Florida Insurance Exam Review
Questions and Answers
What is one condition to re-instate a lapsed life insurance policy? - ANSWER-The policy
has been expired no more than 3 years
What are three common classifications underwriters use for risk? - ANSWER-Standard,
substandard, and preferred
What is intended to be covered by health insurance? - ANSWER-Accidental injury,
illness, and medical costs
If the total of a taxpayer's medical expense exceeds 10% of their adjusted gross
income, what can be deducted? - ANSWER-Accident insurance premiums, health
insurance premiums, and long-term care premiums
What is the minimum grace period for group life insurance in Florida? - ANSWER-31
days
In what type of health insurance contract are the premiums guaranteed not to increase
and the insurance company may not cancel the policy? - ANSWER-Non-cancellable
A binding arrangement under which an insured their health plan be made directly to a
person or facility that they dictate (such as a doctor or hospital) - ANSWER-Assignment
of benefits
What is the minimum number of employers that must be insured contributory employer-
sponsored group health insurance plans? - ANSWER-There is no minimum
What will an HMO stress? - ANSWER-Low or no co-pay for doctor visits, screenings for
potential health conditions, and wellness as a lifestyle
Thomas submitted an application for health insurance with the full first premium and
was issued a conditional receipt. On which provision of the contract is the application
and premium payment based? - ANSWER-The consideration clause
Statements made in an insurance application are held to a principle of: - ANSWER-
Representation
, How much time does an individual have to convert to a new individual life policy after
they are terminated from employment covered by a group life policy? - ANSWER-31
days
In order to transact insurance policies in Florida, insurance agents must be: - ANSWER-
Licensed and appointed
What provisions will limit benefits in an insurance contract? - ANSWER-Exclusions
How much time does an appointing entity have to report a termination to the Florida
Department of Insurance? - ANSWER-30 days
What is described as charging insureds additional fees without their consent? -
ANSWER-Sliding
Florida created the Small Employers Access Program to specifically target employers
with up to how many employees? - ANSWER-25
What are features of variable universal life insurance? - ANSWER-Flexible premiums,
cash value based on investment in separate account, and death protection is deduced
from cash value
If a replacement is involved, what must the agent do? - ANSWER-Provide the insurer
with the signed statement from the applicant pertaining to replacement, provide the
applicant with a policy comparison statement, and list any and all of the applicant's
existing policies/annuities to be replaced
Appropriately addressing an applicant's financial objectives is known as determining: -
ANSWER-Suitability
What is the first action the Office of Insurance Regulation will take for an insurer
engaging in an unsound practice? - ANSWER-A cease and desist order
What is the minimum free look period for life insurance policies in Florida? - ANSWER-
14 days
What are the characteristics of an interest sensitive whole life policy? - ANSWER-
Flexible premiums, guaranteed minimum death benefits, and guaranteed minimum
rates of return
What is a type of Medicare health plan that provides all the Part A and Part B benefits? -
ANSWER-Medicare Advantage
What is considered unfair discrimination? - ANSWER-Discrimination based on race,
discrimination based on blindness, and discrimination based on sex
Questions and Answers
What is one condition to re-instate a lapsed life insurance policy? - ANSWER-The policy
has been expired no more than 3 years
What are three common classifications underwriters use for risk? - ANSWER-Standard,
substandard, and preferred
What is intended to be covered by health insurance? - ANSWER-Accidental injury,
illness, and medical costs
If the total of a taxpayer's medical expense exceeds 10% of their adjusted gross
income, what can be deducted? - ANSWER-Accident insurance premiums, health
insurance premiums, and long-term care premiums
What is the minimum grace period for group life insurance in Florida? - ANSWER-31
days
In what type of health insurance contract are the premiums guaranteed not to increase
and the insurance company may not cancel the policy? - ANSWER-Non-cancellable
A binding arrangement under which an insured their health plan be made directly to a
person or facility that they dictate (such as a doctor or hospital) - ANSWER-Assignment
of benefits
What is the minimum number of employers that must be insured contributory employer-
sponsored group health insurance plans? - ANSWER-There is no minimum
What will an HMO stress? - ANSWER-Low or no co-pay for doctor visits, screenings for
potential health conditions, and wellness as a lifestyle
Thomas submitted an application for health insurance with the full first premium and
was issued a conditional receipt. On which provision of the contract is the application
and premium payment based? - ANSWER-The consideration clause
Statements made in an insurance application are held to a principle of: - ANSWER-
Representation
, How much time does an individual have to convert to a new individual life policy after
they are terminated from employment covered by a group life policy? - ANSWER-31
days
In order to transact insurance policies in Florida, insurance agents must be: - ANSWER-
Licensed and appointed
What provisions will limit benefits in an insurance contract? - ANSWER-Exclusions
How much time does an appointing entity have to report a termination to the Florida
Department of Insurance? - ANSWER-30 days
What is described as charging insureds additional fees without their consent? -
ANSWER-Sliding
Florida created the Small Employers Access Program to specifically target employers
with up to how many employees? - ANSWER-25
What are features of variable universal life insurance? - ANSWER-Flexible premiums,
cash value based on investment in separate account, and death protection is deduced
from cash value
If a replacement is involved, what must the agent do? - ANSWER-Provide the insurer
with the signed statement from the applicant pertaining to replacement, provide the
applicant with a policy comparison statement, and list any and all of the applicant's
existing policies/annuities to be replaced
Appropriately addressing an applicant's financial objectives is known as determining: -
ANSWER-Suitability
What is the first action the Office of Insurance Regulation will take for an insurer
engaging in an unsound practice? - ANSWER-A cease and desist order
What is the minimum free look period for life insurance policies in Florida? - ANSWER-
14 days
What are the characteristics of an interest sensitive whole life policy? - ANSWER-
Flexible premiums, guaranteed minimum death benefits, and guaranteed minimum
rates of return
What is a type of Medicare health plan that provides all the Part A and Part B benefits? -
ANSWER-Medicare Advantage
What is considered unfair discrimination? - ANSWER-Discrimination based on race,
discrimination based on blindness, and discrimination based on sex
