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Florida Health, Life and Annuity Exam
Update 2023 Questions and Correct
Answers Rated A+
Which of the following products requires a securities license?
a) Fixed annuity
b) Equity Indexed annuity
c) Deferred annuity
d) Variable annuity - ANSWER-Variable annuity
Under a straight life annuity, if the annuitant dies before the principal
amount is paid out, the beneficiary will receive
a) Guaranteed minimum benefit.
b) The amount paid into the annuity.
c) The remainder of the principal.
d) Nothing; the payments will cease. - ANSWER-Nothing; the payments
will cease.
When a whole life policy lapses or is surrendered prior to maturity, the
cash value can be used to
a) Pay back all premiums owed plus interest.
b) Receive payments for a fixed amount.
c) Purchase a single premium policy for a reduced face amount.
d) Purchase a term rider to attach to the policy. - ANSWER-Purchase a
single premium policy for a reduced face amount.
Before an agent delivers a policy, the insurer makes a last-minute
change to the policy. The agent informs the insured of this change, and
he accepts it. In response, the agent must
,a) Deliver the policy without further confirmation from the insured.
b) Have the insured sign a statement of acknowledgement, only if the
change affects the premium amount.
c) Notify the policy beneficiary of the change.
d) Have the insured sign a statement acknowledging that he is aware of
the change. - ANSWER-Have the insured sign a statement
acknowledging that he is aware of the change.
Which of the following must the patient pay under Medicare Part B?
a) A per benefit deductible
b) 20% of covered charges above the deductible
c) 80% of covered charges above the deductible
d) All reasonable charges above the deductible according to Medicare
standards - ANSWER-20% of covered charges above the deductible
Which of the following is NOT a feature of a noncancellable policy?
a)
The insured has the right to renew the policy for the life of the contract.
b)
The insurer may terminate the contract only at renewal for certain
conditions.
c)
The premiums cannot be increased beyond the amount stated in the
policy.
d)
The guarantee to renew coverage usually applies until the insured
reaches certain age. - ANSWER-The insurer may terminate the contract
only at renewal for certain conditions.
The sole proprietor of a business makes a total salary of $50,000 a year.
This year, his medical expenses have reached a total of $75,000. What
amount may the sole proprietor deduct in regards to his medical
expenses?
a)
$10,000
,b)
$25,000
c)
$50,000
d)
$75,000 - ANSWER-$50,000
In which of the following cases will the insured be able to receive the
full face amount from a whole life policy?
a)
As soon as the cash value exceeds the face amount
b)
If there are no named beneficiaries when the policy is paid up
c)
At age 65
d)
If the insured lives to age 100 - ANSWER-If the insured lives to age 100
A guaranteed renewable disability insurance policy
a)
Is renewable at the insured's option to a specified age.
b)
Is renewable at the option of the insurer to a specified age of the insured.
c)
Is guaranteed to have a level premium for the life of the policy.
d)
Cannot be cancelled by the insured before age 65. - ANSWER-Is
renewable at the insured's option to a specified age.
What type of care is Respite care?
a)
Institutional care
b)
24-hour care
c)
, Relief for a major care giver
d)
Daily medical care, given by medical personnel - ANSWER-Relief for a
major care giver
In health insurance, if a doctor charges $50 more than what the
insurance company considers usual, customary and reasonable, the extra
cost
a)
Is not covered.
b)
Must be covered by the insurer.
c)
Counts toward deductible.
d)
Counts toward coinsurance. - ANSWER-Is not covered.
Stranger-originated life insurance policies are in direct opposition to the
principle of
a)
Indemnity.
b)
Insurable interest.
c)
Law of large numbers.
d)
Good faith. - ANSWER-Insurable interest.
Which of the following statements concerning Medicare Part B is
correct?
a)
It pays on a first dollar basis.
b)
It pays 100% of Medicare's standards for reasonable charges.
c)
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