Chapter 8 (Health) Chap Exam
when is it acceptable to share commissions with another agent
As long as both agents are licensed for the same lines of insurance
according to florida law, when must an agent deliver the outline of coverage to a medicare supplement applicant?
At the time of application
all of the following are nonforfeiture options except
Automatic Premium Loan Option
what is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to florida law?
0%
what is the main reason for regulating the insurance industry
Maintain the solvency of insurance companies
W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim?
The proceeds would be reduced based on whatever the premium would have been if purchased at age 59
which of the following unfair trade practices involves an agent who makes malicious statements about another person's financial condition?
defamation
the department may request all of these during the licensing application process except
drug test
the florida employee health care access act was established to make
group health insurance available to employers with up to 50 employees
what are adjustable rates for lice policy loans in florida based on?
moody's corporate bond index
a life policy loan in florida cannot charge a fixed rate of interest higher than
10%
what percentage of eligible persons must a policy cover in a noncontributory group?
100%
The minimum age at which a person can sign a life insurance application is
15 years
Employers with less than __ employees are affected by Florida's Health Insurance Coverage Continuation Act (Mini COBRA).
20
a life insurance policy's grace period entitled the insured a period of no less than _ days to make the premium payment
30
the free-look period for all qualified long term care policies sold in Florida is _ days
30
in florida, what is the maximum percentage of controlled business an agent may produce?
50%
which of the following is not required on every insurance application sold in florida?
Address and phone number of the agent
which of the following acts is an agent not authorized to do behalf on an insurer?
Authorize claim payments
which two entities regulate variable annuities?
Department of Financial Services; and Securities Exchange Commission
which organization was established to provide funds to protect an insured in the event of an insurer's insolvency?
Florida insurance guaranty fund association
under florida law, which of the following provisions is not required in a medicare supplement policy?
Limitation on pre-existing conditions for up to 12 months
which of the following is not required in the outline of coverage for a health insurance policy?
Projection of the policy's future costs
which of these is not a legal entity for selling life insurance in florida?
Risk management advisers
which of the following provisions is not required in HMO contracts/certificates?
Seven-day grace period
according to florida law, in which of the following situations would a dependent handicapped child not be covered under a family health policy?
The premiums for the handicapped child are not paid
the insurer must provide a prospective buyer with a(n)
a Buyer's Guide and Policy Summary
what is florida's definition of life insurance replacement?
a transaction in which a new policy is bought and an old policy is discontinuted
In Florida, the underwriting and issuance of a master group health policy requires that all employees
are eligible to participate, regardless of their individual health history
which required disclosure helps a buyer chooses the amount and type of insurance to buy, and how to save money by comparing the cost of similar policies?
buyer's guide
an individual covered under a group life insurance policy is considered to be a(n)
certificate holder
which of the following is not a consequence for placing business with an authorized insurer?
first degree misdemeanor
A license may be denied, suspended, or revoked if the licensee
is found guilty of misrepresentation
with a medical discount plan, how often would a person generally pay a fee to get discounts on specific services?
monthly
under a life insurance policy, the __ has the authority to name the beneficiary
owner
a long term care lapse notice must be delivered to both the applicant and
secondary addressee
group life policies in florida are required to contain a conversion privilege that allows for conversion
to an individual policy for a stated period of time
an example of an unfair claims settlement practice is
turning down a claim without providing the basis of denial
J is an agent who has induced an insured through misrepresentation to surrender an existing insurance policy. what is j guilty of?
twisting
___ can be defined as "using the contract values of an existing policy to purchase a new policy with an existing insurer"
churning
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
Florida Replacement Rule
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
eligibility for coverage under the florida healthy kids corporation requires family to be within __ of the federal poverty level
200%
agents that have been licensed for less than six years must complete __ hours of continuing education every two years.
24
every resident agent must have and maintain at their place of business the usual and customary record pertaining to transaction under their license for at least how long?
5 years
what do families pay that are covered by the florida healthy kids corporation?
A portion of the premium
which of the following is a standard provision of the conversion privileges in a group life policy?
Group Life coverage can be converted to an individual policy at regular rates on an attained-age basis
one definition of replacement is "the act of replacing an existing insurance policy with another". replacement is
closely regulated and requires full disclosure
the policy summary contains specific information on all of the following, except
commission
florida's 14-day free-look period for life insurance policies begin at the
date of delivery