questions i got wrong for license
On individual health insurance policies, an insurer must furnish the claimant with claims forms within how many days?
15 days
A paid-up nonforfeiture benefit will become effective as specified in the policy, unless the person entitled elects another available option within how many days after the due date of the premium in default?
60
The terminated employee must exercise extension of benefits under COBRA within
60 days
Which types of care could be provided at a community center?
Adult day care
An applicant gives her agent a completed application and the initial premium. What can the agent issue her that acknowledges the initial premium payment?
Conditional receipt
An employee has just started working for a small group corporation and works 25 hours per week. the employee is
Eligible to receive full health coverage
TO purchase insurance, the policyowner must face the possiblity of losing money or something of value in the event of loss. What is this concept called?
Insurable interest
All of the following must sign an application for health insurance EXCEPT the?
Insurer
Which of the following terms relates to disability income insurance?
Residual amount benefits
What is the purpose of a disclosure statement in life insurance policies?
To explain features and benefits of a proposed policy to the consumer
Which of the following types of insurance is investment based, has a level fixed premium, and a nonguaranteed cash value?
Variable whole life
Which of the following is not a Mandatory Uniform Provision of an Accident and Health policy?
Waiver of premium
Blanket policies
insureds are NOT named
guaranteeing future dividends is considered
misrepresentations
A limited health insurance policy that will pay a lump sum to an insured diagnosed with a heart attack, stroke, or renal failure is known as
Critical illness insurance
Under the mandatory uniform provision proof of loss, the claimant must submit proof of loss within what time period after
10 days
Within how many days after receiving a written communication of replacement must an existing insurer provide a policy owner with a policy summary?
10 days
Which of the following statements about occupational vs. nonoccupational coverage is true?
Disability insurance can be written as occupational or nonoccupational
Policies written on a third-party ownership basis are usually written to cover:
Policyowner's minor children or business associates
Which of the following would make a child over the age of 5 INELIGIBLE for Florida healthy kids coverage?
Qualifying for medicaid (To be eligible for Florida Healthy Kids children over the age of 5 must not qualify for Medicaid, reach the age of 19, or have a family income that exceeds 200% of the federal poverty level. Medikids is a Florida Healthy Kids program)
All of the following are consideration in an insurance policy EXCEPT? A) The cash value in the policy B) The statements on the application C) The premium paid at the time of application D) The promise to pay covered losses
The cash value in the policy (consideration is the value offered by the insured to the insurer, and vice versa. The insured makes accurate statements in the application and remits the premium payments. Inexchange the insurer provides benefits as stipulated in the contract)
Which of the following dates must be contained in a policy summary?
The date the summary was prepared
What is the purpose of a benefit schedule?
To state what and how much is covered in the plan.
An agent who knowingly misrepresents material information for the purpose of inducing a client to lapse, forfeit, change or surrender a life insurance policy or annuity has committed an illegal practice known as:
Twisting
What kind of policy allows withdrawals or partial surrenders?
Universal life
An example of sliding would be
charging for an additional product without the applicant's consent
the guaranteed purchase option is also referred to as what?
future increase option
Which of the following types of policies would NOT be subject to Florida regulations on Life insurance solicitation?
Annuities (The regulation on life insurance solicitation applies to any issuer of life insurance including fraternal benefit societies. it does NOT apply to the sale of annuities)
Which of the following statements is true regarding advertising that the insurance Guaranty association would ensure payment of benefits in the event of insurer insolvency?
It is illegal to mention the association in advertisements
Methods by which insurers may minimize or avoid catastrophic losses include which of the following 1. The use of reinsurance 2. Concentrating coverage written in one geographic region a. 1 only b. 2 only c. both 1 and 2 d. neither 1 or 2
The use of reinsurance
In which of the following scenarios would a producer be allowed to obtain insurance through an unauthorized insurer? a) if there are no authorized insurers for a specific type of coverage in this state b) if the insurer needs to investigate insurance claims c) under no circumstances d) if the producer had no knowledge that the company is unauthorized if there are no authorized insurers for a specific type of coverage in this state
if there are no authorized insurers for a specific type of coverage in this state
WHich of the following statements is NOT true regarding health insurance policy provisions? provisions that are allowed A) All individual policies contain universal Mandatory provisions B) Insurers may only offer optional provisions that are allowed by the state where the policy was delivered C) Insurers may add provisions that are not in conflict with uniform standards D) All additional provisions written by insurers are cataloged by their respective states
All additional provisions written by insurers are cataloged by their respective states ( All health insurance policies are required to contain Uniform Mandatory provisions, which are specific provisions that are required to be in every health insurance contract.An insurer may add provisions that are not in conflict with the uniform provisions, provided that the provision is approved by the state in which the policy is delivered. These additional provisions are NOT CATALOGED)
A major medical expense policy would exclude coverage for all of the following treatments except? A) Dental care B) cosmetic surgery C) Drug addiction D) Eye refractions
Drug addiction ( Treatment for drug and alcohol addiction is provided on a limited basis)
Which of the following is an agreement between an insured and an insurer, where the insurer agrees to indemnify the insured for specific losses in exchange for a premium?
