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Florida Life and Health Final Exam – Questions and Answers Latest Version Already Passed
What does a whole life insurance policy guarantee?✔✔ A fixed premium and guaranteed cash value accumulation
What is the purpose of the incontestability clause in a life insurance policy?✔✔ It prevents the insurer from contesting a claim after the policy has been in force for two years
What is the free-look period required by Florida law for life insurance policies?✔✔ 14 days
What does the waiver of premium rider do?✔✔ Waives premium payments if the insured becomes disabled
What is the primary function of underwriting in life and health insurance?✔✔ To assess the risk of the applicant and determine premium rates 1 / 4
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How long is the grace period for health insurance premiums in Florida?✔✔ 31 days
Who can be named as a beneficiary in a life insurance policy?✔✔ Any person or entity with insurable interest
What is a renewable term life insurance policy?✔✔ A policy that can be renewed at the end of the term without a new medical exam
What does a health maintenance organization (HMO) require members to do?✔✔ Use network providers and usually select a primary care physician
What is coinsurance in a health insurance policy?✔✔ The percentage of costs shared between the insurer and insured after the deductible is met
What is a contingent beneficiary?✔✔ The person or entity who receives the death benefit if the primary beneficiary is deceased 2 / 4
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What is the purpose of the Florida Life and Health Insurance Guaranty Association?✔✔ To protect policyholders if an insurer becomes insolvent
What type of life insurance policy combines insurance with an investment feature?✔✔ Variable life insurance
What is a nonforfeiture option in a life insurance policy?✔✔ A provision allowing the policyholder to receive some value if the policy lapses
What is the elimination period in disability insurance?✔✔ The waiting period before benefits begin after a disability occurs
What does a long-term care insurance policy cover?✔✔ Custodial care services such as nursing home and assisted living care
What is the Florida law requirement for continuing education for life and health agents?✔✔ 24 hours every two years 3 / 4
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When must a producer notify the Florida Department of Financial Services of a change of address?✔✔ Within 30 days of the change
What is a riders’ role in a life insurance policy?✔✔ To add or modify benefits beyond the basic policy coverage
What is the difference between a health savings account (HSA) and a flexible spending account
(FSA)?
✔✔ An HSA is owned by the individual and can roll over funds, while an FSA is owned by the employer and generally has a “use-it-or-lose-it” rule
What is the Florida law regarding replacement of life insurance policies?✔✔ Agents must provide a Notice Regarding Replacement and submit it with the application
What does the guaranteed insurability rider allow?✔✔ The insured to purchase additional insurance at specified times without proof of insurability
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