Exam FX

If the father is disabled for more than six months

A father purchases a life insurance policy on his teenage daughter and adds the payor benefit rider. In which of the following scenarios will the writer waive the payment of premium?

Family term

A married couple wants to include the entire family and their whole life policy under one writer, which of the following writers will help them achieve that goal

18 months

Florida law requires that both individual and group health insurance policies provide coverage for a newborn child of a covered family member, other than the insured for a period of

Service

HMO's are known as what type of plans

Florida employee, healthcare access act

What Florida law, govern group, health insurance provisions provided by insurer and HMO's to small employers

The face amount is paid to the insured

What happens to the face amount of a whole life policy if the insured reaches the age 100

The premiums are invested in the insurer general account

What is not true about variable products?

Controlling costs

What is the purpose of the gatekeeper in an HMO?

The office of insurance regulation

Which of the following entities is responsible for agent, licensing, and administrative supervision?

Social groups

Which of the following groups is not eligible for group life insurance?

The application contains material misstatements

Which of the following is a permissible reason for an insurance company to contest payment of a claim based on state statements in the application

Other insured rider

A rider attached to a life insurance policy that provides coverage on the insured family members is called the

The primary beneficiary died before the insured

According to the common disaster clause, if the insured and primary beneficiary are killed in the same accident, and it cannot be determined, who died first which of the following will be assumed

The policy is re-issued with a reduction and cash value

According to the life insurance replacement regulations, which of the following would be an example of policy replacement

An association formed one year ago

All of the following could qualify as a group for the purpose of purchasing group life insurance, except

It must illustrate all guaranteed policy dividend values

All of the following statements regarding the life insurance policy summary are correct, except

Three years

How long does the law require agents to maintain records of transactions pertaining to premium payments?

60 days after filing proof of loss

How long must an insured wait before filing a lawsuit against the insurer?

Five days

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?

10 days

If an insured pays a health insurance premium each month, how long would the grace period be under this policy

A full death benefit

If the owner of a whole life policy, who is also the insured dies at age 80 and there are no outstanding loans on the policy what portion of the death benefit will be paid to the beneficiary?

100% of eligible employees must participate

In a non-contributory group policy

My requiring that the insurance be incidental to the group

In addition to participation requirements, how does an insured guard against the adverse selection when underwriting group health?

Stock insurers are owned by the shareholders and issue non-participating policies

In contrasting stock insurers with mutual insurers, which statement is true

Insurability

Which of the following is not a Medicaid qualifier?

All additional provisions, written by insurer or cataloged by the respective states

Which of the following statements is not true regarding health insurance policy provisions?

Either term insurance or permanent insurance

An adjustable life policy can assume the form of

Funds exceeding the premium paid are taxable as ordinary income

Which is true about the cash surrender non-forfeiture option

Child daycare

Which of the following is not a typical type of long-term care coverage?

Debtor in the life of the creditor

Which of the following is not an example of valid insurable interest?

A credit union that needs coverage only for its top 10 employees

Which of the following is not considered eligible for group life insurance?

They must be guaranteed renewable

Which of the following is true regarding Medicare supplement policies

Who provides the highest monthly benefit

Which of the following is true regarding pure life annuity settlement option

Providing coverage to the employees in different geographic locations

Insurers offering small employer health insurance are prohibited from

14

An insured is issued a life insurance policy in Florida and wishes to return it for a refund. How many days does the insured have for such an action?

Universal life - option a

Which of the following policies would have an IRS required corridor or gap between the cash value, and the death benefit?

Pay the policy proceeds only if it would have issued the policy

A prospective insured receives a conditional receipt, but dies before the policy is issued the insurer will

Insurer

All of the following must sign an application for health insurance, except the

Consideration clause

An applicant for an individual health policy failed to complete the application properly before being able to complete the application and pay the initial premium. She is confined to the hospital. This will not be covered by insurance because she has not met the conditions specified in the

20 employees

COBRA applies to employers with, at least

Misrepresentation

Guaranteeing future dividends is considered to be an unfair or deceptive act, known as

Survivor protection

Life insurance can provide which of the following

Other insurance coverages

Part two of the application for life insurance provides questions regarding things, except for

Policy owners, minor children, or business associates

Policies, written on third-party ownership basis are usually written to cover which of the following

The sign inappropriate premium based on preference

Recording to the terms of the policy or an agreement between the insured, the group policyholder, and the insurer the insured person may not do which of the following

A percentage of the workers income

The benefits for a group disability plan are based on

18 months

The continuation of coverage provision allows terminated employees to continue coverage under a group health insurance plan for up to

Annually renewable term

The least expensive first year premium is found in which of the following policies

Insurable interest

To purchase insurance, the policy owner must face the possibility of losing money or something of value in the event of laws. What is this concept called?

