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Chapter exam - florida laws and rules questions with 100% correct answers.
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Chapter exam - florida laws and rulesquestions with 100% correct answers.
According to Florida law, an additional notice must be issued after the standard grace period has expired
for policyowners age ANS - 64
The waiting period for a pre-existing condition under a Medicare Supplement policy may NOT go beyond
ANS - 6 months
Which of the following employer tasks does a Professional Employer Organization normally handle?
ANS - Administration tasks
Which of the following is an example of an Unfair Trade Practice? ANS - coercion
Which two entities regulate variable annuities? ANS - Department of Financial Services; and Securities
Exchange Commission
Which of the following is NOT required in the Outline of Coverage for a health insurance policy? ANS -
Projection of the policy's future costs
Which action could result in a hearing being ordered by the Department of Financial Services? ANS -
Performing insurance transactions without a license
All of these are a prerequisite for becoming a licensed agent EXCEPT ANS - to graduate from high
school
W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the
company discovered W's true age at issue had been 59. What would the normal procedure be under the
misstatement of age provision in regard to the payment of the death claim? ANS - The proceeds would
be reduced based on whatever the premium would have been if purchased at age 59
, In Florida, the underwriting and issuance of a master group health policy requires that all employees
ANS - are eligible to participate, regardless of their individual health history
Which of the following is NOT a consequence for placing business with an unauthorized insurer? ANS -
First degree misdemeanor
According to Florida, which of the following situations would a dependent handicapped child NOT be
covered under a Family Health Policy? ANS - The premiums are not paid
When replacing or exchanging an annuity, the agent must disclose to the annuitant ANS - the possible
tax ramifications as a result of the transaction
Florida's 14-day free-look period for life insurance policies begins at the ANS - Date of delivery
Which of the following situations are NOt subject to Florida life insurance laws? ANS - Insurance
companies' day-to-day operations
A mutual insurance company and a stock insurance company have one main difference between them.
What is this major contract? ANS - Stock company owned by shareholders and mutual company owned
by policy owners
T is an employee covered under a Group Life policy. If T's employment is terminated, the conversion
privilege gives T the right to convert ANS - to an individual policy upon employment termination
An example of an unfair claims practice would be ANS - failing to effectuate prompt, fair, and equitable
settlements of a claim
Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100%
premium refund? ANS - 30
Which of the following documents must an agent submit to the replacing insurance company during the
replacement of an existing life insurance? ANS - Notice to existing and replacing insurer of intention to
replace
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