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2024 FL 0215 HEALTH AND LIFE INS EXAM WITH CORRECT ANSWERS
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2024 FL 0215 HEALTH AND LIFE INS EXAM WITH CORRECT ANSWERS
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2024 FL 0215 HEALTH AND LIFEINS EXAM WITH CORRECT
ANSWERS
Generally how long is a benefit period for Major Medical Expense? - CORRECT
ANSWERS- one year
Which of these needs is satisfied by Adjustable Life Insurance? - CORRECT
ANSWERS- Insured's need for flexible premiums
Which of these is considered a statement that is assured to be true in every
respect? - CORRECT ANSWERS- Warranty
According to Florida law, which of the following statements accurately
describes an admitted mail order insurance company? - CORRECT ANSWERS-
It may solicit insurance business by mail without the assistance of a licensed
agent
What is Medicare? - CORRECT ANSWERS- A hospital and medical expense
insurance program
How does a typical Variable Life Policy investment account grow? - CORRECT
ANSWERS- Through mutual funds, stocks, bonds
All of the following will result in the suspension of an agent's license EXCEPT
- CORRECT ANSWERS- acting with fiduciary responsibility
Which action could result in a hearing being ordered by the Department of
Financial Services? - CORRECT ANSWERS- Performing insurance transactions
without a license
Which of these types of policies may NOT have the Automatic Premium Loan
provision attached to it? - CORRECT ANSWERS- Decreasing Term
An individual participant personally received eligible rollover funds from a
profit-sharing plan. What is the income tax withholding requirements for his
transaction? - CORRECT ANSWERS- 20% is withheld for incomes taxes
Which of the following statements is correct regarding an
employer/employee group health plan? - CORRECT ANSWERS- The employer
receives a master policy and the employees receive certificates
,Which is true concerning a Variable universal Life policy? - CORRECT
ANSWERS- Policyowner controls where the investment will go and selects
the amount of the premium payment
Which of the following is NOT a limited benefit plan? - CORRECT ANSWERS-
Life insurance policy
An agent's license can be suspended or revoked by - CORRECT ANSWERS-
writing primarily controlled business
Medicaid was designed to assist individuals who are - CORRECT ANSWERS-
below a specific income limit
Which of these actions should a producer take when submitting an insurance
application to an insurer? - CORRECT ANSWERS- Inform insurer of relevant
information not included on the application
What does the ownership clause in a life insurance policy state? - CORRECT
ANSWERS- Who the policyowner is and what rights the policyowner is
entitled to
When does a life insurance contract become effective if the initial premium is
not collected during the application process? - CORRECT ANSWERS- when
the producer delivers policy and collects initial premium
Which of the following policies is characterized by flexible premium and
death benefit and allows the policyowner control of the investment aspect of
the plan? - CORRECT ANSWERS- Variable universal life
Additional coverage can be added to a Whole Life policy by adding a(n): -
CORRECT ANSWERS- decreasing term rider
M is insured under a basic Hospital/Surgical Expense policy. A physician
performs surgery on M. What determines the claim M is eligible for? -
CORRECT ANSWERS- Determined by the terms of policy
S would like to use dividends from her life insurance policy to purchased
paid-up additions. All of these would be factors that determine how much
coverage can be purchased EXCEPT - CORRECT ANSWERS- beneficiary's age
K is the insured and P is the sole beneficiary on a life insurance policy. Both
are involved in a fatal accident where K dies before P. Under the Common
Disaster provision, which of these statements is true? - CORRECT ANSWERS-
Proceeds will be payable to K's state if P dies within a specified time
, The type of annuity that can be purchased with one monetary deposit is
called a(n): - CORRECT ANSWERS- Immediate Annuity
A ___ day notice to the policyholder is required for any health insurer that
wishes to cancel a health insurance policy. - CORRECT ANSWERS- 45
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? - CORRECT
ANSWERS- The proceeds would be reduced based on whatever the premium
would have been if purchased at age 59
Whole Life insurance is sometimes referred to as "Straight Life". What does
the word "Straight" indicate when using this phrase? - CORRECT ANSWERS-
The duration of premium payments
A trustee-to-trustee transfer of rollover funds in a qualified plan allows a
participant to avoid: - CORRECT ANSWERS- mandatory income tax
withholding on the transfer amount
Which parts of a life insurance policy are guaranteed to be true? - CORRECT
ANSWERS- Warranty
An example of sliding would be - CORRECT ANSWERS- charging for an
additional product without the applicant's consent
What is considered to be a characteristic of a Conditionally Renewable
Health Insurance policy? - CORRECT ANSWERS- Premiums may increase at
time of renewal
The guarantee of insurability option provides a long-term care policyowner
the ability to: - CORRECT ANSWERS- buy additional coverage at a later date
Y purchased $100,000 worth of permanent protection on himself and
$50,000 worth of 10-year Term coverage for his wife on the same policy.
Which if these policies did Y purchase? - CORRECT ANSWERS- Whole Life
policy with an Other Insured Rider
Which of the following situations does a Critical Illness plan cover? -
CORRECT ANSWERS- Leukemia
J, an Accidental Death and Dismemberment (AD&D) policy holder, dies after
injuries sustained in an accident. J's age as stated on the application five
years ago was found to be understated by ten years. Which of the following
actions will the insurance company take? - CORRECT ANSWERS- The insurer
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