FLORIDA 3 20 PUBLIC ADJUSTERS
STATE STUDY GUIDE SET 1 2026 140
QUESTIONS AND CORRECT
ANSWERS
◉ K applies for a life insurance policy on herself and submits the initial
premium with the application. She is given a receipt by the agent stating
that coverage begins immediately if the application is approved. What
kind of receipt was used? Answer: Conditional
◉ A life insurance arrangement which circumvents insurable interest
statutes is called: Answer: Investor-Originated Life Insurance
◉ Which of the following health policy provisions states that the
producer does NOT have the authority to change the policy or waive any
of its provisions? Answer: Entire Contract
◉ Within how many days after policy delivery can a Medicare
Supplement policy be returned for a 100% premium refund? Answer: 30
◉ Which of the following is NOT an unfair claim settlement practice?
Answer: Needing written documentation of claim details
◉ Who is NOT required to sign a life insurance application? Answer:
Beneficiary
,◉ To be eligible for Social Security disability benefits, an employee
must be unable to perform: Answer: any occupation
◉ The type of annuity that can be purchased with one monetary deposit
is called a(n): Answer: Immediate annuity
◉ A life insurance application must be signed by all of these, EXCEPT:
Answer: beneficiary
◉ Which of the following is considered an accurate statement of an
unfair trade practice? Answer: 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
◉ The Accelerated Death Benefit provision in a life insurance policy is
also known as a(n): Answer: Living Benefit
◉ Which of the following policy features allows an insured to defer
current health charges to the following year's deductible instead of the
current year's deducitble? Answer: Carryover provision
◉ Insurance policies are considered aleatory contracts because Answer:
performance is conditioned upon a future occurrence
, ◉ Within how many days must a licensee notify the Department of
Financial Services of a change in address? Answer: 30
◉ Which organization was established to provide funds to protect an
insured in the event of an insurer's insolvency? Answer: Florida Life and
Health Insurance Guaranty Association
◉ The clause in an Accident and Health policy which defines the benefit
amounts the insurer will pay is called the: Answer: Insuring clause
◉ When a policyowner cash surrenders a Universal Life insurance
policy in it's early years, this may be considered a red flag for a(n):
Answer: Anti-Money Laundering violation
◉ According to the Time Payment of Claims provision, the insurer must
pay Disability Income benefits no less frequently than which of the
following options? Answer: Monthly
◉ What would the Medical Information Bureau (MIB) identify?
Answer: Testing positive for marijuana use from a previous screening
◉ How would a contingent beneficiary receive the policy proceeds in an
Accidental Death and Dismemberment (AD&D) policy? Answer: If the
primary beneficiary dies before the insured
STATE STUDY GUIDE SET 1 2026 140
QUESTIONS AND CORRECT
ANSWERS
◉ K applies for a life insurance policy on herself and submits the initial
premium with the application. She is given a receipt by the agent stating
that coverage begins immediately if the application is approved. What
kind of receipt was used? Answer: Conditional
◉ A life insurance arrangement which circumvents insurable interest
statutes is called: Answer: Investor-Originated Life Insurance
◉ Which of the following health policy provisions states that the
producer does NOT have the authority to change the policy or waive any
of its provisions? Answer: Entire Contract
◉ Within how many days after policy delivery can a Medicare
Supplement policy be returned for a 100% premium refund? Answer: 30
◉ Which of the following is NOT an unfair claim settlement practice?
Answer: Needing written documentation of claim details
◉ Who is NOT required to sign a life insurance application? Answer:
Beneficiary
,◉ To be eligible for Social Security disability benefits, an employee
must be unable to perform: Answer: any occupation
◉ The type of annuity that can be purchased with one monetary deposit
is called a(n): Answer: Immediate annuity
◉ A life insurance application must be signed by all of these, EXCEPT:
Answer: beneficiary
◉ Which of the following is considered an accurate statement of an
unfair trade practice? Answer: 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
◉ The Accelerated Death Benefit provision in a life insurance policy is
also known as a(n): Answer: Living Benefit
◉ Which of the following policy features allows an insured to defer
current health charges to the following year's deductible instead of the
current year's deducitble? Answer: Carryover provision
◉ Insurance policies are considered aleatory contracts because Answer:
performance is conditioned upon a future occurrence
, ◉ Within how many days must a licensee notify the Department of
Financial Services of a change in address? Answer: 30
◉ Which organization was established to provide funds to protect an
insured in the event of an insurer's insolvency? Answer: Florida Life and
Health Insurance Guaranty Association
◉ The clause in an Accident and Health policy which defines the benefit
amounts the insurer will pay is called the: Answer: Insuring clause
◉ When a policyowner cash surrenders a Universal Life insurance
policy in it's early years, this may be considered a red flag for a(n):
Answer: Anti-Money Laundering violation
◉ According to the Time Payment of Claims provision, the insurer must
pay Disability Income benefits no less frequently than which of the
following options? Answer: Monthly
◉ What would the Medical Information Bureau (MIB) identify?
Answer: Testing positive for marijuana use from a previous screening
◉ How would a contingent beneficiary receive the policy proceeds in an
Accidental Death and Dismemberment (AD&D) policy? Answer: If the
primary beneficiary dies before the insured
