Florida insurance law and rules

What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida Law?

0

A life policy loan in Florida cannot charge a fixed rate of interest higher than

10

In Florida, monthly-premium health insurance policies must provide a grace period of at least

10

The minimum age at which a person can sign a life insurance application is

15 years

Florida requires that coverage for newborns begins "from the moment of birth" and continues for

18 months`

In Florida, most life insurance policies have a contestability period of

2

Employers with less than __ employees are affected by Florida's Health Insurance Coverage Continuation Act (Mini COBRA).

20

How many hours of continuing education must a newly licensed agent complete every two years?

24

Advertising gifts not to exceed ___ are allowed to be given by an agent to a prospective client.

25

Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund?

30

In Florida, a health policy that is paid on a quarterly basis requires a grace period of

31

How many days does an insurance company have to reject a reinstatement application before it is automatically reinstated?

45

The waiting period for a pre-existing condition under a Medicare Supplement policy may NOT go beyond

6 months

What do families pay that are covered by the Florida Healthy Kids Corporation?

A portion of the premium

What do Dread Disease policies cover?

A specific disease or illness

Which of the following employer tasks does a Professional Employer Organization normally handle?

Administration tasks

All of the following entries are classified under the four principal areas of Florida insurance law EXCEPT

An agent's commission

Which of the following situations does NOT apply to the Florida Replacement Rule?

An existing policyholder purchases an additional policy from the same insurer

When is a Group Health policy required to provide coverage for a newborn child?

At the moment of birth

According to Florida law, when must an agent deliver the Outline of Coverage to a Medicare Supplement applicant?

At the time of application

Which of the following acts is an agent NOT authorized to do on behalf of an insurer?

Authorize claim payments

All of the following are Nonforfeiture Options EXCEPT

Automatic

The Bureau of Unclaimed Property is overseen by the

Chief Financial Officer

Which two entities regulate variable annuities?

Department of Financial Services; and Securities Exchange Commission

Which of the following is NOT a consequence for placing business with an unauthorized insurer?

First degree misdemeanor

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

All of these are a prerequisite for becoming a licensed agent EXCEPT

Graduate from high school

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

A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits?

Insurance

Which of the following situations are NOT subject to Florida life insurance laws?

Insurance companies' day-to-day operations

According to Florida law, which of the following statements accurately describes an admitted mail order insurance company?

It may solicit insurance business by mail without the assistance of a licensed agent

If an agent would like to sell Variable annuities, which state examination must the agent pass?

Life and Variable contracts

According to Florida law, which of the following information does NOT need to be obtained by an agent recommending an annuity purchase?

Marital status

Under an Individual Disability policy in Florida, what is the minimum schedule of time in which claims must be made to an insured?

Monthly

Which of the following professional organizations has its code of ethics incorporated into Florida law?

National Association of Insurance and Financial Advisors (NAIFA)

In Florida, which of the following practitioners normally do NOT receive payment from health insurance policies?

Naturopaths

Which of the following is NOT an unfair claim settlement practice?

Needing written documentation of claim details

According to Florida law, a Group Life insurance policy requires a minimum of how many insureds?

No minimum

Which entity approves the insurance policy forms used in Florida?

Office of Insurance Regulation (OIR)

How can an agent-in-charge have more than one location?

Only if the agent-in-charge is present when insurance activity occurs

K is an agent who made an improper sale of an annuity to a client. Which of the following corrective actions would the Department of Financial Services likely order K to take?

Pay monetary restitution to the client

Which of the following types of insureds are life insurance companies allowed to make policy rate discriminations against?

People that smoke

Which of the following is NOT required in the Outline of Coverage for a health insurance policy?

Projection of the policy's future costs

What is the purpose of the Life and Health Insurance Guaranty Association?

Protects policyowners against insolvent insurance companies

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

An agent selling Medicare Supplement policies must provide every applicant with a(n)

Suitability form

Who does an agent represent during the solicitation of insurance?

The insurance company

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

Which of the following is considered an accurate statement of an unfair trade practice?

Twisting involves an agent using misrepresentation to convince a policyowner to cancel their current policy so that they can purchase a new life insurance policy with another company

What type of insurance company is domiciled in England, but conducts business in Florida?

alien

An example of an unfair trade practice is

an agent making a material misrepresentation to the insured

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

The coordination of benefits (COB) provision exists in order to

avoid duplication of benefit payments

A variable life insurance agent must be licensed and appointed as a life and variable contract agent, as well as a(n)

broker dealer

One definition of replacement is "the act of replacing an existing insurance policy with another". Replacement is

closely regulated and requires full disclosure

An applicant who pays the initial premium at the time of application is typically given a(n)

conditional receipt

Florida's 14-day free-look period for life insurance policies begins at the

date of delivery

The Florida Employee Health Care Access Act was established to make

group health insurance available to employers with up to 50 employees

A foreign insurance company doing business in Florida

is a company that was formed under the laws of another state

Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent

only if the child is incapable of employment and chiefly dependent on the policyowner

According to Florida law, group life insurance conversion privileges must NOT

require evidence of insurability

When replacing or exchanging an annuity, the agent must disclose to the annuitant

the possible tax ramifications as a result of the transaction

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

In Florida, an insurer domiciled and incorporated in this state is called a(n)

domestic company

An example of an unfair claims practice would be

failing to effectuate prompt, fair, and equitable settlements of a claim

The act of an insurance company publishing misleading information about its policy's provisions is called

false advertising

T is an agent and when hired, is reminded that he has a responsibility to handle clients' funds in an honest and ethical manner. This responsibility is referred to as

fiduciary responsibility

The Financial Services Commission may hold hearings

for any reason deemed necessary

In Florida, an element of an insurance transaction would be

issuing an insurance contract

Convincing a prospective insured to buy an insurance policy based on exaggerations is called

misrepresentation

During the course of an insurance transaction, if an agent makes a false or incomplete statement, he/she could be found guilty of

misrepresentation

In Florida, agents are allowed to engage in rebating if

offered to all insureds in the same actuarial class

A life insurance policyowner may sell their policy to a(n) _____ in order to receive a percentage of the policy's face value.

viatical settlement provider

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 days

What are adjustable rates for life policy loans in Florida based on?

Moody's corporate bond index