FFL

What is Florida's definition of life insurance replacement

A transaction in which a new policy is bought and an old policy is terminated

Which of the following employer tasks does a professional employer organization normally handle?

Administration tasks

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

All the following are nonforfeiture options except

Automatic Premium Loan Option

The Bureau of Unclaimed Property is overseen by the

Chief Financial Officer

The policy summary contains specific information on all of the following, EXCEPT:

Commission

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

Date of delivery

Which of the following employees may not be excluded from a group life plan

Full-time employees after the probationary period

The insurance guaranty fund association is

Funded and admitted insurance companies through assessments

Insurers/agents must, in Florida, offer and issue all small employer health plans on _____ basis:

Guaranteed-issue

With a medical discount plan, how often would a person generally pay a fee to get discounts on specific services?

Monthly

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

Moody's corporate bond index

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

Needing written documentation of claim details

Under which circumstance may a licensed agent In Florida represent an unauthorized entity?

Never

Which action could result in a hearing being ordered by the Department of financial services?

Performing insurance transactions without a license

Which of the following is not required in the outline of coverage for a health insurance policy

Projection of the policy's future costs

The fundamental reason for regulation of insurance is to

Protect consumers

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

What is required in the Florida employee health care access act

Small group benefit plans are to be issued on a "guarantee-issue" basis

A mutual insurance company and a stock insurance company have one main difference between them. What is this major contrast?

Stock company is owned by its shareholders. Mutual company is owned by its policyholders.

According to Florida's life insurance replacement laws, a policyowner must be provided with a written comparison and summary statement when it's requested by

The policyowner

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

W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim?

The proceeds would be reduced based on whatever the premium would have been if purchased at age 59

In order for domestic foreign or alien insurance company to conduct business it must be authorized by whom

The state where they are conducting business

J is an agent who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of?

Twisting

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

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

Viatical settlement provider

As a condition for a loan, a bank requires the borrower to purchase credit insurance from a specific company. What is the bank guilty of?

coercion

Who does an agent represent during the solicitation of insurance?

insurance company

an example of unfair discrimination would be

offering different terms of coverage for different policyowners having the same risk classification Providing different terms of coverage for different policyowners in the same risk classification would be an example of unfair discrimination.

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 agent who makes misleading statements that lead to the termination of an existing insurance policy so that a new policy with another insurer can be taken out has committed

twisting

What is the required minimum percentage of employee participation for a non-contributory group health insurance plan according to Florida law?

100%

What percentage of eligible persons must a policy cover in a noncontributory group?

100%

Florida requires the coverage for newborns begin "from the moment off birth" and continues for

18 months

Eligibility for coverage under the Florida healthy kids corporation requires a family to be within ____ of the federal poverty level

200%

In what year was the Florida office of financial regulation (OFR) created?

2003

A life insurance policy's grace period entitles the insured in a period of no less than ____ days to make the premium payment

30

The free-look period for all Qualified long-term care policies sold in Florida is ____ days.

30 days

A ____day notice to the policyholder Is required for any health ensure that wishes to cancel the health insurance policy

45 day

Florida requires that insurance agent must complete ____ hours of continuing education on the subject of law and ethics every two years.

5 Hours

An application for Medicare Supplement coverage may NOT be denied by the insurer if the application was submitted within ____ month(s) after the applicant reaches the age of 65.

6 months

The waiting period for a pre-existing condition under a Medicare supplement policy may not go beyond

6 months

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

Insurance

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

domestic company

J owns a business and has a Group Life policy covering her employees. J decides to cancel the policy by letting it lapse on the renewal date. What action must be taken?

All of the employees must be notified of the cancellation either by the insurance company or through J

K is insured under a Group Life Insurance policy. K is considered to be a(n)

Annuitant

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

10%