FLORIDA LIFE AND HEALTH INSURANCE SPOT
ON 2024/2025 EXAM SOLUTIONS COMPLETE
STUDY QUESTIONS AND VERIFIED ANSWERS
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when an individual is planning to protect his family with life insurance, one method of doing so is called needs analysis. What exactly does needs analysis involve? - correct answer ✔✔takes into account the present value of future income earned by the breadwinner
M's insurance company denied a reinstatement application for her lapsed health insurance policy. The company did not notify M of this denial. How many days from the reinstatement application date does the insurance company have to notify M of the denial before the policy will be automatically placed back in force? - correct answer ✔✔45 days
A disability income policy owner recently submitted a claim for a chronic neck problem that has now resulted in total disability. The original neck injury occurred before the application was taken 5 years prior. The neck injury was never disclosed to the insurer at the time of the application. How will the insurer handle this claim? - correct answer ✔✔claim will be paid and coverage will remain in force
Individual Medicare Supplement policies must allow an insured a MINIMUM of how many days after policy delivery to return the policy and receive a refund of premium? - correct answer ✔✔30 days
What kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years and then pays a lump sum benefit at the end of that 30 years? - correct answer ✔✔family maintenance policy
What type of rider would be added to an Accident and Health policy if the policyowner wants to ensure the policy will continue if he/she ever becomes totally disabled? - correct answer ✔✔waiver of premium rider
Which of the following is a standard provision of the conversion privileges in a Group Life Policy? - correct answer ✔✔Group Life coverage can be converted to an individual policy at regular rates on an attained-age basis
An individual covered under a Group Life insurance policy is considered to be... - correct answer ✔✔A certificate holder
Group/voluntary long-term care policy premiums are typically deducted from the employee's income and - correct answer ✔✔are less costly as compared to individual long-term care coverage
All of these statements about the Waiver of Premium provision are correct EXCEPT - correct answer ✔✔insured must be eligible for social security disability for claim to be accepted
which of these types of coverage is best described as a short term medical policy? - correct answer
✔✔interim coverage
What does a Guaranteed Insurability rider provide a Disability Income policyowner? - correct answer ✔✔the ability to periodically increase the amount of coverage only WITHOUT evidence of insurability
what is considered to be a characteristic of a conditionally renewable health insurance policy? - correct answer ✔✔premiums may increase at time of renewal
L, aged 50, and L's spouse 48, have one natural child and one adopted child. They purchase a family policy that covers L's spouse at age 65. A death benefit will NOT be paid in which of the following circumstances? - correct answer ✔✔L's spouse dies at age 66
All of the following statements regarding group health insurance is true, except: - correct answer ✔✔an individual policy is given to each member
How many days does an insurance company have to reject a reinstatement application before it is automatically reinstated? - correct answer ✔✔45
M becomes disabled and is unable to work for 6 months. M dies soon after from complications arising from this disability. M has a disability income policy that pays $2,000 a month. Which of the following statements BEST describes what is owed to her estate? - correct answer ✔✔$2,000
The Legal Actions provision of an insurance contract is designated to do all off the following, EXCEPT: - correct answer ✔✔protect the producer
K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved.What kind of receipt was used? - correct answer ✔✔conditional
In Florida, agents are allowed to engage in rebating if... - correct answer ✔✔Offered to all insured in the same actuarial class
In Florida, when agents recommend changes be made for existing coverage, the agent must follow established procedures. The name of this rule is called the... - correct answer ✔✔Florida Replacement Rule
In Florida, an element of an insurance transaction would be... - correct answer ✔✔Issuing an insurance contract
The Bureau of Unclaimed Property is overseen by... - correct answer ✔✔The chief financial officer
One of the stated purposes of the Life and Health Insurance Guaranty Association is... - correct answer ✔✔To assist in the prevention of insurer insolvencies
The Life and health Insurance Guaranty Association is funded by... - correct answer ✔✔Assessments on member companies
The purpose of the Guaranty Fund is to... - correct answer ✔✔Ensure that claims filed against involvement insurance companies will be paid
The rules and regulations of the Life and health Insurance Guaranty Association apply to... - correct answer ✔✔Life and health policies issues by companies authorized in that particular state
The fund that assures policyholder payment of benefits on Life and Health Policies, if the company is involved at the time of the claim, is called the... - correct answer ✔✔The Life and Health Insurance Guaranty Association
A stock life insurance company that issues both participating and nonparticipating policies is doing business on... - correct answer ✔✔Mixed plan
A stock insurance company is owned by - correct answer ✔✔Its stockholders
Who is a mutual insurance company owned by? - correct answer ✔✔Its policyholders
Which type of insurance company allows their policyowners to elect a governing body? - correct answer ✔✔Mutual
What percentage of eligible persons must a policy cover in a noncontributory group? - correct answer
