Florida Life and Health Insurance Practice
Questions
By ExamNavigator
,Florida Life and Health Insurance Practice Questions
1. Within how many days must a licensee notify the Department of Financial Services of a
change in address?
Answer: 30
2. All of the following entries are classified under the four principal areas of Florida insurance
law EXCEPT...
Answer: An agent's commission
3. Which of the following factors is NOT considered when the Department of Financial
Services determines if an agent's home is an insurance agency?
Answer: -The amount of premium collected at this location
4. Florida requires that an insurance agent must complete hours of continuing education on
the subject of law and ethics every two years
Answer: 5
5. Agents that have been licensed for less than six years must complete hours of
continuing education every two years
Answer: 24
6. A licensed agent must be appointed by an insurance company to solicit insurance in
Florida. The agent's license will terminate if a certain period oftime elapses without being
appointed. How long is this period of time?
Answer: 48
7. What is the maximum percentage of controlled business an agent mayproduce?
Answer: 50%
8. A group plan was recently terminated. In Florida how many days are coveredindividuals
guaranteed coverage after a group plan's termination?
Answer: 31 days
9. The Financial Services Commision may hold hearings...
Answer: For any reasondeemed necessary
10. In Florida, an insurer domiciled and incorporated in this state is called...
Answer: -Domestic company
11. According to Florida law, which of the following statements accurately describes an
admitted mail order insurance company?
Answer: It may solicit insurancebusiness by mail only without the assistance of a licensed
Florida agent
,12. According to Florida law, an additional lapse notice must be issued after the standard
grace period has expired for policyowners age...
Answer: 64 years or older
13. Which action could result in a hearing being ordered by the Department ofFinancial
Services?
Answer: Performing insurance transactions without a license
14. Which of the following professional organizations has its code of ethicsincorporated into
Florida law?
Answer: National Association of Insurance and FinancialAdvisors (NAIFA)
15. Which entity approves the insurance policy forms used in Florida?
Answer: Officeof Insurance Regulation (OIR)
16. In Florida, agents are allowed to engage in rebating if...
Answer: Offered to all insuredin the same actuarial class
17. In Florida, when agents recommend changes be made for existing cover-age, the agent
must follow established procedures. The name of this rule is called the...
Answer: Florida Replacement Rule
18. In Florida, an element of an insurance transaction would be...
Answer: Issuing aninsurance contract
19. The Bureau of Unclaimed Property is overseen by...
Answer: The chief financialofficer
20. One of the stated purposes of the Life and Health Insurance GuarantyAssociation is...
Answer: To assist in the prevention of insurer insolvencies
21. The Life and health Insurance Guaranty Association is funded by...
Answer: Assessments on member companies
22. The purpose of the Guaranty Fund is to...
Answer: Ensure that claims filed againstinvolvement insurance companies will be paid
23. The rules and regulations of the Life and health Insurance Guaranty Association apply to...
Answer: Life and health policies issues by companies authorized in thatparticular state
24. The fund that assures policyholder payment of benefits on Life and Health Policies, if the
company is involved at the time of the claim, is called the...
Answer: TheLife and Health Insurance Guaranty Association
, 25. A stock life insurance company that issues both participating and nonparticipating policies
is doing business on...
Answer: Mixed plan
26. A stock insurance company is owned by
Answer: Its stockholders
27. Who is a mutual insurance company owned by?
Answer: Its policyholders
28. Which type of insurance company allows their policyowners to elect agoverning body?
Answer: Mutual
29. What percentage of eligible persons must a policy cover in a noncontributory group?
Answer: 100%
30. Which of the following employer tasks does a Professional EmployerOrganization
normally handle?
Answer: Administration tasks
31. The Coordination of Benefits (COB) provision exists in order to...
Answer: Avoidduplication of benefit payments
32. M completes an application for health insurance but does not pay the initialpremium. All of
these actions must occur before M's policy goes into effect EXCEPT?
Answer: Free look period has expired
33. Q applied for life insurance and submitted the initial premium on January
1.The policy was issued February 1, but it was not delivered by the agent untilFebruary 7. Q is
dissatisfied and returns the policy February 13. How will theinsurer handle this situation?
Answer: Policy was returned within the free-look period, premium will be fully refunded
34. According to Florida law, which of the following info does NOT need to beobtained by an
agent recommending an annuity purchase?
Answer: Marital status
35. K is an agent who made improper sales of an annuity to a client. Which ofthe following
corrective actions would the Department of Financial Services likely order K to take?
Answer: Pay a monetary restitution to the client
36. Under Florida law, a variable annuity policyowner must be notified of theaccumulated
value of the contract...
Answer: Once each year
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