FL 215 exam
FL law requires that both individual & group health insurance policies provide coveragefor a newborn child of a covered family member, other than the insured, for a period of: 6 months, 12 months, 18 months or 24 months
18 months
when does the initial enrollment prd for Medicare Part B begin?
3 months before the insured's 65th birthday
how long is the required grace period in life insurance policies in this state?
30 days
how long must an insured wait before filing a lawsuit against the insurer?
60 days AFTER filing proof of loss
what is the maximum age that a disabled insured worker may receive SS disability benefits? 62, 65, for life with no max age limit, 54
65
Variable WL ins is based on what type of premium?
Level fixed
Variable Whole Life Insurance is based on whate type of premium?
Level fixed
if an employer decides to change its life ins policiy to a similar one w a different insurer, what describes the extent that replacement regulations will be exercised?
Replacement regulations will not apply in this situation
insurance is the transfer of:
Risk
why does FL have state laws reulating Medicare Supplement Insurance?
States cannot enfore and prosecute federal laws
in the state of FL, which gov't entity is responsible for administration and regulation of insurance?
The Department of Financial Services
all of the following are TRUE statement regarding the accumulation at interest option EXCEPT
The interest credited under this option is not taxable since it remains inside the insurance policy
Under the mandatory uniform provision "Notice of Claim", written notice of a claim must be submitted to the insurer within what time parameters?
Within 20 days
Which of the following authorities grants & revokes Licenses? a. Department of Financial Services b. Federal Insurance Bureau c. National Association of Insurance Commissioners (NAIC) d. Guaranty Association
a. Department of Financial Services
in LTC ins, what type of care is provided with intermediate care?
occasional nursing or rehabilitative care
the purpose of the Fair Credit Reporting Act is to
protect consumers against the circulation of inaccurate or obsolete personal or financial information
L has a major medical policy with a $500 DED & 80/20 coinsurance. L is hospitalized and sustains a $2,500 loss. what is the max amt that L will have to pay
$900 (DED+20% of the bill after the DED [20% of $2k]
within how many days after receiving written communication of replacement myst an existing insurer provide a policyowner with a policy summary?
10 days
Most policies will pay the accidental DBs as long as the death is caused by an accident that occurs within
90 days
which of the following is a generic consumer publication that explains life ins in general terms in order to assist the applicant in the decision-making process?
Buyer's Guide
if an employee terminates her employment, which of the following provisions would allow her to continue health coverage under an individual policy, if requested within 31 days?
Conversion
Agreement on the first page of the policy which includes list of losses that will be covered by the insurer is called?
Insuring clause
all of the following statements concerning an employer sponsored NQ retirement place are true EXCEPT a the ER can receive a current tax deduction for any contributions made to the plan b. the plan is legal method of accumulating mone for retirement needs c. the plan can discriminate as to who may participate d. the plan is not approved for favorable tax treatment by the IRS
a the ER can receive a current tax deduction for any contributions made to the plan
all of the following would be classified as :limited insurance coverage: EXCEPT: a. Supplement Social Security coverage b.Travel insurance policy c. dread disease policy d. accidental death & dismemberment policy
a. Supplemental Social Security coverage supplemental social secuirty coverage is a rider to a disability policy
which is considered a NQ retirement plan? 401(k), Keough plan, Roth IRA, Split-dollar plan
split-dollar plan
a man is an attroney when he appies for a health policy. he decides o become a professional bungee jumper. he files a claim. what should happen?
the insurance company will pay the claim according to benefits available if the correct premium had been paid
an applicant for an agent's life only license must complete a minimum of how many hours of prelicensing education?
40 hours
an insured has a continuous premium WL policy. she would like to use the policy dividends to payoff her policy sooner than would have been possible otherwise. what dividend option could she use?
Paid-up option
Joe moved last year and forgot to notify the Department of is change of address. He was charged a $250 fine. This year Joe moves again, & again forgets to notify the Department within the required time. what will his penalty be?
a minimum for on $500 or suspension orrevocation of his license
whih option is being utilized when the insurer accumulates dividens at interest & then uses the accumuated dividends, plus interest, & the policy cash value to pay the policy up early? a.accumulation at interest b. paid-up additions c. dividend accumulation option d. paid-up option
d. paid-up option
In accordance with the Code of Ethics, agents must provide a completed application to a. the director & the insurer b. the soliciting agent & the insured c. the FL Insurance Guaranty Association & director d. the prospective insured & the insurer
d. the prospective insured & the insurer
during policy solicitation, an insurer exaggerates the financial condition of one of its competitors & makes it sound worse than it is. this is an example of an unfair trade practice of a.twisting b.false advertising c.misrepresentation d.defamation
defamation
when the insured selects the extended term nonforfeiture option, the cash value will be used to purchase term ins with what face amount?
equal to the original policy for as long as the cash value will purchase
where are premiums from fixed annuities invested?
general account
Every Medicare supplement policy must have a Notice to Buyer on the front page that states what?
