Florida Health and Life Insurance State Exam Practice Part 1 Latest Update 2024-2025 150 Questions and Verified Correct Answers Guaranteed A+ A comprehensive major medical health insurance policy contains an Eligible Expenses provision which identifies the types of health care services that are covered. All of the
following health care services are typically covered, EXCEPT for: - CORRECT
ANSWER: $300,000
A comprehensive major medical health insurance policy contains an Eligible Expenses provision which identifies the types of health care services that are covered. All of the
following health care services are typically covered, EXCEPT for: - CORRECT
ANSWER: experimental and investigative servives
A licensed agent must be appointed by an insurance company to solicit insurance in Florida. The agent's license will terminate if a certain period of time elapses without
being appointed. How long is this period of time? - CORRECT ANSWER: 48 Months
A life insurance policyowner may sell their policy to a(n) _____ in order to receive a
percentage of the policy's face value. - CORRECT ANSWER: viatical settlement
provider
A life policy loan in Florida cannot charge a fixed rate of interest higher than -
CORRECT ANSWER: 10%
A medical care provider which typically delivers health services at its own local medical facility is known as a: - CORRECT ANSWER: HMO
A policy loan is made possible by which of these life insurance policy features? -
CORRECT ANSWER: Cash Value Provision
A provision in a life insurance policy that pays the policyowner an amount that does not surpass the guaranteed cash value is called the: - CORRECT ANSWER: Policy Loan Provision
A Stock insurance Company - CORRECT ANSWER: is owned exclusively by it's
shareholders
A stock insurance company is best defined as an incorperated company that has its capital divided into shares and is owned exclusively by its shareholders.
A trustee-to-trustee transfer of rollover funds in a qualified plan allows a participant to avoid: - CORRECT ANSWER: mandatory income tax withholding on the transfer amount 1 / 2
A whole life insurance policy endows when the: - CORRECT ANSWER: Cash Value equals the death benefit
According to Florida law, a Group Life insurance policy requires a minimum of how
many insureds? - CORRECT ANSWER: No Minimum
According to Florida Law, in which of the following situations would a dependent handicapped child NOT be covered under a Family Health policy? - CORRECT
ANSWER: The premiums for the handicapped child are not paid
According to Florida law, which of the following information does NOT need to be
obtained by an agent recommending an annuity purchase? - CORRECT ANSWER:
Marital Status
According to Florida's rules on disclosure, a life insurance applicant is expected to be
provided with - CORRECT ANSWER: A Buyer's Guide and Policy Summary
According to the Time Limit of Certain Defenses provision in an Individual Health Insurance Policy, nonfraudulent misstatements first become incontestable: - CORRECT
ANSWER: two years from the date of the policy was issued
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
All of the following entries are classified under the four principal areas of Florida
insurance law EXCEPT - CORRECT ANSWER: an agents comission
All of the following will result in the suspension of an agent's license EXCEPT -
CORRECT ANSWER: acting with a fiduciary responsibility
All of these are considered sources of underwriting information about an applicant, EXCEPT: - CORRECT ANSWER: Rating Services
An applicant's medical information recieved from the Medical Information Bureau (MIB) may be furnished to the: - CORRECT ANSWER: Applicant's physician
An incomplete life insurance application submitted to an insurer will result in which of these actions? - CORRECT ANSWER: Application will be returned to the writting agent
An insurance company incorporated under the laws of the state in which its home office is located is called a(n) ____ company. - CORRECT ANSWER: domestic
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