FLORIDA 240 LICENSE EXAM 2025 LATEST EXAM WITH 350 COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS|FL 240 HEALTH INSURANCE PRE-LICENSING EXAM|ALREADY GRADED A+(2025 NEW!)
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FLORIDA 240 LICENSE
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FLORIDA 240 LICENSE
FLORIDA 240 LICENSE EXAM 2025 LATEST EXAM WITH 350 COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS|FL 240 HEALTH INSURANCE PRE-LICENSING EXAM|ALREADY GRADED A+(2025 NEW!)
Which health policy clause stipulates that an insurance company must attach a copy of the application to the policy to ensure t...
FLORIDA 240 LICENSE EXAM 2025 LATEST
EXAM WITH 350 COMPLETE QUESTIONS AND
CORRECT VERIFIED ANSWERS|FL 240
HEALTH INSURANCE PRE-LICENSING
EXAM|ALREADY GRADED A+(2025 NEW!)
1. The stated amount or percent of liquid assets that an insurer must have on
hand that will satisfy future obligations to its policyholders is called: -
ANSWER-Reserves
2. Which health policy clause stipulates that an insurance company must
attach a copy of the application to the policy to ensure that it is part of the
contract? - ANSWER-Entire Contract
3. An insurance applicant MUST be informed of an investigation regarding
his/her reputation and character according to the: - ANSWER-Fair Credit
Reporting Act
4. A nonprofit incorporated society that does not have capital stock and
operates for the sole benefit of its members is known as: - ANSWER-A
fraternal benefit society
5. Which type of renewability best describes a Disability Income policy that
covers an individual until the age of 65, but the insurer has the right to
change the premium rate? - ANSWER-Guaranteed renewable
6. Which of the following policy provisions prohibits an insurance company
from incorporating external documents into an insurance policy? -
ANSWER-Entire Contract
,7. The Notice of Claims provision requires a policyowner to - ANSWER-
notify an insurer of a claim within a specified time
8. After an insured gives notice of loss, what must he/she do if the insurer
does not furnish forms? - ANSWER-File written proof of loss
9. What type of renewability quarantines premium rates and renewability? -
ANSWER-Noncancelable
10.According to the Mandatory Uniform Policy Provisions, what is the
maximum amount of time after the premium due date during which the
policy remains in force even though the premium has not been paid? -
ANSWER-31
11.P is self-employed and owns an Individual Disability Income policy. He
becomes totally disabled on June 1 and receives $2,000 a month for the
next 10 months. How much of this income is subject to federal income
tax? - ANSWER-$0
12.From what authority derives the requirement that an insurance application
contains a disclosure stating that an investigative consumer report may be
obtained on an applicant? - ANSWER-Fair Credit Reporting Act
13.An agent takes an individual Disability Income application, collects the
appropriate premium, and issues the prospective insured a conditional
receipt. The next step the insurance company will take is to - ANSWER-
determine if the applicant is an acceptable risk by completing standard
underwriting procedures
14.Any changes made on an insurance application requires the initials of
whom? - ANSWER-applicant
,15.K completes an application for a disability policy but does not pay the
initial premium. The company approves the policy standard and the agent
delivers the policy. K then pays her initial premium 3 days later. At what
point does K's policy take effect? - ANSWER-Date the initial premium is
collected
16.Which of these do NOT constitute policy delivery? - ANSWER-Policy
issued with a rating
17.Which of the following statements about the classification of applicants is
INCORRECT? - ANSWER-Substandard applicants are never declined by
underwriters
18.What I the name of the law that requires insurers to disclose information
gathering practices and where the information was obtained? -
ANSWER-Fair Credit Reporting Act
19.Who elects the governing body of a mutual insurance company? -
ANSWER-Policyholders
20.A group-owned insurance company that is formed to assume and spread
the liability ricks of its members is known as a: - ANSWER-Risk
retention group
21.What type of reinsurance contract involves two companies automatically
sharing their risk exposure? - ANSWER-treaty
22.What year was the McCarran-Ferguson Act enacted? - ANSWER-1945
, 23.Which of these describe a participating life insurance policy? -
ANSWER-Policy owners are entitled to receive dividends
24.At what point must a life insurance applicant be informed of their rights
that fall under the Fair Credit Reporting Act? - ANSWER-Upon
completion of the application
25.Which of the following requires insurers to disclose when an applicant's
consumer or credit history is being investigated: - ANSWER-1970 - Fair
Credit Reporting Act
26.What type of reinsurance contract involves two companies automatically
sharing their risk exposure? - ANSWER-Treaty
27.A group-owned insurance company that is formed to assume and spread
the liability risks of its members is known as a: - ANSWER-risk retention
group
28.All of the following are considered to be typical characteristics describing
the nature of an insurance contract, EXCEPT: - ANSWER-Bilateral
29.The part of a life insurance policy guaranteed to be true is called a(n) -
ANSWER-warranty
30.Statements made on an insurance application that are believed to be true
to the best of the applicant's knowledge are called - ANSWER-
representations
31.Q purchases a $500,000 life insurance policy and pays $900 in premiums
over the first six months. Q dies suddenly and the beneficiary is paid
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