Exam simulator 215 state license
P is a major medical policy owner who is hospitalized as a result of injury sustained from participating in a car jacking. How will the insurer most likely handle this claim?
Claim will be denied
The combination of whole life and____term insurance is referred to as a family income policy
Decreasing
F needs life insurance that provides coverage for only a limited amount of time with a death benefit that changes regularly according to a schedule. What kind of policy is needed?
Decreasing term policy
Additional coverage can be added to a whole life policy by adding a
Decreasing term rider
In Florida, which agency is responsible for the rehabilitation or liquidation of insurers?
Department of financial services (DFS)
A CEOs personal assistant suffered injuries at home and as a result, was unable to work for four months. Which type of policy will pay monthly benefit to the personal assistant?
Disabillty income
A variable insurance policy:
Does not guarantee a return on investment accounts
The federal income tax treatment of employer-provided group medical expense insurance can be accurately described as
Employees premiums paid by the employer is tax deductible to the employer as a business expenditure
S takes out a health insurance policy which contains a provision that states that the agent does not have the authority to change the policy or waive any of its provisions. Which health policy is this?
Entire contract
He has recently signed an application for insurance. The insurer must advise her in writing that investigative consumer report may be conducted according to the
Fair credit reporting act
Which organization was established to provide funds to protect an insured in the event of an insurers insolvency
Florida insurance guaranty fund association
an insured is past due on his life insurance premium, but is still within the grace period. what will the beneficiary receive if the insured dies during the grace period
Full face amount minus any premiums made
____Of personal life insurance premiums is usually deductible for federal income tax purposes.
0%
Within how many days must a licensee notify the Department of Financial Services of a change in address?
30
N is a 40-year-old applicant who would like to retire at age 70. He is looking to buy a life insurance policy with level premiums, permanent protection, and be paid up at retirement. Which of these should N purchase?
30 Pay life
A____day notice to the policyholder is required for any health insure that wishes to cancel a health insurance policy.
45
An insurance company must act on an accident and health insurance application for reinstatement within____days.
45
M's insurance company denied a reinstatement application for her lapsed health insurance policy. The company did not notify M of this denial. How many days from the reinstatement application date does insurance company have to notify M of the denial before the policy will be automatically placed back in force?
45
Q is severely injured in an automobile accident and becomes totally disabled. How many months must Q be disabled before being able to file for Social Security disability benefits
5
Every resident agent must have and maintain at their place of business the usual and customary records pertaining to transactions under their license for at least how long
5 years
An example of an unfair trade practice is
An agent making a material misrepresentation to the insured
Cait has a health policy that must be renewed by the insurer in the premiums can only be increased if applied to the entire class of insured's. This type of policy is considered:
Guaranteed renewable
Which of the following types of organizations are prepaid group health plans, or members pay in advance for the services of participating physicians and hospitals that have agreements?
HMO
Convincing a prospective insured to buy an insurance policy based on exaggerations is called
Misrepresentation
All students attending a large university could be covered by:
a blanket policy
What do dread disease policies cover?
a specific disease or illness
Any changes made on an insurance application requires initials of whom?
applicant
According to Florida law, when must and agent deliver the outline of coverage to a Medicare supplement applicant?
at the time of the application
Which of these is not considered to be a cost connected with an individuals death?
business expenses
The situation in which a group of physicians are salaried employees and conduct business in an HMO facility is called a
closed panel
Florida's 14 day free look period for life insurance policies begins at the
date of delivery
Additional coverage can be added to a whole life policy by adding
decreasing term rider
The free look provision begins
Upon receipt of the policy by the policy owner
A term life insurance policy matures:
Upon the insured's death during the term of the policy
An agent that sells ____ life insurance must be registered with the financial industry regulatory authority
Variable
What type of life policy contains a monthly mortality charge as well as self-directed investment choices?
