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FLORIDA 2-15 INSURANCE FINAL EXAM NEWEST ACTUAL EXAM COMPLETE ACCURATE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ $16.79
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FLORIDA 2-15 INSURANCE FINAL EXAM
NEWEST ACTUAL EXAM COMPLETE
ACCURATE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
John died at age 65 leaving his wife, Joan age 59, the
proceeds of a $100,000 life insurance policy. If Joan
decides to take a lump sum settlement in cash, what
taxes are due?
1) The current tax rate on $100,000
2) The current tax rate on the accumulated interest
only
3) The 10% tax penalty imposed because the Joan is
under age 59 1/2
4) Zero - ....ANSWER...4) Zero
,What are the two features that have the greatest
effect on the amount of additional interest that may
be credited to an equity-indexed annuity?
1) Ratcheting and Participation Rate
2) The Indexing Method and the Participation Rate
3) The Averaging Method and the Margin Method
4) The Margin Method and the Indexing Method -
....ANSWER...2) The Indexing Method and the
Participation Rate
Under the Unfair Trade Practices Act, claims must be
paid by the insurer within ________ if Proof of Loss
was not requested.
1) one day
2) 15 days
3) 20 days
4) 45 days - ....ANSWER...4) 45 days
Speculative risk involves the chance of loss and
gain.
,1) TRUE
2) FALSE - ....ANSWER...1) TRUE
_____________ health plans are sometimes called
"wholesale plans" and provide health insurance
coverage to members of an association or
professional society.
The ________________ provision of the Insurance Code
spells out the terms that allow domestic insurers
the right to invest a certain percentage of their total
assets in loans or certain other investments.
1) leeway or basket
2) legal reserve
3) certificate of authority
4) blanket or franchise - ....ANSWER...1) leeway or
basket
, Michael and Cynthia got married on March 1st.
According to HIPAA law, when can Michael add his
new wife to his employer's health insurance policy?
1) Cynthia cannot be enrolled until the company's
next scheduled enrollment period, June 1.
2) Cynthia can obtain coverage immediately if she
provides evidence of insurability.
3) Cynthia must be allowed to enroll within 30 days
of the couple's marriage.
4) New spouses are ineligible for enrollment until
after a 30-day waiting period. - ....ANSWER...3)
Cynthia must be allowed to enroll within 30 days of
the couple's marriage.
When it comes to hospital expenses in a Medical
Reimbursement plan, the policyowner is the
beneficiary and expenses are:
1) paid in a fixed amount per day of hospitalization.
2) paid in a fixed amount per illness.
3) reimbursed for actual loss incurred.
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