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Final Exam - Florida Life and Health/ 150 Quizzes & Correct Ans.

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Final Exam - Florida Life and Health/ 150 Quizzes & Correct Ans. Terms like: Which Unfair Trade Practice involves making a false statement on an insurance application in order to receive money from an insurer? - Answer: Misrepresentation Who owns a stock company? - Answer: A stock insurance ...

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  • September 30, 2024
  • 36
  • 2024/2025
  • Exam (elaborations)
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Final Exam - Florida Life and Health/ 150
Quizzes & Correct Ans.
Which Unfair Trade Practice involves making a false statement on an insurance
application in order to receive money from an insurer? - Answer:
Misrepresentation


Who owns a stock company? - Answer: A stock insurance company is owned by its
stockholders.


In Florida, which of the following is considered an Unfair Trade Practice? - Answer:
Coercion



Page 1 of 36

,Which of these options can an individual use their medical flexible spending
account to pay for? - Answer: Prescription drugs are an allowable expense when
paid for by a medical flexible spending account.


Which of the following features of a group Term Life policy enables an individual
to leave the group and continue his or her insurance without providing evidence
of insurability? - Answer: The conversion privilege allows an individual to leave
the group term plan and continue his or her insurance without providing evidence
of insurability.


An example of false advertising would be - Answer: An insurer exaggerating its
dividends in a magazine advertisement


Q purchases a $500,000 life insurance policy and pays $900 in premiums over the
first six months. Q dies suddenly and the beneficiary is paid $500,000. This
exchange of unequal values reflects which of the following insurance contract
features? - Answer: Aleatory.
Insurance contracts are aleatory in that the amount the insured will pay in
premiums is unequal to the amount that the insurer will pay in the event of a loss.


An example of an unfair trade practice is - Answer: Making a material
misrepresentation to an insured is considered to be an unfair trade practice.


How would a contingent beneficiary receive the policy proceeds in an Accidental
Death and Dismemberment (AD&D) policy? - Answer: A contingent beneficiary

Page 2 of 36

,will receive the policy proceeds if the primary beneficiary dies before the insured's
death.


Which of these terms accurately defines an underwriter's assessment of
information on a life insurance application? - Answer: Risk classification.
Underwriting, another term for risk selection, is the process of reviewing the
many characteristics that make up the risk profile of an applicant to determine if
the applicant is insurable and, if so, at standard or substandard rates.


T applies for a life insurance policy and is told by the producer that the insurer is
bound to the coverage as of the date of the application or medical examination,
whichever is later. Assuming that T is an acceptable risk, what item is given to T? -
Answer: Conditional receipt.


A conditional receipt binds the insurer to coverage as of the date of the
application or medical exam, provided the proposed insured is determined to be
an acceptable risk.


What is required in the Florida Employee Health Care Access Act? - Answer: Small
group benefit plans are to be issued on a "guarantee-issue" basis


P and Q are married and have three children. P is the primary beneficiary on Q's
Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the
contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are
killed instantly. The Accidental Death benefits will be paid to - Answer: P.

Page 3 of 36

, In this situation, benefits will be paid to P because P survived the accident and is
the primary beneficiary.


The health insurance program which is administered by each state and funded by
both the federal and state governments is called - Answer: Medicaid- is funded by
both the federal and state governments and administered by individual states.


Which of the following BEST describes a short-term medical expense policy? -
Answer: Nonrenewable.
A typical short-term medical expense policy is best described as nonrenewable.


Which of the following statements about noncontributory employee group life
insurance is FALSE? - Answer: A minimum number of employees is required to
participate". Noncontributory employee group life insurance plans must cover ALL
eligible employees at all times


A Disability Income policyowner recently submitted a claim for a chronic neck
problem that has now resulted in total disability. The original neck injury occurred
before the application was taken 5 years prior. The neck injury was never disclosed
to the insurer at the time of application. How will the insurer handle this claim? -
Answer: Claim will be paid and coverage will remain in force.


After a policy has been in force for 2 (sometimes 3) years, it enters the
incontestable period, in which the insurer may not deny a claim based on
information not disclosed at the time of application.

Page 4 of 36

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