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FL 2-15 Practice Questions & Answers 2024
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FL 2-15 Practice Questions & Answers 2024
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FL 2-15 Practice Questions & Answers 2024What type of insurance contract contains unequal contingencies on the
potential for profit or loss on both parties in the contract? - Correct
Answers ✅Aleatory of contract
There is an element of chance for both parties. Dollar given by policy
holder (premiums) and the insurer (benefits) may not be equal
Every licensee must notify the Department of Financial Services within
____ days after changing his or her name, residence, and/or principal
business address - Correct Answers ✅60 days
With regard to annuity investments by seniors, "senior consumers" are
typically defined as those individuals who are: - Correct Answers
✅65 or older
Failure to answer a subpoena or an order of the Chief Financial Officer
can result in a - Correct Answers ✅$1,000 fine
Level, decreasing, and increasing insurance are all basic forms of
______ - Correct Answers ✅term insurance
"Small businesses" usually operate as sole proprietorship's - Correct
Answers ✅True
,FL 2-15 Practice Questions & Answers 2024
Charles wants an annuity that provides income for he and his wife,
Emma. If he should predecease Emma, he wants her to receive the
same income payments for the rest of her life. Which type of annuity
payout option should he select? - Correct Answers ✅Joint and Full
Survivor Option
*if one dies, the survivor receives the rest of the principal
A personal attack on a person's good name, character, or reputation is
known as: - Correct Answers ✅Defamation
*Can take place in form of written word or spoken word
ACC refers to the type of disability that prevents someone from
performing the job he was performing prior to the disability - Correct
Answers ✅False
*that's Occ.
*Acc is the inability to perform any type of work
The _____ refers to the fact that a written contract cannot be changed
by oral evidence. - Correct Answers ✅Parol Evidence rule
,FL 2-15 Practice Questions & Answers 2024
*prohibits any additional verbal changes to a contract once it becomes
a written document
Medicare Part ___ provides medical coverage - Correct Answers
✅Part B
Speculative risk involves the chance of loss and gain - Correct Answers
✅True
*both speculative/pure risk involve possibility of loss, ONLY speculative
provides for both loss and gain
All statements made on an application are considered ______ because
there can be no guarantee that they are true - Correct Answers
✅representations
Insurance agents must keep records for at least ___ years if the
transaction pertains to premium payments - Correct Answers ✅3
When a life insurance policy is reinstated after lapse, any back
premiums MUST be paid before reinstatement becomes effective -
Correct Answers ✅True
*overdue premiums plus interest must be paid back before
reinstatement (reinstatement clause)
, FL 2-15 Practice Questions & Answers 2024
Mrs. Smith became eligible for Medicare on April 1st. She went to her
doctor on May 1st and was hospitalized on May 5th. On May 8th she
had surgery. On what date did her Medicare Part A claim begin? -
Correct Answers ✅May 5th
*coverage begins first day of hospitalization
Qualified plans under ERISA cannot sell health insurance to the general
public - Correct Answers ✅True
Which of the following is a standard provision in all life insurance
policies? - Correct Answers ✅Grace Period
*most states make it mandatory that insurance companies contain a
grace period clause in the policies they sell, allowing a specified period
of time in which to pay the overdue premium
Under a medical expense plan, a ______ policy provides a daily, weekly
or monthly payment of a specified amount based on the number o days
the insured is hospitalized. - Correct Answers ✅Hospital Fixed-Rate
Each Social Security Credit equals _____ annual FICA taxed earnings in
2012 - Correct Answers ✅$1,130
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