Florida Health and Life Insurance State Exam Practice Part 1|
149 Questions with Verified Answers
Which Accident and Health policy provision addresses preexisting conditions? -
CORRECT ANSWER Time Limit on Certain Defenses
Which of the following individual health insurance policies will provide the
broadest protection? - CORRECT ANSWER Major Medical
Which of the following situations does NOT apply to the Florida Replacement
Rule? - CORRECT ANSWER An existing policyholder purchases an additional policy
from the same insurer
Agent J takes an application and initial premium from an applicant and sends the
application and premium check to the insurance company. The insurance
company returns the check back to J because the check is made out to J instead of
the insurance company. What action should J take? - CORRECT ANSWER Return to
the customer, collect a new check made out to the insurance company, and send
the new check out to the insurance company
Under which of the following circumstances will the benefits under COBRA
continuation coverage end? - CORRECT ANSWER All group health plans are
terminated by the employer
Which type of renewability best describes a Disability Income policy that covers
an individual until the age of 65, but the insurer has the right to change the
premium rate for the overall risk class? - CORRECT ANSWER Garunteed
Renewable
An incomplete life insurance application submitted to an insurer will result in
which of these actions? - CORRECT ANSWER Application will be returned to the
writting agent
,The waiting period for a pre-existing condition under a Medicare Supplement
policy may NOT go beyond - CORRECT ANSWER 6 Months
Which of these statements is INCORRECT regarding the federal income tax
treatment of life insurance? - CORRECT ANSWER Entire cash surrender value is
taxable
Which of these is considered a mandatory provision? - CORRECT ANSWER
Payment of Claims
Which of the following actions will an insurance company most likely NOT take if
an applicant, who has diabetes, applies for a Disability Income policy? - CORRECT
ANSWER Issue the policy with an altered Time of Payment of Claims provision
Which of the following phrases refers to the fees charged by a healthcare
professional? - CORRECT ANSWER Usual, customary, and reasonable expenses
D was actively serving in the Marines when he was killed in an automobile
accident while on leave. His $100,000 Whole life policy contains a War Exclusion
clause. How much will D's beneficiary's receive? - CORRECT ANSWER The full face
amount
N is covered under an individual Disability policy with a 30-day Elimination period
and a monthly benefit of $500. N is totally disabled for 3 1/2 months. N's total
benefit received on this claim is: - CORRECT ANSWER $1,250
No benefits are available during the elimination period.
Who does an agent represent during the solicitation or insurance? - CORRECT
ANSWER The insurance company
Which of the following costs would a Basic Hospital/Surgical policy likely cover? -
CORRECT ANSWER Sugically removing a facial birthmark
The federal income tax treatment of employer-provided group Medical Expense
insurance can be accurately described as: - CORRECT ANSWER Employee's
, premiums paid by the employer is tax-deductible to the employer as a business
expenditure
Premiums paid by an employer for an employee's coverage are deductible by the
employer as a buisness expense
What must the policyowner provide to the insurer for validation that a loss has
occurred? - CORRECT ANSWER proof of loss
Association Plans that are designed to provide health benefits to their members
are regulated by the state because - CORRECT ANSWER They are insured by and
authorized insurer
Which of the following statements is CORRECT about the period in which a Term
Policy can be converted? - CORRECT ANSWER It varies according to contracts
When does a life insurance contract become effective if the initial premium is not
collected during the application process? - CORRECT ANSWER When producer
delives policy and collects initial premium
A provision in a life insurance policy that pays the policyowner an amount that
does not surpass the guaranteed cash value is called the: - CORRECT ANSWER
Policy Loan Provision
Medicare Part A and Part B do no pay for: - CORRECT ANSWER Dental Work
When a misrepresentation on a life insurance policy application is discovered,
what action may an insurance company take? - CORRECT ANSWER Void the policy
only if it is discovered during the Contestable period and proven to be material
The insuring Clause - CORRECT ANSWER States the scope and limits of the
coverage
An applicant's medical information recieved from the Medical Information Bureau
(MIB) may be furnished to the: - CORRECT ANSWER Applicant's physician
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