SIMULATOR FLORIDA-HEALTH & LIFE AND ANNUITY
COMPLETE STUDY GUIDE 400+ ACTUAL TEST QUESTIONS
WITH DETAILED VERIFIED ANSWERS
Which of the following statements about guaranteed renewable health insurance policy is
correct? -ANSWER-Premiums normally increase at the time of renewal.
The issuer must provide a perspective buyer with an? -ANSWER-Buyers guide and policy
summary
T would like to be assured $10,000 is available in 10 years to replace a roof on his house.
What kind of $10,000 policy should T purchase? -ANSWER-Ten-year Endowment
According to the time payment of claims provision, the insurer must pay disability income
benefits no less frequently then which of the following options? -ANSWER-Monthly
Which of the following is the most important factor when deciding how much disability
income coverage an applicant should purchase? -ANSWER-Applicants monthly income
Which two entitles regulate variable annuities? -ANSWER-Department of Financial Services;
Securities Exchange Commission.
The amount of coverage on a group life policy is limited to? -ANSWER-The insured's total
loan value
The provision that can be used to put on insurance policy back in force after it has lapsed
due to nonpayment is called? -ANSWER-Reinstatement
Which product would best serve a retired individual looking to invest a lump-sum of money
through an insurance company? -ANSWER-Annuity
,According to Florida law, a group life insurance policy requires a minimum how many
insureds? -ANSWER-No minimum
Multiple employer welfare arrangement (MEWA) provides what type of benefits? -ANSWER-
Insurance
In a qualified retirement plan, the yearly contributions to an employee's account? -ANSWER-
Are restricted to maximum level set by the IRS
All of the following entries are classified under the four principal areas of Florida insurance
law except? -ANSWER-An agent's commission
According to Florida's life insurance replacement law, about policyowner must be provided
with the written comparison and summary statement when it's required by? -ANSWER-The
policyowner
On delivery of policy, a signed statement of good health is typically request if? -ANSWER-The
application was submitted without the initial premium.
K is the insured and P is the sole beneficiary on an accidental death and dismemberment
insurance policy. Both are involved in a fatal accident where K dies before P. Under the
common disaster provision, which of these statements is true? -ANSWER-Proceeds will be
paid to P's estate
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.? -ANSWER-Full face
amount minus any past due premiums
A business overhead expens policy would cover which of the following if a business owner
becomes disabled? -ANSWER-Utilities and office rent
, Employers with less then —— employees are affected by Florida health insurance coverage
continuation act (Mini COBRA)? -ANSWER-20
S is employer by large corporation that provides group health coverage for its employees
and their dependents. If S dies, The company must allow his surviving spouse and
dependents to continue their group health coverage for a maximum of how many months
on the cobra regulations? -ANSWER-36 months (under COBRA)
J is an agent who recently told a claimant that his rights might be impaired if he does not
complete a release form within a specified time. What could this agent be found guilty of? -
ANSWER-Coercion
An employer that offers a qualified retirement plan to its employees is eligible to? -ANSWER-
Make tax-deductible contribution to the plan
Which of the following employees may not be excluded from the group life plan? -ANSWER-
Full-time employees after the probation period.
When is the face amount of a whole life policy paid? -ANSWER-When the insured dies or at
the policies maturity date whichever happens first.
Major medical policies typically? -ANSWER-Contain deductible and coinsurance
Which of the following provisions is not required in HMO contracts certificates? -ANSWER-
Seven-day grace period
The health insurance program which is administrated by each state and founded by both the
federal and state government is called? -ANSWER-Madicaid
On insured pays premium on an annual basis for an individual health insurance policy. What
is the minimum number of days for the grace period Provision? -ANSWER-31
COMPLETE STUDY GUIDE 400+ ACTUAL TEST QUESTIONS
WITH DETAILED VERIFIED ANSWERS
Which of the following statements about guaranteed renewable health insurance policy is
correct? -ANSWER-Premiums normally increase at the time of renewal.
The issuer must provide a perspective buyer with an? -ANSWER-Buyers guide and policy
summary
T would like to be assured $10,000 is available in 10 years to replace a roof on his house.
What kind of $10,000 policy should T purchase? -ANSWER-Ten-year Endowment
According to the time payment of claims provision, the insurer must pay disability income
benefits no less frequently then which of the following options? -ANSWER-Monthly
Which of the following is the most important factor when deciding how much disability
income coverage an applicant should purchase? -ANSWER-Applicants monthly income
Which two entitles regulate variable annuities? -ANSWER-Department of Financial Services;
Securities Exchange Commission.
The amount of coverage on a group life policy is limited to? -ANSWER-The insured's total
loan value
The provision that can be used to put on insurance policy back in force after it has lapsed
due to nonpayment is called? -ANSWER-Reinstatement
Which product would best serve a retired individual looking to invest a lump-sum of money
through an insurance company? -ANSWER-Annuity
,According to Florida law, a group life insurance policy requires a minimum how many
insureds? -ANSWER-No minimum
Multiple employer welfare arrangement (MEWA) provides what type of benefits? -ANSWER-
Insurance
In a qualified retirement plan, the yearly contributions to an employee's account? -ANSWER-
Are restricted to maximum level set by the IRS
All of the following entries are classified under the four principal areas of Florida insurance
law except? -ANSWER-An agent's commission
According to Florida's life insurance replacement law, about policyowner must be provided
with the written comparison and summary statement when it's required by? -ANSWER-The
policyowner
On delivery of policy, a signed statement of good health is typically request if? -ANSWER-The
application was submitted without the initial premium.
K is the insured and P is the sole beneficiary on an accidental death and dismemberment
insurance policy. Both are involved in a fatal accident where K dies before P. Under the
common disaster provision, which of these statements is true? -ANSWER-Proceeds will be
paid to P's estate
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.? -ANSWER-Full face
amount minus any past due premiums
A business overhead expens policy would cover which of the following if a business owner
becomes disabled? -ANSWER-Utilities and office rent
, Employers with less then —— employees are affected by Florida health insurance coverage
continuation act (Mini COBRA)? -ANSWER-20
S is employer by large corporation that provides group health coverage for its employees
and their dependents. If S dies, The company must allow his surviving spouse and
dependents to continue their group health coverage for a maximum of how many months
on the cobra regulations? -ANSWER-36 months (under COBRA)
J is an agent who recently told a claimant that his rights might be impaired if he does not
complete a release form within a specified time. What could this agent be found guilty of? -
ANSWER-Coercion
An employer that offers a qualified retirement plan to its employees is eligible to? -ANSWER-
Make tax-deductible contribution to the plan
Which of the following employees may not be excluded from the group life plan? -ANSWER-
Full-time employees after the probation period.
When is the face amount of a whole life policy paid? -ANSWER-When the insured dies or at
the policies maturity date whichever happens first.
Major medical policies typically? -ANSWER-Contain deductible and coinsurance
Which of the following provisions is not required in HMO contracts certificates? -ANSWER-
Seven-day grace period
The health insurance program which is administrated by each state and founded by both the
federal and state government is called? -ANSWER-Madicaid
On insured pays premium on an annual basis for an individual health insurance policy. What
is the minimum number of days for the grace period Provision? -ANSWER-31
