FL insurance

Ace your homework & exams now with Quizwiz!

a married couple owns a permeant policy which covers both of their lives and pays the death benefit only upon the death of the first insured which policy is that

Join life policy

Every insurer marketing Long-Term Care insurance must establish marketing procedures to ensure all of the following EXCEPT

LTC policies are marketed effectively to prospective insureds

The provisions which prevents the insured from brining any legal actions against the company for at least 60 days after proof of loss is known as

Legal actions

An insured has life insurance policy that requires him to only pay premiums for a spefic number of years until the policy is paid up

Limited-pay life

all of the following statements concerning Medicaid are correct EXECPT

Medicaid is a state funded program that provides health care to person over age 65 only

Using class designation for beneficiaries means

Naming beneficiaries as a group

Any policy of health insurance that provides coverage for maternity care must also cover the services of all of the following EXCEPT

None of the above, ALL are True

If one takes social secutiry retirement benefits at age 62, what needs to be done at age 65 to qualify for medicare?

Nothing

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

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

The dividend option in which the policyowner uses dividends to purchase a term policy for one year is referred to as the

One-year term option

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

Outline of coverage

Medicare Part A service do NOT include which of the following

Outpatient hospital treament

Tritonal IRA contributions are tax deductible base on which of the following

Owner income

The part of medicare that helps pay for inpatient hospital care inpatient care in a skilled nursing factility home health care hospice care is known as

Part A

Which of the following will be included in policy summary

Premium amounts an surrender values

Underwriting is a major consideration when an insured wishes to replace her current policy for all of the following reasons EXCEPT

Premiums always stay the same

underwriting is a major consideration when an insured wishes to replace her current policy for all of the following reasons EXCEPT

Premiums always stay the same

Which of the following is correct concerning the taxation of premiums in a key person life insurance policy?

Premiums are not tax deductible as a business expense

When an insurer terminates an agent appointment the insurer must do all of the following EXCEPT

Provided a 30-day advance notice to the commissioner

Which of the following answers does NOT describe the principal goal of a preferred provider organzation?

Provided medical service only from physicians in the network.

Which of the following is among the regulations set forth by the Florida replacement rule

Providing a written comparison and summary statement

what method do insurers use to protect themselves against catastrophic losses?

Reinsurance

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

Replacement Rule

Which of the following types of insurers is owned by a stockholders

Stock

a producer is helping a married couple determine the finacial needs of their children in the even one or both should die prematurely. this is a personal use of life insurance known as

Survivor Protection

Which of the following is a key distinction between variable whole life an variable universal life products

Variable whole life has guaranteed death benefit

Under what conditions are group disability income benefits recived by an employeee NOT table as income?

When the benefits received are equal or less than employee percentage of the contributions

When would a 20-pay whole life policy endow?

When the insured reaches age 100

Which of the following statements regarding the taxation of modified endowment contracts is False?

Withdrawals are not taxable

The two types of assignments are

absolute and collateral

Which of the following is NOT coverd under a long term care policy?

acute care in a hospital

The Current interest rate on an equity indexed annuity is often based on

an index like Standard & Poor's 500

The Full premium was submitted with the application for life insurance and the policy was issued two weeks later as requested. when does the policy coverage become effective

as of the application date

Social security disability definition includes all of the following except

disability expected to last for at least 6 months

as it pertains to group health insurance COBRA stipulates that

group coverage must be extended for terminated employees up to a certain period of time at former employees expense

Which of the following entities has the authority to make changes to an insurance policy

insurers executive officer

Which of the following statements is not true concerning Medicaid

it consists of 3 parts Part A. Part B. Part C.

What is the benefit of choosing extexned term as nonforfeiture option?

it has the highest amount of insurance protection

in a group health policy a probationary period is intended for people who

join the group after effective date

In a group health policy a probationary Is intended for people who

join the group after the effective date

A participating insurance policy may do which of the following?

pay dividends to the policy owner

which of the following is another term for accumulation period of an annuity

pay-in period

underwriting is a major consideration when an insured wishes to replace her current policy for all of the following reason EXECPT

premiums always stay the same

Once the person meets the stringent requirements for disability benefits, how long is the waiting period under Social Security before any benefits will be paid?

5 Months

What is the status of limitation on lawsuits for health insurance policies?

5 years

An insured owns a $50,000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. What would be the face amount of the new term policy?