The insurance contract
When an HMO knowingly makes any misleading representations, incomplete or fraudulent comparisons for the purpose of inducing any person to lapse, forfeit, terminate, surrender or convert any insurance policy or contract with another insurance company or HMO, they are in violation of the unfair trade practice of?
Twisting
What is the purpose of the impairment rider in a health insurance policy
An attachment to an insurance policy that excludes or limits coverage for a specific health impairment.
Which of the following would NOT trigger the payment of Accelerated Death Benefits?
Being permanently disabled
Which of the following is NOT mandatory under the Uniform Provisions Law as applied to accidental and health policies?
Change of occupation (an optional provision)
The florida health insurance coverage continuation act requires insurers that sell health plans to small employers to offer in those plans the right to elect to continue coverage, without providing evidence of insurability, to employees who lose their coverage and are unable to replace it. The premium rate for this coverage may NOT exceed?
115% of the regular group rate
Under the mandatory uniform provision Proof of loss, the claimant must submit proof within what time period after the loss?
90 days
An agent delivers a policy to an applicant, who pays the initial premium but refuses to submit a Statement of Good Health. Which of the following best describes what the applicant has violated?
Consideration
All of the following are features of catastrphic plans EXCEPT? A) Out-of-pocket costs B) High deductibles C) Essential benefits D) High premiums
High premiums ( Catastrophic plans usually have lower monthly premiums and higher deductibles)
medicare Part A services do NOT include which of the following?
Private duty nursing ( Private duty nursing is not covered under Medicare Part A)
An insured needs ongoing treatment for a diabetic condition. under PPACA, which of the following is correct?
The condition must be covered under the insured's plan (Under PPACA chronic conditions, like diabetes, must be covered as an essential service under the plan. Lifetime or annual treatment dollar limits are not allowed.)
Which statement best describes "agreement" as it relates to contracts? A)Each party must offer something of value. B) The intent of the contract must be legally acceptable to both parties. C) One party accepts the exact terms of the other party's offer. D) All parties must be capable of entering into a contract. One party accepts the exact terms of the other party's offer.
One party accepts the exact terms of the other party's offer. (Feedback Agreement includes both an offer and its acceptance.)
In a common disaster clause, who is stated to die first?
beneficiary
Under special circumstances, continuing education requirements may be extended beyond the 2-year period for a maximum period of
12 months
Florida law requires that both individual and group health insurance policies provide coverage for a newborn child of a covered family member, othe than the insured, for a period of?
18 months
According to Life Insurance replacement regulations, which of the following would be an example of policy replacement? A - A lapsed policy is reinstated within a specific timeframe B - A policy is reissued with a reduction in cash value C - A term policy expires, and the insured buys another term life policy D - Term insurance is changed to a Whole Life policy
A policy is reissued with a reduction in cash value
All of the following are true of a Multiple Employer Trust (MET) EXCEPT? A) MET's allow small business employers an opportunity to band together and purchase insurance at a lower group rate B) The trusts are formed by insurers,agents, brokers, or third party administrators, who are called sponsors C) The sponsor develops the plan, sets the underwriting rules, and administers it D) The employee has the right of conversion upon leaving the group coverage
The employee has the right of conversion upon leaving the group coverage ( Employees that are covered under a MET have NO conversion rights when they leave the trust)
What happens to the face amount of a whole life policy if the insured reaches age 100?
The face amount is paid to the insured (Whole life insurance provides protection for the entire lifetime of the insured. if the insured lives to the age of 100, the company pays the face amount of the policy to the policyowner[usually the insured])
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 is the primary source of information that an insurer uses to evaluate an insured's risk for life insurance?
Insurance application
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 this policy owner select?
Joint and survivor
HMOs are known as what type of plans? a) Service b) Health savings c) Consumer driven d) Reimbursement
Service
Because of an injury, an insured has been unable to work for 7 months. He wasn't able to pay his life insurance policy premium, yet the policy remained in force. The policy includes
Waiver of premium rider
