2024|25 FLORIDA LIFE HEALTH AND ANNUITIES 2- 15 200 QUESTIONS AND CORRECT DETAILED ANSWERS UPDATE ALREADY A GRADED|NEW!!
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Course
Florida life health annuity
Institution
Florida Life Health Annuity
2024|25 FLORIDA LIFE HEALTH AND ANNUITIES 2- 15 200 QUESTIONS AND CORRECT DETAILED ANSWERS UPDATE ALREADY A GRADED|NEW!!
Which of these actions is taken when a policyowner uses a Life insurance policy as collateral for a bank loan? - ANSWER- collateral assignment
Which of the following co...
2024|25 FLORIDA LIFE HEALTH AND ANNUITIES 2- 15
200 QUESTIONS AND CORRECT DETAILED ANSWERS
UPDATE ALREADY A GRADED|NEW!!
Which of these actions is taken when a policyowner uses a Life insurance policy as
collateral for a bank loan? - ANSWER- collateral assignment
Which of the following correctly explains the actions an agent should take if a customer
wants to apply for an insurance policy? - ANSWER- Complete the application and
review the information with the customer prior to obtaining the customer's signature,
then send the application off to the insurance company
Which of the following types of permanent life insurance policies offers the highest initial
cash value? - ANSWER- Single Premium
What type of life insurance are credit policies issued as? - ANSWER- Term
With Optionally Renewable health policies, the insurer may: - ANSWER- review the
policy annually and determine whether or not to renew it
What determines the full amount of Social Security retirement benefits a qualified
individual is entitled to receive? - ANSWER- Primary Insurance Amount (PIA)
Under a Renewable Term policy, - ANSWER- the renewal premium is calculated on the
basis of the insured's attained age
Which of the following Statements BEST describes that the Legal Actions provision of
an Accident and Health policy requires? - ANSWER- An insured must wait 60 days after
Proof of Loss has been submitted before a lawsuit can be filed
Who benefits in Investor-Originated Life Insurance (IOLI) when the insured dies? -
ANSWER- policyowner
,Which of the following is NOT considered rebating? - ANSWER- Sharing commissions
with an agent in the same line of business
When a life insurance policy exceeds certain IRS table values, the result would create
which of the following? - ANSWER- Modified Endowment Contract (MEC)
Any changes made on an insurance application requires the initials of whom? -
ANSWER- Applicant
S is employed by a large corporation that provides group health coverage for its
employees and their dependents. If S dies, the company must allow his surviving
spouse and dependents to continue their group health coverage for a maximum of how
many months under COBRA regulations? - ANSWER- 36
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers (and
their families) whose employment has been terminated the right to: - ANSWER-
continue group health benefits
In Florida, monthly-premium health insurance policies must provide a grace period of at
least - ANSWER- 10 days
AN agent that sells life insurance MUST be registered with the Financial Industry
Regulatory Authority (FINRA). - ANSWER- Variable
What is the purpose of the Time of Payment of Claims provision? - ANSWER- Prevents
delayed claim payments made by the insurer
Which of the following would be a likely candidate for disability income insurance on a
key employee? - ANSWER- Company executive
, When an insured changes to a more hazardous occupation, which disability policy
provision allows an insurer to adjust policy benefits and rates? - ANSWER- change of
occupation provision
All of the following are Nonforfeiture Options EXCEPT - ANSWER- Automatic Premium
Loan Option
K is an insured under a life insurance policy owned by a third party. Which of these
statements is true? - ANSWER- K has no ownership rights
D the agent met with a prospect and ended up selling an insurance policy. While fillining
out the insurance application, D makes a mistake. In this situation, D MUST -
ANSWER- correct the information and have the prospect initial the change
K has a life insurance policy where her husband is beneficiary and her daughter is
contingent beneficiary. Under the Common Disaster clause, if K and her husband are
both killed in an automobile accident, where would the death proceeds be directed? -
ANSWER- daughter
Two partners own equal shares in a business worth a total of $1,000,000. If they both
commit to the purchase of a life insurance policy that will fund a Buy-Sell Agreement,
which of the following is TRUE? - ANSWER- Each partner owns a $500,000 policy on
their partner's life
T is an employee covered under a Group Life policy. If T's employment is terminated,
the conversion privilege gives T the right to convert - ANSWER- to an individual policy
upon employment termination
Which of the following claims are typically excluded from Medical expense policies? -
ANSWER- intentionally self-inflicted injuries
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