Florida 2-15 Final Exam Practice Questions with Complete Solutions 100% Verified Rated A+ Latest 2023/2024 When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as - Correct Answer Estate conservation In group insurance, the primary purpose of the Coordination of Benefits provision is to - Correct Answer Prevent overinsurance Which of the following statements is NOT true regarding health insurance policy provisions? - Correct Answer All additional provisions written by insurers are cataloged by their respective states.The policyowner has an option to pledge the life insurance policy as collateral for a bank loan. This is called - Correct Answer A collateral assignment A whole life policy is surrendered for a reduced-paid up policy. The cash value in the new policy will - Correct Answer Continue to increase When filling out an application for insurance, the applicant makes a mistake. If a fresh application were not available, what could the applicant do to properly correct the mistake? - Correct Answer Cross the incorrect answer out, write the correct one beside it, and initial the answer.Which of the following riders pays a beneficiary a death benefit that is double or triple the face amount if the insured's death was caused by an accident as defined in the policy? - Correct Answer An Accidental Death Rider All of the following are consideration in an insurance policy EXCEPT - Correct Answer The cash value in the policy.An individual has a $200,000 convertible term life insurance policy. If he chooses, he can - Correct Answer Convert to a whole life policy for the same face amount without proof of insurability.Which of the following is NOT true regarding a deferred annuity? - Correct Answer Income payments begin within 1 year from the date of purchase.A retail shop owner is insured under a business overhead expense policy that pays a maximum monthly benefit of $2,500. His actual monthly expenses are $3,000. If the owner becomes disabled, the monthly benefit payable under his policy will be - Correct Answer $2,500 1 / 2
Which federal act defines rules pertaining to protected health information? - Correct Answer HIPAA The "stop-loss" feature on a major medical policy is intended to - Correct Answer Establish a maximum amount of out-of-pocket expense that an insured will have to pay for medical expense in a calendar year.If a business wants to make sure it will be able to cover losses due to the disability of its top employee, the business should get which type of insurance? - Correct Answer Key person disability income Life insurance creates an immediate estate. Which of the following best explains this statement? - Correct Answer The face value of the policy is payable to the beneficiary upon the death of the insured.What is the maximum age that a disabled insured worker may receive Social Security disability benefits? - Correct Answer 65 Whose responsibility is it to ensure that the application for health insurance is complete and accurate? - Correct Answer The agent's Which of the following policies would NOT offer a policy loan option? - Correct Answer Term Life Regarding the consideration clause, which of the following is NOT correct? - Correct Answer Consideration of the insurer and insured must be equal.The guaranteed purchase option is also referred to as the - Correct Answer Future increase option.When an insured terminates membership in the insured group, the insured can convert to - Correct Answer Whole life without proof of insurability.Which dividend option will increase the death benefit? - Correct Answer Paid-up additions What is the difference between a straight life policy and a 20-pay whole life policy? - Correct Answer Premium payment period Which of the following policies can be described as a flexible premium adjustable life policy? - Correct Answer Universal Life All of the following statements are true regarding an Ordinary (Straight) Life policy EXCEPT - Correct Answer It does not have a guaranteed death benefit.
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