Florida Health, Life & Annuity End of Course Exam 3 With 100% Verified solutions
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Course
FLORIDA HEALTH AND LIFE
Institution
FLORIDA HEALTH AND LIFE
How frequently must domestic insurers be examined by the Office of Insurance
Regulation?
Select one:
a. Annually
b. At least once every other year
c. At least once every 5 years
d. Upon the Office's discretion - CORRECT ANSWER- Domestic insurers must be
examined by the Office of Insurance Re...
Florida Health, Life & Annuity End of
Course Exam 3 With 100% Verified
solutions
How frequently must domestic insurers be examined by the Office of Insurance
Regulation?
Select one:
a. Annually
b. At least once every other year
c. At least once every 5 years
d. Upon the Office's discretion - CORRECT ANSWER- Domestic insurers must be
examined by the Office of Insurance Regulation at least once every 5 years.
The correct answer is: At least once every 5 years
In Florida, what is the minimum number of employees to be considered a "small
employer?"
Select one:
a. 1
b. 2
c. 5
d. 7 - CORRECT ANSWER- In Florida, a "small employer" has at least 1 and not more
than 50 employees.
The correct answer is: 1
Appropriately addressing an applicant's financial objectives is known as determining:
Select one:
a. Objectivity
b. Suitability
c. Financability
d. Convertibility - CORRECT ANSWER- Insurers must determine the suitability of
annuity products for applicants by establishing standards and procedures for making
recommendations that appropriately address the applicant's financial objectives.
The correct answer is: Suitability
a
,The services are provided on a prepaid per person basis called capitation in:
Select one:
a. PPOs
b. HMOs
c. POSs
d. HSAs - CORRECT ANSWER- HMOs pay for services on a prepaid per person basis,
which is called capitation.
The correct answer is: HMOs
The Insurance Department may place on probation, suspend, revoke or refuse to issue
or renew an insurance producer license for which of the following reasons?
Select one:
a. Failing to pay child support
b. Failing to pay alimony
c. Failing to pay property tax
d. Failing to pay union dues - CORRECT ANSWER- The Insurance Department may
place on probation, suspend, revoke or refuse to issue or renew an insurance producer
license for failing to pay child support.
The correct answer is: Failing to pay child support
Gregory recently purchased a one-year term insurance policy. At the end of the year, he
can purchase an identical policy without having to show proof of insurability. Why type
of policy did he purchase?
Select one:
a. Decreasing term
b. Increasing term
c. Renewable term
d. Level premium term - CORRECT ANSWER- It is a renewable term policy that allows
the policyowner to purchase another identical policy at the end of the year without
proving insurability.
The correct answer is: Renewable term
When an insured completed his health policy application, his producer did not take a
premium when he submitted it to the insurer. When the producer delivers the policy to
the applicant, he needs to do all of the following EXCEPT:
Select one:
a. Ask the applicant to complete a statement of continued good health.
b. Issue the applicant a conditional receipt.
a
,c. Collect the initial premium from the applicant.
d. Explain the policy and provisions to the applicant. - CORRECT ANSWER- The
producer does not need to issue the applicant a conditional receipt when he delivers the
policy.
The correct answer is: Issue the applicant a conditional receipt.
Jeff and Mike own an architect firm with 20 employees and worry about the company if
one of them becomes permanently disabled. What type of policy should they buy?
Select one:
a. Disability buy-out
b. Individual disability
c. Business overhead expense
d. Key employee - CORRECT ANSWER- They should buy a disability buy-out policy.
The correct answer is: Disability buy-out
Which of the following could be used to prevent a lapse in the payment of life insurance
premiums?
Select one:
a. Automatic premium loan
b. Cash loan
c. Partial Surrender
d. Waiver of premium - CORRECT ANSWER- The automatic premium loan allows the
insurer to tap into the cash value of a policy to pay an overdue premium.
The correct answer is: Automatic premium loan
In a group health insurance contract, the individual insureds are each given:
Select one:
a. A Certificate of Insurance
b. A Certificate of Participation
c. A master policy
d. An individual policy - CORRECT ANSWER- In a group health insurance contract, the
contract for coverage is between the insurance company and the employer, and a
master policy is issued to the employer. The individual insureds covered by the policy
are not given separate policies; instead, they receive a certificate of insurance and an
outline describing the policy benefits.
The correct answer is: A Certificate of Insurance
A person insured under a group life insurance policy may make an assignment of all of
the following, EXCEPT:
a
, Select one:
a. Conversion
b. Beneficiary
c. Policy proceeds
d. Insured - CORRECT ANSWER- Any person insured under a group life insurance
policy may make an assignment of all or any part of his incidents of ownership under
such policy including: conversion, the right to name a beneficiary, assign policy
proceeds. All incidents of ownership may be assigned, without prejudice to the insurer
on account of any payment it may make or individual policy it may issue.
The correct answer is: Insured
What unfair trade practice uses force to compel a person to purchase an insurance
policy?
Select one:
a. Churning
b. Twisting
c. Sliding
d. Coercion - CORRECT ANSWER- Using force or compelling a person to purchase an
insurance policy is an unfair trade practice.
The correct answer is: Coercion
What is the latest that the outline of coverage can be delivered?
Select one:
a. At least 24 hours before the initial meeting
b. At the time of application
c. When the policy is delivered
d. When the policy is completed - CORRECT ANSWER- The outline of coverage
describes the benefits and features of health insurance policies, and must be provided
at the time of application, but no later than at the time of policy delivery.
The correct answer is: When the policy is delivered
Barbara allows her comprehensive major medical plan to lapse. If her policy is
reinstated on March 20th and she contracts mononucleosis on March 29th, what
benefits will she receive?
Select one:
a. Only hospitalization coverage
b. Partial
c. Full
a
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