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Exam Simulator FL-LH - FL Health and Life and Annuity Study Questions with Correct Answers 100% Verified
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Exam Simulator FL-LH - FL Health and Life and Annuity Study Questions with Correct Answers 100% Verified A non-contributory plan requires _________ participation of all eligible employees - Correct Answer 100% A characteristic of preferred provider organizations (PPOS) would be: - Correct Answe...

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  • July 22, 2024
  • 31
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • what
  • a non contributory plan requires partici
  • a characteristic of preferred provider organizatio
  • which of the following areas of state regulation i
  • additional coverage can be added to a whole life p

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  • Florida
  • Florida

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Exam Simulator FL-LH - FL Health and Life and
Annuity Study Questions with Correct Answers 100%
Verified
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
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
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
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
Which of these Nonforfeiture Options continue a build-up of cash value? - Correct Answer Reduced Paid-Up
Which of the following statements about noncontributory employee group life insurance is FALSE? - Correct Answer A minimum number of employees is required to participate

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