Exam (elaborations)
215 FL LICENCE PRACTICE EXAM/ ACTUAL EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS/ DRADED A+
- Course
- Institution
215 FL LICENCE PRACTICE EXAM/ ACTUAL EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS/ DRADED A+
[Show more]
Content preview
215 FL LICENCE PRACTICE EXAM/ ACTUAL EXAMQUESTIONS AND CORRECT VERIFIED ANSWERS/
DRADED A+
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
Who owns a stock company? - Correct Answer - stockholders
Which provision prevents an insurer from changing the terms of the contract with the
policy owner by referring to documents not found within the policy itself? - Correct
Answer - Entire contract provision
Agent J takes an application and initial premium from an applicant and sends the
application and premium check to the insurance company. The insurance company
returns the check back to J because the check is made out to J instead of the insurance
company. What action should J take? - Correct Answer - Return to the customer, collect
a new check made out to the insurance company, and send the new check out to the
insurance company
Under federal tax laws, what is the tax treatment for an employer providing $50,000 of a
contributory group Term Life plan to all its eligible employees? - Correct Answer -
Portion of the premiums paid for by the employer may be a tax deduction
Which type of life policy contains a monthly mortality charge as well as self-directed
investment choices? - Correct Answer - Variable Universal Life
A policyowner is able to choose the frequency of premium payments through what
policy feature? - Correct Answer - Premium Mode
pg. 1
,The policy provision that entitles the insurer to establish conditions the insured must
meet while a claim is pending is - Correct Answer - Time Limit on Certain Defenses
What type of rider would be added to an Accident and Health policy if the policyowner
wants to ensure the policy will continue if he/she ever becomes totally disabled? -
Correct Answer - Waiver of premium rider
Which rider provides coverage for a child under a parent's life insurance policy? -
Correct Answer - Child term rider
A renewable term policy is renewable at the option of the - Correct Answer - insured
According to the Time Payment of Claims provision, the insurer must pay Disability
Income benefits no less frequently than which of the following options? - Correct Answer
- monthly
When an insurance company sends a policy to the insured with an attached application,
the element that makes the application part of the contract between the insured and the
insurer is called the - Correct Answer - Entire Contract provision
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 Answer -
Determined by the terms of the policy
Credit life insurance is - Correct Answer - issued in an amount not to exceed the amount
of the loan
The USA Patriot Act was enacted in - Correct Answer - 2001
Which is true concerning a variable universal life policy? - Correct Answer - Policyowner
controls where the investment will go and selects the amount of the premium payment
pg. 2
, What is the required minimum percentage of employee participation for a non-
contributory group health insurance plan according to Florida law? - Correct Answer -
0%
Which of the following is the reimbursement of benefits for the treatment of a
beneficiary's injuries caused by a third party? - Correct Answer - Subrogation
Coordination of Benefits (COB) provision exists in order to - Correct Answer - Avoid
duplication of benefit payments
What should an insurer do if the insurer does not send claims forms within the time
period set forth in a health policy's claims forms provision? - Correct Answer - Submit
the claim in any form
A disability income policyowner recently submitted a claim for a chronic neck problem
that has now resulted in totally disability. The original neck injury occurred before the
application was taken 5 years prior. The neck injury was never disclosed to the insurer
at the time of application. How will the insurer handle this claim? - Correct Answer -
Claim will be paid in coverage will remain in force
When applied to Whole Life insurance, the word "straight" denotes - Correct Answer -
The duration of premium payments
Which of the following is not considered rebating? - Correct Answer - Sharing
commissions with an agent licensed in the same line of business
According to Florida law which of the following statements accurately describes an
admitted mail order insurance company? - Correct Answer - It may solicit insurance
business by mail without the assistance of a licensed agent
If an insurance company issues a disability income policy that it cannot cancel or for
which it cannot increase premiums the type of renewability that best describes this
policy is called - Correct Answer - noncancellable
pg. 3
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 ASSIGNMENT7. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now