Within 20 days

Under the mandatory uniform provision, "notice of claim", written notice of a claim must be submitted to the insurer within what time parameters

60 days after written proof of loss has been submitted

Under the mandatory uniform, provision, legal actions and insured is prevented from bringing a suit against the insure to recover on a health policy prior to

Legal benefits

Under workers compensation, which of the following benefits are not included

Taxed as ordinary income

Upon the surrender of a life insurance policy any cash value accumulated in excess of the premium payments is

When the policy is delivered to the insured

When does a free look. Begin on a life insurance policy.

63

Within how many days from termination of employment must've insured under a group health insurance policy provide notice to an ensure in order to continue coverage under the employers plan

90

In individual health policies, proof of loss must be provided by the insured to the insured with how many days of loss

60 days

In order to maintain coverage under cobra how soon from termination of employment, must an employee exercise extension of benefits

Pay the death benefit to the estate of the insured

Key person insurance can provide protection for all of the following economic losses to a business, except

To exclude coverage for a specific impairment

What is the purpose of the impairment rider in a health insurance policy?

Only if the individual is not identified

When may HIV related test results be provided to the MIB

A general account

Where are premiums from fixed annuities invested?

It provides catastrophic medical coverage beyond basic benefits on a usual customary and reasonable basis

Which of the following best describes a major medical expense policy

It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance

Which of the following best describes the MIB

Workers occupation

Which of the following is not a factor and determining qualifications for Social Security disability benefits

Specific information about the policy

Which of the following will not be included in the buyers guide?

The insurance company

Who bears all the investment risk in a fixed annuity

Not taxable since the IRS treats them as a return of a portion of the premium paid

On participating insurance policy, issued by a mutual insurance company dividends paid to the policy holders are

They will be carried over to the next two year period

An agent has completed 28 hours of continuing education to renew her license upon renewal she realizes she has four extra credit hours what will happen to those extra hours

Eligible to receive full health coverage

An employee has just started working for a small group corporation and works 25 hours per per week. The employee is.

Acute

An individual is approaching retirement age, and is concerned about having proper coverage should he have be placed in a long-term care facility. His agent told him that LTC policies would provide necessary coverage at all of the following levels, except

misrepresentation

An insurance agent visits a potential client explains various types of policies. The customer displays a lack of interest, so the agent guarantees higher dividends than he knows would be possible which term describes what the agent has done.

Submit the description in their own words on a plain sheet of paper

Insureds have the right to do which of the following if they have not received the proper claim forms within 15 days of their notice to the insurer of a covered loss under a major medical policy

30 days

Medicare, supplement policies by law must provide a free look provision of

Principal sum

On an accidental death and dismemberment policy, the death benefit payable is known as the

She would be covered under the employers group health insurance plan with higher premium

An insured was diagnosed two years ago with kidney cancer. She was treated with surgeries and chemotherapy and is now in remission. She also has a 30 year smoking history. The insured is now healthy enough to work, and has just started a full-time job which describes the health insurance that she will most likely receive.

Delivered

An insurer mails an insurance policy to a new policy owner when the insurer relinquishes control of the policy the policy is considered

Payor benefit

Hey, married couple purchase, a life insurance policy on their newborn baby they are concerned about what would happen to the policy if either of them were unable to continue making the premium payments due to death or disability, which policy rider, should the agent recommend

Defamation

During policy solicitation an insurer exaggerates the financial condition of one of its competitors, and makes it sound worse than it is. This is an example of an unfair trade practice of.

LTC policies are marketed effectively to prospective insureds

Every insure, marketing, long-term care insurance must establish marketing procedures to ensure all of the following, except