$50,000

An insured has a primary group health plan an excess plan each covering losses up to 10,000 the insured suffer a lost of 15,000

$5000

What percentage of company employees must take part in a noncontributory group life plan

100%

At what age are individuals become ineligible for Florida healthy kids coverage?

19

what is penalty tax for nonqualified distribution from health saving account?

20%

In order to maintain an insurance license. an agent licensed for less than 6 years will need to salsify floridas continuing education requirement of

24 every 2 years

in the even a policy lapses due to nonpayment of preimum

45 Days

Ray has an individual major medical policy that requires a coinsurance payment. Ray very rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arrangement would be best for Ray?

50/50

Most polices will pay the accidental death benefits as long as the death caused by the accident occurs within

90 Days

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

A term life policy

If the insured under a disability income insurance policy changes to a more hazardous occupation after the policy has been issued, and a claim is filed, the insurance company should do which of the following?

Adjust the benefit in accordance with increased risk

Which of the following is another term for an authorized insurer?

Admitted

The premium charged for exercising the Guaranteed Insurability Rider is based upon the insured's

Attained Age

Which of the following is not required to Stated in the outline of covers provided with a long-term care policy

Basic information about supplementary policies

All of the following apply to short term disability plan EXCEPT

Both group and individual plans are renewable

if an employee is accepted into a group insurance plan which status will the employee have?

Certificate holder

An insured pays an annual premium to his insurer in return the insurer promiese to pay benefits in accordance with terms of the contract. This is called

Consideration

The Gatekeeper of an HMO helps

Control specialist costs

Which of the following is NOT an essential element of an insurance contract?

Counteroffer

Which policy component decreases in decreasing term insurance?

Face amount

an insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy

False Advertising

The automatic premium loan provisions is activated at the end of the

Grace period

Which of the following types of LTC is NOT provided in an institutional setting?

Home health care

Which of the following types of LTC is not provided in an institutional setting?

Home health care

which of the following when attached to a permant life insurance policy, allows tge oikicyowner to customize the policy to provide an additonal amount of temporay insurance on the insured or allow amounts of temporay insurance to cover other afmily members?

Term rider

Which statement is not true regarding underwriting group health insurance?

The Group is assessed Indivdually for insurability

Which of the following is TRUE regarding variable annuities?

The annuitant assumes the risk on investments

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

The date the summary was prepared

How do employer contributions to health saving accounts affect the insured taxes?

The employer contributions are not included in the individual insures taxable income

which statement regarding qualification for social security disability benefits is NOT true?

The individual must be at least 65 years old

when a life insurance policy was issued the policyowner designated a primary and contingent beneficiary several years later both the insured and the primary beneficiary died

The insured contingent beneficiary

All of the following must be presented on a small group health insurance identification care EXCEPT

The insureds address

When an insurer appoints an agent

The insurer is bound by the agent's acts.

in a life settlement contract whom does the life settlement broker repsent?

The owner

All of the following are true about variable products EXECPT

The premiums are invested in the insurer general account

In accordance with the Code of Ethics agents must provide a completed application to

The prospective insured and the insurer

an insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries

The surviving beneficiary will continue receiving 2/3 of the benefits paid when both beneficiares were alive

How are contributions to a tax-sheltered annuity treated with regards to taxation?

They are not included as income for the employee, but are taxable upon distribution

Which of the following is true regarding Medicare supplement policies?

They must be guaranteed renewable

all of the following are requirment for life insurance illustrations Execpt

They must be part of the contract

An insured notifies the insurance company that he has become disabled. What provision states that claims must be paid immediately upon written proof of loss?

Time of payment of claims

Under what circumstances can an agent appointment be transferred to another person?

Under not circumstances

Which characteristic does NOT describe managed care?

Unlimited access to providers

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

the policy holder

which of the following is TRUE about nonforfeiture values?

they are required by state law to be included in the policy

Long-term policies require that in addition to the application at least one person must be designated in the policy?

to receive notice of policy lapse or termination


Related study sets

Exam 2: Assignments & Test Questions

View Set

Chapter 42 #2 - Upper GI Bleeding

View Set

Chapter 20 Management of Patients with Chronic Pulmonary Disease PrepU

View Set

Organizational Communication Exam 1

View Set

Urinary Elimination practice quiz

View Set

Characteristics of Living Organisms (from Holt Biology)

View Set