Florida 2-15 Final Exam Questions and Answers A+ Rated
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Course
Florida 2-15
Institution
Florida 2-15
Florida 2-15 Final Exam Questions and Answers A+ Rated
Florida 2-15 Final Exam Questions and
Answers A+ Rated
1. A life insurance company is organized in Orlando where it maintains its home
office. In Florida, the company is classified as a
a. domestic company
b. local company
c. foreign ...
Florida 2-15 Final Exam Questions and Answers A+ Rated 1. A life insurance company is organized in Orlando where it maintains its home office. In Florida, the company is classified as a a. domestic company b. local company c. foreign company d. preferred company a 2. With regard to life insurance, all of the following statements are correct EXCEPT a. all individuals are considered to have insurable interests in themselves b. spouses are automatically considered to have insurable interest in each other c. a creditor has an insurable interest in a debtor d. insurable interest must be maintained t hroughout the life of the contract d 3. With ten partners in a corporation, how many life insurance policies would be required to insure a cross -purchase buy -sell plan? a. 1 b. 10 c. 90 d. 100 c 4. All of the following statements about variable annuities are correct EXCEPT a. Variable products are regulated by the SEC and the Office of Insurance Regulation. b. The consumer directs the investments of the product. c. An annuitized variable ann uity will provide a level income amount to the annuitant for life. d. Variable annuities are sold by insurance companies. c 5. All of the following statements regarding policy replacement are correct EXCEPT a. replacement involves convincing a policyho lder to lapse or terminate an existing policy and to purchase another b. interrupting one cash value insurance plan to begin another could cause serious financial problems for the policy owner c. even if the customer wants to replace his or her existin g policy, an agent can effect a policy replacement only by following the replacement regulations in his or her state d. premiums for replacement policies are generally lower than premiums for the existing policy they replace d 6. How are accumulation uni t gains taxed? a. Gains in accumulation units are taxed as ordinary income. b. Gains in accumulation units are taxed as capital gains. c. Gains in accumulation units are taxed using the exclusion ratio. d. Gains in accumulation units are not taxed d 7. After a family's breadwinner dies, the "blackout period" generally can be defined as the period a. during which children are living at home b. that begins with the youngest child turns 16 and ends with the surviving parent retires c. during which children are in school d. from the surviving parent's retirement to death b 8. All of the following approaches are used by insurers to determine benefits payable under basic surgical expense insurance EXCEPT a. relative value scale approach b. traditi onal net cost method c. reasonable and customary approach d. surgical schedule method b 9. When may a health insurance company change the wording of a uniform policy provision? a. It may only be changed if approved by the Office of Insurance Regulation . b. It may only be changed if the new wording is not less favorable to the insurer. c. It may only be changed if the new wording is not less favorable to the insured. d. It may only be changed if the new wording is more favorable to the insurer. c 10. The surviving spouse may begin receiving retirement benefits as early as what age? a. 59 1/2 b. 60 c. 62 d. 65 b 11. Beth's health insurance policy contains a provision that allows her to renew coverage up to age 65. However, the policy also states that should Beth lose her job, the insurance company will cancel the policy, regardless of Beth's age. In terms of renewability, what type of policy does Beth have? a. Cancellable b. Optionally renewable c. Guaranteed renewable d. Conditionally renew able d 12. Which of the following constitutes an insurable interest? a. The policy owner must expect to benefit from the insured's death. b. The policy owner must expect to suffer a loss when the insured dies or becomes disabled. c. The beneficiary, by definition, has an insurable interest in the insured. d. The insured must have a personal or business relationship with the beneficiary. b 13. Which of the following is NOT included in the definition of "transacting insurance"? a. issuing an insurance policy b. accepting an insurance application c. underwriting a policy d. accepting a premium payment c Which of the following is CORRECT? a. Applicants cannot dispute their consumer reports.
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