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FLORIDA 2-14 LIFE AND VARIABLE ANNUITY LICENSE EXAM 2024/2025 | 2 ACCURATE REAL EXAM CURRENTLY TESTING VERSIONS WITH ACTUAL QUESTIONS AND DETAILED ANSWERS WITH RATIONALES AND A STUDY GUIDE | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE $22.99
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FLORIDA 2-14 LIFE AND VARIABLE ANNUITY LICENSE EXAM 2024/2025 | 2 ACCURATE REAL EXAM CURRENTLY TESTING VERSIONS WITH ACTUAL QUESTIONS AND DETAILED ANSWERS WITH RATIONALES AND A STUDY GUIDE | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE
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FLORIDA 2-14 LIFE AND VARIABLE ANNUITY LICENSE
Institution
FLORIDA 2-14 LIFE AND VARIABLE ANNUITY LICENSE
FLORIDA 2-14 LIFE AND VARIABLE ANNUITY LICENSE
EXAM 2024/2025 | 2 ACCURATE REAL EXAM CURRENTLY
TESTING VERSIONS WITH ACTUAL QUESTIONS AND
DETAILED ANSWERS WITH RATIONALES AND A STUDY
GUIDE | EXPERT VERIFIED FOR GUARANTEED PASS |
LATEST UPDATE
FLORIDA 2-14 LIFE AND VARIABLE ANNUITY LICENSE
EXAM 2024/2025 | 2 ACCURATE REAL EXAM CURRENTLY
TESTING VERSIONS WITH ACTUAL QUESTIONS AND
DETAILED ANSWERS WITH RATIONALES AND A STUDY
GUIDE | EXPERT VERIFIED FOR GUARANTEED PASS |
LATEST UPDATE
All of the following statements concerning Social Security disability benefits are true
except: A) Benefits may begin after six months.
B) Benefits are paid to eligible dependents.
C) Benefits are retroactive to the time of disability.
D) Benefits require a total disability status.
Correct Answer: C) Benefits are retroactive to the time of disability.
Rationale: Benefits are retroactive but do not include the waiting period.
Which statement concerning commercial companies is not true? A) They may sell industrial
insurance.
B) They are not debit companies.
C) They offer home service insurance.
D) They sell individual and group insurance policies.
Correct Answer: B) They are not debit companies.
Rationale: Commercial insurance can be sold by debit, industrial, or home service companies.
These terms are synonyms.
Which of the following service providers allows for a primary care physician as well as
out-of-network care? A) Health Maintenance Organization (HMO)
B) Preferred Provider Organization (PPO)
C) Point of Service Plan (POS)
D) Exclusive Provider Organization (EPO)
Correct Answer: C) Point of Service Plan (POS).
Rationale: Point of Service is a combination of an HMO and a PPO, allowing both in-network
and out-of-network care.
,Which of the following are NOT eligible for Medicare coverage? A) Individuals over 65
B) People with permanent kidney failure
C) Individuals with a disability receiving Social Security for 24 months
D) People with any life-threatening condition
Correct Answer: D) People with any life-threatening condition.
Rationale: Life-threatening conditions alone do not qualify a person for Medicare benefits
unless they meet specific criteria.
All of the following are types of deductible provisions associated with major medical
policies except: A) Flat deductible
B) Stop-loss
C) Corridor deductible
D) Integrated deductible
Correct Answer: B) Stop-loss.
Rationale: A stop-loss provision is not a deductible; it limits the insured's out-of-pocket
expenses once a certain amount is reached.
All of the following may administer self-insured plans except: A) Insurance companies
B) Third-Party Administrators (TPAs)
C) Administrative Services Only (ASO) organizations
D) Actuaries
Correct Answer: D) Actuaries.
Rationale: Actuaries do not administer self-insured plans; they assess financial risks and set
premium rates.
How does a basic medical plan avoid small claims and keep the cost of premiums down?
A) By offering high maximum benefits
B) By imposing benefit limits
C) By using co-insurance provisions
D) By eliminating deductibles
Correct Answer: B) By imposing benefit limits.
Rationale: Basic medical plans, known as first-dollar policies, pay first with no deductibles or
co-insurance, but they limit benefits to avoid small claims.
, Which of the following statements about deductible provisions in medical insurance
policies is NOT correct? A) They apply to major medical policies.
B) They help control the overuse of benefits.
C) They reduce the number of claims.
D) They are most common in basic medical expense policies.
Correct Answer: D) They are most common in basic medical expense policies.
Rationale: Basic medical expense policies do not typically have deductibles. Deductibles are
more common in major medical policies.
The type of healthcare provider that provides both the healthcare services and the
healthcare financing is a:
A) Health Maintenance Organization (HMO)
B) Preferred Provider Organization (PPO)
C) Exclusive Provider Organization (EPO)
D) Indemnity Plan
Correct Answer: A) Health Maintenance Organization (HMO).
Rationale: An HMO provides and finances healthcare services within a network of providers.
Stagmite purchases a major medical policy with a $100 annual deductible, 80/20 co-
insurance, and a maximum out-of-pocket of $5000. If Stagmite were to incur covered
expenses of $10,100, how much would Stag be out of pocket?
A) $2100
B) $2500
C) $5100
D) $4100
Correct Answer: A) $2100.
Rationale: $10,100 minus the $100 deductible equals $10,000. 20% of $10,000 equals $2000.
The total out-of-pocket cost is $100 (deductible) + $2000 = $2100.
Health insurance policies generally issue dividends in which of the following
circumstances?
, A) Only when the company has high profits
B) When the policy is participating
C) Only group health insurance policies issue dividends
D) When the premiums paid exceed the claims
Correct Answer: C) Only group health insurance policies issue dividends.
Rationale: Group policies can be participating, issuing dividends based on the expenses and
claims costs of the insurer.
Social Security was started in what year?
A) 1929
B) 1935
C) 1942
D) 1950
Correct Answer: B) 1935.
Rationale: Social Security was established in 1935 as part of the Social Security Act.
If one becomes totally disabled, Social Security Disability benefits:
A) Begin immediately
B) May begin after six months
C) Begin after 12 months
D) Are retroactive to the date of disability
Correct Answer: B) May begin after six months.
Rationale: Social Security Disability benefits have a 5-month waiting period, meaning they can
be applied for after 5 months of disability.
An insured has a basic hospital expense policy with a $10,000 limit for benefits, coordinated
with a major medical policy with a $500 corridor deductible and 80/20 co-insurance
provision. If she incurs a loss of $20,000, how much will the insurer pay?
A) $19,500
B) $17,600
C) $15,200
D) $20,000
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