Life and Health insurance exam

At what age are individuals become INELIGIBLE for Florida Healthy Kids coverage?

19

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

Other-insured rider

When an insurer terminates an agent's appointment, the insurer must do all of the following EXCEPT a. Provide a 30-day notice to the commissioner b. Provide a 60-day notice to the agent c. File a written notice with the department of insurance within 30 days of termination d. Make sure that the agent's contract rights are not violated

a. Provide a 30-day notice to the commissioner

which of the following would be considered a nonqualifed plan? a. split-dollar plan b. 401(k) c. Keogh plan d. Roth IRA

a. Split-dollar plan examples of non-qualifed plans are individual annuities and deferred compensation plans for highly paid executives, split-dollar insurance arrangements, and section 162 executive bonus plans

Which of the following does NOT describe the principle goal of a PPO? a.Provide medical services only from physicians in the network b.provide the subscriber a choice of physicians c.provides the subscriber a choice of hospitals d.provide medical services at a reduced cost

a. provide medical services only from physicians in the network

Which of the following is NOT true regarding a flexible spending account? a. It is a cafeteria plan b. It does not have limits on contributions c. It operates on "use-or-lose" basis d. It provides an opportunity to receive benefits on a pretax basis

b. it does not have limits on contributions A Flexible Spending Account(FSA) is a form of cafeteria plan benefit funded by salary reduction. The employees are allowed to deposit a certain amount of their paycheck into an account before paying income taxes. FSA benefits are subject to annual maximum and "use-or-lose" rule.

If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy?

it is only taxable if the cash value exceeds the amount of premiums paid

The insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. It was determined that the accident was his fault. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. In this case, what will the policy beneficiary receive?

$100,000

How long does the initial enrollment period for medicare part B last?

7 months and begins 3 months before the month in which the individual turns 65, and ends 3 months after the birthday month

Under the uniform required provisions, proof of loss under a health insurance policy normally should be filed within

90 days of a loss

How are state Insurance Guaranty Associations funded?

By their members- authorized insurers

Group disability income insurance premiums paid by the employer are

Deductible by the employer as an ordinary business expense.

Variable Whole Life insurance is based on what type of premium?

Level Fixed

An applicant for a health insurance policy returns a completed application to her agent, along with a check for the first premium. She receives a conditional receipt two weeks later. Which of the following has the insurer done by this point?

Neither approved the application nor issued the policy When an agent receives the application and issues a conditional receipt, the insurer has not yet approved the application and issued the policy.

Which of the following will be included in a policy summary?

Premium amounts and surrender values

What are the 2 offices of the Financial Services Commission?

The office of Financial Regulation and the Office of Insurance Regulation

Which of the following is true regarding Medicare supplement policies?

They must be guaranteed renewable

In insurance policies, the insured is not legally bound by any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. What type of contract does this describe?

Unilateral

When is the earliest a policy may go into effect?

When the application is signed and a check is given to the agent. The policy can be effective as early as the date of the application, if the premium is submitted with the application and the policy is issued as applied for.

If a claim is made on a policy durning the grace period, an insurer is allowed to deduct the overdue premium and to charge interest. What is the maximum allowed interest rate?

8%