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2024 SIMULATOR FL-LH - FL HEALTH AND LIFE AND ANNUITY EXAM WITH CORRECT ANSWERS
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2024 SIMULATOR FL-LH - FL HEALTH AND LIFE AND ANNUITY EXAM WITH CORRECT ANSWERS
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2024 SIMULATOR FL-LH - FLHEALTH AND LIFE AND ANNUITY
EXAM WITH CORRECT ANSWERS
A non-contributory plan requires _________ participation of all eligible
employees - CORRECT ANSWERS- 100%
A characteristic of preferred provider organizations (PPOS) would be: -
CORRECT ANSWERS- Discounted fees for the patient
Which of the following areas of state regulation is NOT protected by the
saving clause in ERISA? - CORRECT ANSWERS- Commerce
Additional coverage can be added to a whole Life policy by adding a(n): -
CORRECT ANSWERS- decreasing term rider
What benefit does the payor clause on a Juvenile Life policy provide? -
CORRECT ANSWERS- Premiums are waived if the payor becomes disabled
According to Florida law, when must an agent deliver the outline of Coverage
to a Medicare Supplement applicant? - CORRECT ANSWERS- At the time of
application
A policyowner is able to choose the frequency of premium payments through
what policy feature? - CORRECT ANSWERS- Premium Mode
Which of the following acts is an agent NOT authorized to do on behalf of an
insurer? - CORRECT ANSWERS- Authorize claim payments
This type of deductible provision waives the deductible for all family
members after some of them have satisfied individual deductibles within the
same year: - CORRECT ANSWERS- Family maximum deductible
Which of the following is a standard provision of the conversion privileges in
a Group Life policy? - CORRECT ANSWERS- Group Life coverage can be
converted to an individual policy at regular rates on an attained-age basis
Which of these statements is INCORRECT regarding a Preferred Provider
Organization (PPO)? - CORRECT ANSWERS- PPO'S are NOT type of managed
care systems
,Asset protection can be provided by a long-term care partnership policy if
the policyholder qualifies for - CORRECT ANSWERS- Medicaid
Who benefits in Investor-Life Insurance (IOLI) when the insured dies? -
CORRECT ANSWERS- policyowner
N is a student pilot with a large life insurance policy. Which of these features
would limit the insurer's obligation in the event N was killed while flying as a
student pilot? - CORRECT ANSWERS- Exclusion
Which statement is true regarding a minor beneficiary ? - CORRECT
ANSWERS- Normally, a guarding is required to be appointed in the
Beneficiary clause of the contract
A sole proprietor may use this plan ONLY if the employees of this business
are included. - CORRECT ANSWERS- Individual Retirement Account (IRA)
Which of the following provisions is NOT required in HMO
contracts/certificated? - CORRECT ANSWERS- Seven-day grace period
The Bureau of Unclaimed Property is overseen by the - CORRECT ANSWERS-
Chief Financial Officer
A life policy that contains a monthly mortality charge as well as self-directed
investment choices is called a(n) - CORRECT ANSWERS- Variable Universal
Life policy
An insurance company normally has 2 years to contest information provided
on an accident and health application. This 2 year period begins on the date
that the: - CORRECT ANSWERS- insurer dated the policy
P is a new employee and will be obtaining non- contributory group Major
Medical insurance from her employer. Which of the following actions must
she take during the open enrollment period? - CORRECT ANSWERS- Sign an
enrollment card
Which of the following statements is true about most Blue Cross/Blue Shield
organizations? - CORRECT ANSWERS- They are nonprofit organizations
A "reimbursement policy" pays what amount of covered Long-Term care
expenses? - CORRECT ANSWERS- Actual covered expenses up to the daily
maximum
An individual covered under a group life insurance policy is considered to be
a (n) - CORRECT ANSWERS- certificate holder
,The __________ has the right to change a life insurance policy's beneficiary. -
CORRECT ANSWERS- policyowner
Which of the following documents must an agent submit to the replacing
insurance company during the replacement of an existing life insurance
policy? - CORRECT ANSWERS- Notice to existing and replacing insurers of
intention to replace
Which of these statements concerning an individual Disability income policy
is TRUE? - CORRECT ANSWERS- Normally includes an Elimination period
A statement made by an insured in an insurance application that must be
true to the best of one's knowledge and which becomes a part of the
contract is known as - CORRECT ANSWERS- a representation
A foreign insurance company doing business in Florida - CORRECT ANSWERS-
is a company that was formed under the laws of another state
An insurer must provide an insured with claim forms within __ days after
receiving notice of a loss. - CORRECT ANSWERS- 15
When an insurer issues a policy that refuses to cover certain risks, this is
referred to as a(n)
: - CORRECT ANSWERS- exclusion
What is the initial source of underwriting for an insurance policy? - CORRECT
ANSWERS- Application containing statements from the insured
T, age 70, withdraws cash from a profit-sharing plan and purchases a
Straight life Annuity. What will this transaction provide? - CORRECT
ANSWERS- Income that cannot be outlived by the owner
Tom has a qualified retirement plan with his employer that is currently
considered to be 80% "vested". How can this be interpreted? - CORRECT
ANSWERS- If Tom's employment is terminated, 20% of the funds would be
forfeited
Which settlement option pays a stated amount to an annuitant, but no
residual value to a beneficiary? - CORRECT ANSWERS- Life Income
K buys a policy where the premium stays fixed for the first 5 years. The
premium then increases in year 6 and stays level thereafter, all the while the
death benefit remains the same. What kind of policy is this? - CORRECT
ANSWERS- Modified Whole Life
, An Insured's inability to perform two or more activities of daily living may
trigger which type of life policy rider? - CORRECT ANSWERS- Long term care
Which of these is an element of a Variable Life policy? - CORRECT ANSWERS-
A fixed, level premium
F needs life insurance that provides coverage for only a limited amount of
time with a death benefit that changes regularly to a schedule. What kind of
policy is needed? - CORRECT ANSWERS- Decreasing term policy
Which parts of a life insurance policy are guaranteed to be true? - CORRECT
ANSWERS- Warranty
In Major Medical Expense policies, what is the objective of a Stop Loss
provision? - CORRECT ANSWERS- Limits an insured's out-of-pocket medical
expenses.
T has an annuity that guarantees an income payment for the rest of his life.
The contract also guaranteed that if T dies before receiving payments for 20
years, the remaining payments will be paid to his son for the balance of the
20 years. What type of annuity is this? - CORRECT ANSWERS- Life Annuity
with Period Certain
Florida's 14-day free-look period for life insurance policies begins at the -
CORRECT ANSWERS- date of delivery
J would like to maintain the right to change beneficiaries. Which beneficiary
designation should be used? - CORRECT ANSWERS- Revocable
The Notice of Claims provision requires a policyowner to: - CORRECT
ANSWERS- notify an insurer of a claim within a specified time
What type of life policy cover 2 lives and pays the face amount after the first
one dies? - CORRECT ANSWERS- Joint Life Policy
on August 6, D submitted and application for a $50,000 Life Insurance policy
and did not pay the initial premium. On August 18, D went to his doctor
complaining of chest pains and some tests were given by the doctor. The life
policy was delivered by the producer on August 20 and D explains what had
recently taken place with the doctor. What action should the producer take? -
CORRECT ANSWERS- Collect initial premium along with a signed health
statement
J owns a business and has a group Life policy covering her employees. J
decides to cancel the policy by letting it lapse on the renewal date. What
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