Variable universal life
A return of premium life insurance policy is:
Whole life and increasing term
Which of these statements concerning individual straight life annuity is accurate
payments are made to annuitant for life
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?
twenty
Term life policies that have the ability to be converted to permanent coverage may do so during a specific time period. This conversion
varies according to the contracts
P is a new employee and will be obtaining non-contributory group major medical insurance from her employer. which of the following actions must she take during the open enrollment period?
sign an enrollment card
Which type of plan allows an employer to give money to employee for buying a life insurance policy and also permits the employee to select the beneficiary?
split dollar plan
What type of life insurance are credit policies issued as
term
Contract owner terminates and annuity before the income payment period begins. the owner will then receive
the current contract surrender value
Advertising gifts not to exceed____are allowed to be given by an agent to a prospective client
$100
B has a $100,000 accidental death and disbursement policy that pays triple indemnity for common carrier death. If B is killed from an accident on a commercial flight what will the policy pay B's beneficiary
$300,000
T took out a $50,000 life insurance policy with an accidental death and dismemberment rider. Five years later, T commits suicide. How much will the insurer pay?
$50,000
What is the maximum number of employees (earning at least $5000) that employer can have an order to start a simple retirement plan?
100
A potential client, age 40, would like to purchase a whole life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct?
20-pay life accumulate cash value faster than straight life
Which of these is an element of variable life policy?
A fixed, level premium
What kind of life insurance product covers children under their parents policy?
A term rider
Which of the following is not included in an annuity contract?
AD&D rider
The guarantee of insurability option provides a long-term care policy owner the ability to
By additional coverage at a later date
When third-party ownership is involved applicants who also happen to be the stated primary beneficiary are required to have:
Insurable interest in the proposed insured
MEWA provides what type of benefits
Insurance
Which of the following health insurance policy provisions specifies the Healthcare Services a policy will provide?
Insuring clause
Which of the following actions will an insurance company most likely not take if the applicant, who has diabetes, applies for a disability income policy?
Issue the policy with an altered time of payment of claims provision
T has annuity that guarantees income payment for the rest of his life. The contract also guarantees that if he dies before receiving payments for 20 years, remaining payments will be paid to son for the balance of the 20 years. What type of annuity is this?
Life annuity with period certain
Which of these is NOT an element of life insurance premiums
Morbidity rate
Which of the following statements is correct about accelerated death benefits?
Must have a terminal illness to qualify
S filed a written proof of loss for a disability income claim on September the insurance company did not respond to the claim. S can take legal action against the insurer beginning
November 1st
What does Medicare parts A and B cover
Part a covers hospitalization part B covers Doctor's services
Whole life insurance policies are contractually guaranteed to provide each of the following, except:
Partial withdrawal features beyond a surrender charge period.
The provision that defines to whom the insurer will pay benefits to is called:
Payment of claims
Which of these is considered a mandatory provision
Payment of claims
The annuity that represents the largest possible monthly payment to an individual annuitant is a (n)
Straight life annuity
What should an insured do if the insurer is not send claims forms within the time period set forth in health policy's claims forms provision
Submit the claim in any form
Amount of coverage on a group credit life policy is limited to:
The insured's total loan value
Which accident and health policy provision addresses pre-existing conditions
Time limit on certain defenses
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
ABC insurance company has accepted a life insurance application which contains unanswered questions. The company then makes the application part of the life contract. In this situation, the insurer has:
Waived one of its legal rights
When must insurable interest be present in order for a life insurance policy to be valid?
When the application is made
the payments on Q's annuity are no less than $250 quarterly, which type of annuity is this?
flexible installment differed
K is looking to purchase renewable term insurance, which of these types of term insurance are renewable
level
Which of these are not an example of a nonforfeiture option?
life income
And insured's ability to perform two or more activities of daily living may trigger which type of life policy rider
long term care
Which type of plant normally includes hospice benefits
managed care plans
Asset protection can be provided by long-term care partnership policy if the policyholder qualifies for
medicaid
Under which circumstance may a licensed agent in florida represent an unauthorized entity?
never
In florida, agents are allowed to engage in rebating if
offered to all insureds in the same actuarial clause
According to Florida life insurance replacement laws, a policy owner must be provided with a written comparison and summary statement when is requested by
the policyowner
Under a renewable term policy
the renewable premium is calculated on the basis of the insured's attained age
