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2024 FLORIDA INSURANCE EXAM REVIEW WITH CORRECT ANSWERS
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2024 FLORIDA INSURANCE EXAM REVIEW WITH CORRECT ANSWERS
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2024 FLORIDA INSURANCE EXAMREVIEW WITH CORRECT ANSWERS
What is one condition to re-instate a lapsed life insurance policy? - CORRECT
ANSWERS- The policy has been expired no more than 3 years
What are three common classifications underwriters use for risk? - CORRECT
ANSWERS- Standard, substandard, and preferred
What is intended to be covered by health insurance? - CORRECT ANSWERS-
Accidental injury, illness, and medical costs
What is the purpose of the Florida Life and Health Guaranty Association? -
CORRECT ANSWERS- To protect policy holders and insureds from insurers
who cannot fulfill their financial obligations
Who much sign the Notice Regarding Replacement of Accident and Sickness
or Long-term Care Coverage? - CORRECT ANSWERS- The applicant only
If the total of a taxpayer's medical expense exceeds 10% of their adjusted
gross income, what can be deducted? - CORRECT ANSWERS- Accident
insurance premiums, health insurance premiums, and long-term care
premiums
What is the minimum grace period for group life insurance in Florida? -
CORRECT ANSWERS- 31 days
Who must sign the Notice Regarding Replacement of Medicare Supplement
Coverage? - CORRECT ANSWERS- The applicant and the replacing agent
What would be best for someone who received a large lump sum from their
company retirement and wants to be sure their basic living needs are always
covered? - CORRECT ANSWERS- An immediate annuity purchased with a
lump sum
What are nonprofit entities that provide life insurance as a benefit for their
members and beneficiaries? - CORRECT ANSWERS- Fraternal organizations
In what type of health insurance contract are the premiums guaranteed not
to increase and the insurance company may not cancel the policy? -
CORRECT ANSWERS- Non-cancellable
, A binding arrangement under which an insured their health plan be made
directly to a person or facility that they dictate (such as a doctor or hospital)
- CORRECT ANSWERS- Assignment of benefits
What is the minimum number of employers that must be insured
contributory employer-sponsored group health insurance plans? - CORRECT
ANSWERS- There is no minimum
What will an HMO stress? - CORRECT ANSWERS- Low or no co-pay for doctor
visits, screenings for potential health conditions, and wellness as a lifestyle
The Insurance Department may place on probation, suspend, revoke or
refuse to issue or renew an insurance producer license for: - CORRECT
ANSWERS- Failing to pay child support
Florida's Long-term Care Partnership Program is a partnership between
Medicaid and... - CORRECT ANSWERS- Private long-term care insurers
What features may a short-term disability plan be designed with? - CORRECT
ANSWERS- Benefits may be paid as a flat indemnity amount, both accidents
and sicknesses will be covered, and benefit may be paid a percent of income
Who sells the Small Business Health Plan insurance? - CORRECT ANSWERS-
Only Florida insurers chosen by the Office of Insurance Regulation
A medicare supplement insurer cannot deny an application for Medicare
supplement policy if the applicant is both 65 and enrolled in: - CORRECT
ANSWERS- Medicare Part B
What are the elements of insurable risks? - CORRECT ANSWERS- Loss must
occur by chance or accident, large number of homogeneous units, and the
loss must be predictable
When recommending a replacement policy, a producer should remember
that: - CORRECT ANSWERS- He/she has liabilities because of errors or
omissions
What defines proper business practices expected of agents? - CORRECT
ANSWERS- The Florida Code of Ethics
Irving has a policy that states that his coverage is renewable to age 65 and
beyond that age in the event certain circumstance are present. This type of
renewability is known as: - CORRECT ANSWERS- Conditionally renewable
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