this policy may not cover all of your medical expenses
what is the purpose of a disclosure statement in life insurance policies?
to explain features & benefits of a proposed policy to the consumer
group health insurance is characterized by all of the following EXCEPT: a. conversion priviledge b. adverse selection c. a master contract d. lower administrative costs
b. adverse selection
which of the folowing terms refers to solicitation, negotiation, effectuation or advising related to an insurance contract? a.insurable interest b.insurance transacction c. advertising d. rescission
b. insurance transaction
Under the uniform required provisions, proof of loss under a health insurance policy normally should be filed within a. 60 days of a loss b. 90 days of a loss c. 20 days of a loss d. 30 days of a loss
b.90 days of a loss
For how long is an insurance companu allowed to defer policy loan requests? a.30 days b.60 days c.6 months d. 1 year
c. 6 months
if a basic medical insurance plan's benefits are exhausted, what type of plan will then begin covering those losses?
Supplementary major medical
the benefits in Medical Expense Insurance are a. nonexistent b.taxed when they reach $25K per year c. received income tax free by the individual d. taxable
c. receieved income tax free by the individual
A licensee may have their license suspended, terminated or revoked for all of the following EXCEPT: a. soliciting or handling controlled business b.willfully overinsuring any property insurance risk c. unknowingly overinsuring any property insurance risk d. misrepresenting any insurance policy
c.unknowingly overinsuring any property insurance risk
A policyowner who purchases an idividual insurance policy & then asks for refund within 2 weeks after thepolicy was delivered will receive
a full refund of the premium
according to the life insurance replacement regulations, what is an example of policy replacement?
a policy is reissued with a reduction in cash value
all of the following could qualify as a group for the purpose of purchasing froup life insurance EXCEPT: a. an association formed 1 year ago b. a labor union c. a multiple employer trust d. a single employer with 14 employees
a. an association formed 1 year ago grp ins may be issued by ER, EE or other groups that are togetherfor the purpose other than buying grp insurance if they have existed for AT LEAST 2 YEARS
Occasional visits by which of the following medical professionals will NOT be covered under LTC's home health care? a.attending physician b.reigstered nurses c. Licensed practical nurses d. Communitybased org professionals
a. attending physician
which of the following statements is NOT true regarding health insurance policy provisions? a. all individual policies contain Universal Mandatory provisions b. insurers may onlu offer optional provisions that are allowed buy the state where the policy is deliverd c. insurers may add provisions that are not in conflict with uniform standards d. all additional provisions written by insurers are cataloged by their respective states
d. all additional provsions written by insurers are cataloged by their respective states
a guaranteed renewable disability insurance policy
is renewable at the insured's option to a specified age
what is one reason individuals purchase life insurance?
it creates an immediate estate
what is the purpose of a conditional receipt?
it is intended to provide coverage on a date prior to the policy issue
which of the following best describes a Major Medical Expense policy?
it provides catastrophic medical coverage beyond basic benefits on a usual, customary & reasonable basis
among ppl in the same class and life expectancy, which of the following factors can be used to influence premium rates? occupation ancestry marital status race
occupation
which statement best describes agreement as it relates to insurance contracts?
one party accepts the exact terms of the other party's offer
with respect to the entire contract clause in health polciies, who has the authority to make changes to an existing policy?
only an executive officer of the company
with respect to the entire contract clause in health policies, who has the authority to make changes to an existing policy?
only an executive officer of the company
All of the following must sign an application for health insurance EXCEPT the a. insurer b.proposed insured c. applicant d. producer
a. insurer
All of the following are true regarding a decreasing term policy EXCEPT: a. the payable premium amt steadily declines throughout the duration of the contract b. the DB is $0 at the en of the policy term c. the contract pays only in the event of death during the term & there is no cash value d. the face amt steadily declines throughout the duration ofthe contract
a. the payable premium amt steadily declines throughout the duration of the contract
Insureds have the right to do which if they have NOT received the pproper claim forms within 15 days of their notice to the insurer of a covered loss under a major medical policy? a. submit the description in their own words on a plain sheet of paper b. be reimbursed any copayment or deductible on the claim c. demand full payment immediately for the claim d. speak with a claims adjuster respresentative from the insurance company
a. submit the description in their own words on a plain sheet of paper
Which is NOT considered a misrepresentation as it pertains to unfair trade practices? a.making comparisions btw dif policies b. stating that the ins policy is a share of stock c. exaggerating the benefits provided in the policy d. stating that the competitiors will arbitrarily increase their premiums each year
a.making comparisions btw dif policies
a universal life insurance policy is best described as a variable life w a cash value account b. whole life policy w 2 premiums: target & minimum c. flexible premium variable life policy d. annually renewable term poliy w/ a CV account
d. annually renewable term poliy w/ a CV account
An insurer recently collected information from a senior consumer, & used that info to make recommendations regarding insurance transactions. For how many years must this info be maintained after the transaction has been completed? 10 1 3 5
5 years
what is the minimum age requirement to enter into a life insurance contract in this state? 15, 16, 18, 21
15
