Guaranteed exam

Which of the following types of policies would NOT be subject to Florida regulations on life insurance solicitation

Annuities

What happens to the face amount of a whole life policy if the insured reaches the age of 100

The face amount is paid to the insured

Which of the following entities is considered the principal

The insurer issuing a policy

A man is an attorney when he applies for a health policy. He decides to become a professional bungee jumper. He files a claim. What will happen?

The insurance will pay the claim according to the benefits available if the correct premium had been paid

The guaranteed purchase option is also referred to as the

Future increase option

An insured bought an insurance policy that requires him to pay $150 in premiums on the 15th of each month. He takes a vacation, forgets to pay premiums, and returns. Ten days later his policy is still in effect and has not lapsed. Which policy provision allowed for this.

Grace Period

Your client wants to provide a retirement income for his elderly parents in case something happens to him. He wants to make sure that both beneficiaries are guaranteed an income for life. Which settlement option should he choose?

Joint and Survivor Payments will continue until death of last beneficiary

Which statement best describes agreement as it relates to insurance contracts

One party accepts the exact terms of the other party's offer

In contrasting stock insurers with mutual insurers, which statement is true?

Stock insurers are owned by the shareholders and issue nonparticipating policies

When an insured terminated membership in the insured group, the insured can convert to

Whole life without proof of insurability

During what period is a new life insurance policyholder entitled to review a policy and return it for a full refund

Within 14 days after delivery of a policy

Key person insurance can provide protection for all of the following economic losses to a business EXCEPT A. Pay the death benefit to the estate of the insurted B. Provide deferred compensation retirement benefit if the insured key person survives to retirement C. Fund the expense of finding a replacement D. Fund the cost of training a current employee as a replacement

A. Pay the death benefit to the estate of the insured

What is the maximum age that a disabled worker may receive Social Security disability benefits

65

According to the life insurance replacement regulations, which of the following would be an example of policy replacement

A policy is reissued with a reduction in cash value

Riley reads an agreement on the first page of her policy which includes a list of losses that will be covered by her insurer. What is the name of this agreement?

Insuring clause

An insurer must notify the consumer in writing that an investigative consumer report has been requested, within how many days of the original request?

3 days

If an insurer appoints a customer representative, the appointment needs to be filed with which of the following entities A. NAIC B. Department C. None, only agents and adjuster appointments need to be reported D. A maximum fine of $500

B. Department

All of the following are features of a health insurance plan purchased on the health insurance marketplace EXCEPT A. Coverage for pre existing conditions B. Dollar limits on essential benefits C. Guaranteed renewability D. Coverage for emergency services

Dollar limits on essential benefits

Joe moved last year and forgot to notify Department of change in address. He was charged $250 fine. This year joe moves again and forgets to notify the Department. What will the penalty be

Minimum fine of $500 or suspension or revocation of his license

The reduction of premium option uses the dividend to reduce

Next years premium

HMO contracts may only be sold by a licensed an appointed health insurance agent or a full time salaried employee or officer of an HMO who devotes most of his or her services to

Activities other than soliciting HMO contracts from the public and who receives no commissions or compensation for procuring such contracts

An insured is issued a life insurance policy in Florida and wishes to return it for a refund. How many days does the insured have for such an action

14 days

Which of the following statements about HMOs in Florida is FALSE? A. HMOs cannot engage in any other type of activity, including insurance B. HMOs can be owned or sponsored by an insurance company C. HMOs can engage in selling insurance contracts D. HMOs can only offer HMO contracts approved by the Departments say

C. HMOs can engage in selling insurance contracts

Who regulates the minimum standards for coverage in health insurance?

Florida law

An annuity has accumulated the cash value of $70,000, of which $30,000 is from premium payments. The annuitant dies during the accumulation phase. The beneficiary will receive

$70,000

Policies written on a third-party ownership basis are usually written to cover which of the following? A. Insured's estate B. Policyowner's estate C. Policyowner's minor children and business associates D. Policyowners who are not insureds

C. Policyowner's minor children and business associates

All of the following statements about indexed whole life insurance are correct EXCEPT A. There is a guaranteed minimum interest rate B. The cash value depends on the performance of the equity index C. The policy face amount remains level throughout the life of the policy D. The premium is fixed

C. The policy face amount remains the level throughout the life of the policy

Which of the following best defines the Probationary period rule in group health policies? A. The number of days the insured has to determine if he will accept the policy B. The stated amount of time when benefits may be reduced under certain conditions C. The number of days that must expire after the onset of an illness before the benefits will be earned D. A specified period of time that a person joining a group must wait before becoming eligible for coverage

D. A specified period of time that a person joining a group must wait before becoming eligible for coverage

Which of the following statements is incorrect? A. Medicare and Medicaid supplements does not cover skilled nursing care B. Medicaid does not pay for nursing home care in any case C. Medicare and Medigap policies do not provide coverage for long term custodial or nursing home care D. Medicare and Medigap policies provide coverage for long-term custodial or nursing home care

D. Medicare and Medigap policies provide coverage for long-term custodial or nursing home care