Simulate Exam
What is a foreign insurer?
An insurer with a home office in another state
A small company offers group health insurance to its employees, but recently has decided to terminate the health insurance contract, leaving the workers without insurance. What can the employees do regarding their insurance?
Convert to an individual health policy
items stipulated in the contract that the insurer will not provide coverage for are found in the
Exclusions
The inclusion of the Life and Health Guaranty Association in an advertisement by an insurer is
Forbidden. No insurance company can advertise the existence of the Guaranty Association; nor can an agent bring up the Guaranty Association in a sales presentation.
The agent in charge of an agency must hold which of the following licenses?
General Lines
Under what conditions will proof of insurability NOT be required of an employee wanting to enroll in group insurance?
If the employee enrolls within a certain time period
Can HIV exams be used in the underwriting process?
No.
What are the two offices of financial services commission?
The office of Financial regulation and the office of insurance regulation
If a life insurer holds the proceeds of any policy it issues...
The proceeds may be exempt from any creditor's claims against a beneficiary other than the policyowner
Which of the following types of policies allow policy owner to skip premium payments, provided that there is enough cash value in the policy to cover the premium amount?
Universal Life
When would a 20-pay whole life policy endow?
When the insured reaches age 100
What is an elimination period?
a stated period of time at the beginning of a loss during which no insurance benefits are paid
An agent delivers a life insurance policy to the proposed insured. The insured makes a decision not to accept the policy. The insured may return the policy for a full refund of premium within how many days?
14 days
COBRA applies to employers with at least
20 employees
Period of coverage for events such as death or divorce under COBRA
36 months
if a policy lapses due to non-payment of a premium how many days after payment till its reinstated
45 days
Waiting period on Waiver of Premium Rider in life insurance policy
6 months
Intial enrollment period for medicare part B last
7 months time
What level of authority is given to the Office of Insurance Regulation with respect to examination of insurer's activities to determine compliance Unfair Trade Practice laws?
Absolute. Florida statutes provide the Office of Insurance Regulation with an absolute right to examine the affairs of every person (insurers and licensees) involved in the business of insurance to see if they are engaged in any unfair trade practices.
Adjustable life insurance policies differ from other life insurance policies in what way?
Adjustable life insurance policies do not require the insured to purchase additional coverage or cancel when they have a life change
What is an authorized insurer?
an insurer that holds certificate of authority in which it transacts business
How are state Insurance Guaranty Associations funded?
by their members
What does Medicare not cover
dental care, eyeglasses, hearing aids
Interest earned on policy dividends is...
nontaxable
how often must domestic insurance companies be examined by the chief financial officer in florida?
once every 5 years
When should the long term care shoppers guide be presented?
prior to the application
respite care
provides short-term relief for primary caregivers
If a court ordered payment for a loss that was not covered in the policy even if it was clearly worded, it would be an example of which legal concept
reasonable expectations
insurance is the transfer of
risk
Which of the following best details the underwriting process for life insurance?
selection, classification and rating of risks
What is an automatic premium loan?
special loan that prevents the unintentional lapse of policy due to nonpayment of the premium