year's
deducitble? ✔️Ans - Carryover provision
Insurance policies are considered aleatory contracts because ✔️Ans -
performance is conditioned upon a future occurrence
Within how many days must a licensee notify the Department of Financial
Services of a change in address? ✔️Ans - 30
Which organization was established to provide funds to protect an insured in
the event of an insurer's insolvency? ✔️Ans - Florida Life and Health
Insurance Guaranty Association
The clause in an Accident and Health policy which defines the benefit amounts
the insurer will pay is called the: ✔️Ans - Insuring clause
When a policyowner cash surrenders a Universal Life insurance policy in it's
early years, this may be considered a red flag for a(n): ✔️Ans - Anti-Money
Laundering violation
According to the Time Payment of Claims provision, the insurer must pay
Disability Income benefits no less frequently than which of the following
options? ✔️Ans - Monthly
What would the Medical Information Bureau (MIB) identify? ✔️Ans -
Testing positive for marijuana use from a previous screening
How would a contingent beneficiary receive the policy proceeds in an
Accidental Death and Dismemberment (AD&D) policy? ✔️Ans - If the
primary beneficiary dies before the insured
Solutions
The clause identifying which losses resulting from an accident or sickness are
insured by the policy is called the: ✔️Ans - Insuring 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 that coverage
begins immediately if the application is approved. What kind of receipt was
used? ✔️Ans - Conditional
A life insurance arrangement which circumvents insurable interest statutes is
called: ✔️Ans - Investor-Originated Life Insurance
Which of the following health policy provisions states that the producer does
NOT have the authority to change the policy or waive any of its provisions?
✔️Ans - Entire Contract
Within how many days after policy delivery can a Medicare Supplement policy
be returned for a 100% premium refund? ✔️Ans - 30
Which of the following is NOT an unfair claim settlement practice? ✔️Ans -
Needing written documentation of claim details
Who is NOT required to sign a life insurance application? ✔️Ans -
Beneficiary
To be eligible for Social Security disability benefits, an employee must be
unable to perform: ✔️Ans - any occupation
The type of annuity that can be purchased with one monetary deposit is called
a(n): ✔️Ans - Immediate annuity
A life insurance application must be signed by all of these, EXCEPT: ✔️Ans
- beneficiary
Which of the following is considered an accurate statement of an unfair trade
practice? ✔️Ans - Twisting involves an agent using misrepresentation to
, convince a policyowner to cancel their current policy so that they can
purchase a new life insurance policy with another company
The Accelerated Death Benefit provision in a life insurance policy is also
known as a(n): ✔️Ans - Living Benefit
Which of the following policy features allows an insured to defer current
health charges to the following year's deductible instead of the current year's
deducitble? ✔️Ans - Carryover provision
Insurance policies are considered aleatory contracts because ✔️Ans -
performance is conditioned upon a future occurrence
Within how many days must a licensee notify the Department of Financial
Services of a change in address? ✔️Ans - 30
Which organization was established to provide funds to protect an insured in
the event of an insurer's insolvency? ✔️Ans - Florida Life and Health
Insurance Guaranty Association
The clause in an Accident and Health policy which defines the benefit amounts
the insurer will pay is called the: ✔️Ans - Insuring clause
When a policyowner cash surrenders a Universal Life insurance policy in it's
early years, this may be considered a red flag for a(n): ✔️Ans - Anti-Money
Laundering violation
According to the Time Payment of Claims provision, the insurer must pay
Disability Income benefits no less frequently than which of the following
options? ✔️Ans - Monthly
What would the Medical Information Bureau (MIB) identify? ✔️Ans -
Testing positive for marijuana use from a previous screening
How would a contingent beneficiary receive the policy proceeds in an
Accidental Death and Dismemberment (AD&D) policy? ✔️Ans - If the
primary beneficiary dies before the insured
