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CH 8 Florida Laws & Rules Pertinent to Insurance questions with correct answers.
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CH 8 Florida Laws & Rules Pertinent to Insurance questions with correct answers.
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CH 8 Florida Laws & Rules Pertinent toInsurance questions with correct
answers.
In Florida, what is the maximum percentage of controlled business an agent may produce? ANS - 50%
Which Unfair Trade Practice involves an agent telling a prospective client that a policy's dividends are
guaranteed? ANS - Misrepresentation
In Florida, the underwriting and issuance of a master group health policy requires that all employees
ANS - are eligible to participate, regardless of their individual health history
An agent's license can be suspended or revoked by ANS - writing primarily controlled business
Under Florida law, which of the following provisions is NOT required in a Medicare Supplement policy?
ANS - Limitation on pre-existing conditions for up to 12 months
Which Unfair Trade Practice involves making a false statement on an insurance application in order to
receive money from an insurer? ANS - Misrepresentation
During the application process, the agent's primary responsibility is to ANS - the insurance company
Defamation occurs when an agent makes a false statement intended to ANS - malign another insurer
An agent selling Medicare Supplement policies must provide every applicant with a(n) ANS - Suitability
form
The minimum age at which a person can sign a life insurance application is ANS - 15 years
, According to Florida law, when must an agent deliver the Outline of Coverage to a Medicare Supplement
applicant? ANS - At the time of application
A variable life insurance agent must be licensed and appointed as a life and variable contract agent, as
well as a(n) ANS - broker dealer
The coordination of benefits (COB) provision exists in order to ANS - avoid duplication of benefit
payments
A stock insurance company ANS - is owned exclusively by its shareholders
In Florida, most life insurance policies have a contestability period of ANS - 2 years
Within how many days must a licensee notify the Department of Financial Services of a change in
address? ANS - 30
What do families pay that are covered by the Florida Healthy Kids Corporation? ANS - A portion of the
premium
What percentage of eligible persons must a policy cover in a noncontributory group? ANS - 100%
W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the
company discovered W's true age at issue had been 59. What would the normal procedure be under the
misstatement of age provision in regard to the payment of the death claim? ANS - The proceeds would
be reduced based on whatever the premium would have been if purchased at age 59
In Florida, when agents recommend changes be made for existing coverage, the agent must follow
established procedures. The name of this rule is called the ANS - Florida Replacement Rule
S takes out a health insurance policy which contains a provision that states that the agent does not have
the authority to change the policy or waive any of its provisions. Which health policy provision is this?
ANS - Entire Contract
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