Exam Simulator FL-LH - FL Health and Life and Annuity Study set Questions and Answers
2 views 0 purchase
Course
FL Health
Institution
FL Health
A non-contributory plan requires _________ participation of all eligible employees -
CORRECT ANSWER- 100%
A characteristic of preferred provider organizations (PPOS) would be: - CORRECT
ANSWER- Discounted fees for the patient
Which of the following areas of state regulation is NOT protected by ...
Exam Simulator FL-LH - FL Health and
Life and Annuity Study set Questions
and Answers
A non-contributory plan requires _________ participation of all eligible employees -
CORRECT ANSWER- 100%
A characteristic of preferred provider organizations (PPOS) would be: - CORRECT
ANSWER- Discounted fees for the patient
Which of the following areas of state regulation is NOT protected by the saving clause in
ERISA? - CORRECT ANSWER- Commerce
Additional coverage can be added to a whole Life policy by adding a(n): - CORRECT
ANSWER- decreasing term rider
What benefit does the payor clause on a Juvenile Life policy provide? - CORRECT
ANSWER- 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 ANSWER- At the time of application
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 ANSWER- Exclusion
Which statement is true regarding a minor beneficiary ? - CORRECT ANSWER-
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 ANSWER- Individual Retirement Account (IRA)
Which of the following provisions is NOT required in HMO contracts/certificated? -
CORRECT ANSWER- Seven-day grace period
The Bureau of Unclaimed Property is overseen by the - CORRECT ANSWER- Chief
Financial Officer
y
,A life policy that contains a monthly mortality charge as well as self-directed investment
choices is called a(n) - CORRECT ANSWER- 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 ANSWER- 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 ANSWER- Sign an enrollment card
Which of the following statements is true about most Blue Cross/Blue Shield
organizations? - CORRECT ANSWER- They are nonprofit organizations
A "reimbursement policy" pays what amount of covered Long-Term care expenses? -
CORRECT ANSWER- Actual covered expenses up to the daily maximum
An individual covered under a group life insurance policy is considered to be a (n) -
CORRECT ANSWER- certificate holder
The __________ has the right to change a life insurance policy's beneficiary. -
CORRECT ANSWER- 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
ANSWER- Notice to existing and replacing insurers of intention to replace
Which of these statements concerning an individual Disability income policy is TRUE? -
CORRECT ANSWER- 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 ANSWER- a representation
A foreign insurance company doing business in Florida - CORRECT ANSWER- 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 ANSWER- 15
When an insurer issues a policy that refuses to cover certain risks, this is referred to as
a(n)
: - CORRECT ANSWER- exclusion
What is the initial source of underwriting for an insurance policy? - CORRECT
ANSWER- Application containing statements from the insured
y
,T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight life
Annuity. What will this transaction provide? - CORRECT ANSWER- 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 ANSWER- 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 ANSWER- 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 ANSWER- 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 ANSWER- Long term care
Which of these is an element of a Variable Life policy? - CORRECT ANSWER- 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 ANSWER- Decreasing term policy
Which parts of a life insurance policy are guaranteed to be true? - CORRECT
ANSWER- Warranty
In Major Medical Expense policies, what is the objective of a Stop Loss provision? -
CORRECT ANSWER- 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 ANSWER- Life Annuity with Period Certain
Florida's 14-day free-look period for life insurance policies begins at the - CORRECT
ANSWER- date of delivery
J would like to maintain the right to change beneficiaries. Which beneficiary designation
should be used? - CORRECT ANSWER- Revocable
The Notice of Claims provision requires a policyowner to: - CORRECT ANSWER- notify
an insurer of a claim within a specified time
y
, What type of life policy cover 2 lives and pays the face amount after the first one dies? -
CORRECT ANSWER- 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 ANSWER- 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 action must be taken? -
CORRECT ANSWER- All of the employees must be notified of the cancellation either
by the insurance company or through J
Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of
Term coverage on himself under the same policy. What kind of policy should Q
purchase? - CORRECT ANSWER- Whole life policy with other insured rider
A life insurance policy would be considered a wagering contract WITHOUT - CORRECT
ANSWER- insurable interest
A Business overhead Expense policy would cover which of the following if a business
owner becomes disabled? - CORRECT ANSWER- Utilities and office rent
A Whole Life insurance policyowner does NOT have the right to - CORRECT ANSWER-
change the grace period
Which of the following types of Term Life policies most likely contains a Renewability
feature? - CORRECT ANSWER- 10 Year Convertible Term
A catastrophic illness would be best covered by which of the following health insurance
plans? - CORRECT ANSWER- Major Medical
Many small business owner worry how their business would survive financially if the
owner becomes disabled. The policy which BEST addresses this concern is: -
CORRECT ANSWER- Business Overhead Expense
A 55 year old recently received a $30,000 distribution from a previous employer's 401k
plan. minus $6,000 withholding. Which federal taxed apply if none of the funds were
rolled over? - CORRECT ANSWER- Income taxes plus a 10% penalty tax on $30,000
Which of the following organizations would make reimbursement payments directly to
the insured individual for covered medical expenditures? - CORRECT ANSWER-
Commercial insurer
y
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NurseBernie. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
