Aflac 215 License
What is the time frame an insurance company has to contest a insurance contract due to application fraud
2 years
A person insured under a health policy is required to give the insurance company a Notice of Claim within how many days after a covered loss?
20
What year was the florida office of financial regulation (OFR) created 1. 1983 2. 1993 3. 2003 4. 2013
2003
within how many days after a policy delivery can a medicare supplement policy be returned for a 100% premium refund 1. 15 2. 20 3. 25 4. 30
30
How long can a insured members family maintain health benefits under COBRA, if the insured member dies
36 moths
an application for medicare supplement coverage may not be denied by an insurer if the application was submitted within __ months after the applicant reaches 65 1. 1 2. 3 3. 6 4. 9
6
Under Medicare, the waiting period for a pre existing condition may not go beyond
6 month
How long does the coverage of a limited pay life policy end
Age 100
Group life insurance policies are generally written as 1. a term rider 2. annually renewable term 3. increasing term 4. group whole life
Annually renewable term
Which product would best serve a retired individual looking to invest a lump-sum of money through an insurance company? 1. variable life 2. interest-sensitive life 3. universal life 4. annuity
Annuity
According to Florida law, when must an agent deliver the Outline of Coverage to a Medicare Supplement applicant? 1. at the time of application 2. at the time of policy delivery 3. within 14 days of the time of application 4. within 14 days of policy delivery
At the time of application
The insurer must provide a prospective buyer with a(n) 1. Buyers guide and policy summary 2. A.M. best report 3. Actuarial Table 4. Copy of the application
BUyers guide & Policy summary
example of sliding would be 1. speaking maliciously of an insurer intending to har, 2. charging for additional product without the applicants consent 3. replacing an existing insurance policy with a new one. 4. inducing an applicant to purchase an insurance policy by returning some of the premium.
Charging for an additional product without the applicants consent
what type of panel is a group of physicians who work within a HMO facility
Closed panel.
Universal life policies allow the policy owner to see the interest earned, expense charges, and the ___. These are also called unbundled life policies 1. inherent risk 2. commision rate 3. inflation factor 4. cost of insurance
Cost of insurance
Which agency is responsible for the rehabilitation or liquidation of insurers
Department of financial services (DFS)
which policy provides greater gains than bonds, but still protects the principle with a minimal level of risk
Equity Index Insurance
which kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years and then pays alimp sin benefit at the end of that 30 years 1. family lump sum policy 2. Family maintenance policy 3. family survivor policy 4. family income policy
Family maintenance policy
In a life insurance contract, an unsired company's promise to pay stated benefits is called the
Insuring clause
D needs life insurance that provides coverage for only a limited amount of time while also paying the lowest possible premium. What kind of policy is needed? 1. Limited pay life 2. graded premium 3. level term 4. endowment
Level term
which of these is an element of a single premium annuity 1. Deferred payment 2. lump-sum payment 3. fixed income 4. Tax-Deductable
Lump sum
Which office oversees market conduct examination sin florida
Office of insurance regulation
K owns a whole life policy. If K wants an increasing death benefit to protect against inflation, which dividend option should she choose 1. Paid-up additional insurance 2. cash option 3. reduced premiums 4. accumulate with interest
Paid-up additional insurance
typically a life insurance death benefit is paid by a lump sum payment. A ___ option is a method of distributing a life insurance policies death benefit OTHER than by a lump sum 1. Settlement 2. dividend 3. conversion 4. aleatory
Settlement
The investment gains from a universal life policy usually go toward
The cash value
a term life policy matures when?
Upon the death of the insured, during the term of the policy
Which policy requires an agent to register with the National Association of Securities Dealers (NASD) before selling? 1. variable life 2. credit life 3. universal life 4. interest-sensitive option
Variable life
which policy has a adjusting death benefit and is written for a specific period of tim e
decreasing term
Which two entities regulate variable annuities?
department of financial services and the securities exchange commision
D owns a whole life policy that was purchased 10 years ago. If the premium payments suddenly stop and D takes no action, which nonforfeiture option will the insurer most likely proceed with 1. extended term 2. loan provision 3. reduced paid-up 4. cash surrender
extended term
the 2 year incontestability period becomes effective when
from the date that the policy was issues
Which employees CANNOT be excluded from a group life plan
full time employees after the probationary period
Quarterly premium payments increase the annual cost of insurance because 1. interest to the insurer is increased while administrative costs are decreased 2. interest to the insurer is decreased while the administrative cost are increased
interest to the insurer is decreased while the administrative cost are increased
a limited life policy has
premium payments linked to a specified number of years
purpose of the insurance guaranty fund association
protects policyowners agains insolvent insurance companies
the department of financial services serves as the receiver of any insurer placed into 1. bankruptcy 2. Foreclosure 3. Receivership 4. Indebtedness
receivership
according to florida law , group life insurance conversion privileges must not
require evidence of insurability
S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish her with a guaranteed income for life. What type of annuity is best suited for her situation? 1. 403(B) plan 2. deferred premium 3. single premium 4. period certain
single premium. provides income payments within the first year, typically starting 30 days after purchase date
what is the consideration clause
the schedule and amount of premium payments to be collected
when does a whole life policy endow (pay benefits)
when the cash value equals the death benefit
