Florida Statutes, Rules, and Regulations Pertinent to Health Insurance

In order for a debtor group to qualify for group life insurance, what should be the minimum number of participants joining the plan every year?

100

All agents licensed in this state must complete how many hours of continuing education specific to law and ethics?

4

When a group policy terminates, every individual insured under the policy will be entitled to have an individual policy if the insured has been insured by the group policy for at least how many years prior to policy termination?

5 years

Which of the following would be required to be licensed as an insurance producer?

A salaried employee who advertises and solicits insurance

If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered

An unfair trade practice

How are state Insurance Guaranty Associations funded?

By their members - authorized insurers

Which of the following authorities grants and revokes licenses?

Department of Financial Services

A customer with an existing life insurance contract is considering exchanging it for a newer contract. What Florida insurance regulation should the customer's insurance agent consult?

Florida Replacement Rule

Which of the following entities must approve all Medicare supplement advertisements?

Insurance Commissioner or Director

Which of the following does NOT describe hospice care?

It provides care to people with life expectancies of 1 to 2 years

During replacement of life insurance, a replacing insurer must do which of the following?

Obtain a list of all life insurance policies that will be replaced

All of the following would be considered an insurance transaction EXCEPT

Obtaining an insurance license

When does Medicare cover nursing home care?

Only if it is part of treatment for a covered illness or injury

Which document helps ensure that full and fair disclosure is provided to the recipient of a policy?

Outline of Coverage

Which of the following is NOT among the goals of a Medicare supplement application

Presuming the applicant is eligible for Medicaid, based on the nature of the policy

If an employer decides to change its life insurance policy to a similar one with a different insurer, which of the following describes the extent that the replacement regulations will be exercised?

Replacement regulations will not apply in this situation.

Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance?

Replacement rule

Which of the following insurance products will be subject to the regulation on life insurance solicitation?

Term life policy.

What are the 2 offices of the Financial Services Commission?

The Office of Financial Regulation and the Office of Insurance Regulation

If an agent is in the military, which of the following is true?

The agent cannot sell a policy to another active military person who is of a lower rank

Which of the following does NOT have to be disclosed in a long-term care policy?

The aggregate amount of premiums due

Which of the following dates must be contained in a policy summary?

The date the summary was prepared

Long-term care policies require that in addiction to the applicant at least one person must be designated in the policy. What is the role of that designated person?

To receive notice of policy lapse or termination

Which of the following is true regarding branch agency licensing?

agent in charge must be licensed

How often must domestic insurance companies be examined by the Chief Financial Officer in Florida?

at least every 5 years

If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer?

authorized

All of the following information about a customer must be used in determining annuity suitability EXCEPT

beneficiary's age

A person insured under a group life insurance policy can make an assignment of all or any part of the incidents of ownership conferred on the insured by the policy or by law, to any of the following EXCEPT

policyholder

Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of

twisting

An employee will be taxed on the cost of group life insurance paid by the employer if the amount of coverage exceeds

$50,000

In this state, long-term care benefits may be triggered by inability to perform how many activities of daily living?

3

The Inflation protection feature in long-term care policies issued in this state must provide protection for inflation at what percent annually?

5%