Florida Insurance Adjuster Exam Questions and Answers, Latest Updated 2024/2025 (100% SOLVED)

The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the: Insuring clause 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? Conditional A life insurance arrangement which circumvents insurable interest statutes is called: 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? Entire Contract Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund? 30 Which of the following is NOT an unfair claim settlement practice? Needing written documentation of claim details Who is NOT required to sign a life insurance application? Beneficiary To be eligible for Social Security disability benefits, an employee must be unable to perform: any occupation The type of annuity that can be purchased with one monetary deposit is called a(n): Immediate annuity A life insurance application must be signed by all of these, EXCEPT: beneficiary Which of the following is considered an accurate statement of an unfair trade practice? 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): 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? Carryover provision Insurance policies are considered aleatory contracts because 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? 30 Which organization was established to provide funds to protect an insured in the event of an insurer's insolvency? Florida Life and Health Insurance Guaranty Association Florida Insurance Exam Questions and Answers Latest Updated 2024/2025 (100% SOLVED) The clause in an Accident and Health policy which defines the benefit amounts the insurer will pay is called the: 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): 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? Monthly What would the Medical Information Bureau (MIB) identify? 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? If the primary beneficiary dies before the insured Under a Renewable Term policy, the renewal premium is calculated on the basis of the insured's attained age Which of the following statements is true about most Blue Cross/Blue Shield organizations? They are nonprofit organizations If a policyowner does not pay the premium by the due date, the policyowner can make the premium payment during the grace period According to Florida law, which of the following information does NOT need to be obtained by an agent recommending an annuity purchase? Marital status Which of these characteristics is consistent with a Straight Life policy? Premiums are payable for as long as there is insurance coverage in force P completes an application for a $10,000 life policy, but does not give the producer the initial premium. P's coverage becomes effective when: P receives the policy and pays the premium On August 6, D submitted an application for a $50,000 Life Insurance policy and did not pay the initial premium. On August 18, D went to his doctor complaining of chest pains and some tests were given by the doctor. The life policy was delivered by the producer on August 20 and D explains what had recently taken place with the doctor. What action should the producer then take? Collect initial premium along with a signed health statement A life insurance policyowner may sell their policy to a(n) _____ in order to receive a percentage of the policy's face value. viatical settlement provider According to Florida law, when must an agent deliver the Outline of Coverage to a Medicare Supplement applicant? At the time of application Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE? It is taxed as ordinary income The automatic premium loan provision is designed to: avoid a policy lapse A term life insurance policy matures: upon the insured's death during the term of the policy What kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies? Family Maintenance Policy The guarantee of insurability option provides a long-term care policyowner the ability to: buy additional coverage at a later date When determining the monthly benefit amount for a Disability Income policy, the factor that limits the amount a prospective insured may purchase is: income Periodic health claim payments MUST be made at least: monthly Which type of plan allows an employer to give money to an employee for buying a life insurance policy and also permits the employee to select the beneficiary? Split-dollar plan T is an agent and when hired, is reminded that he has a responsibility to handle clients' funds in an honest and ethical manner. This responsibility is referred to as fiduciary responsibility 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? Coercion An example of unfair discrimination would be offering different terms of coverage for different policyowners having the same risk classification Which of the following is a characteristic of a variable annuity? Underlying equity investments A person insured under a health policy is required to give the insurance company a Notice of Claim within how many days after a covered loss? Twenty How many days does an insurance company have to reject a reinstatement application before it is automatically reinstated? 45 The Life and Health Insurance Guaranty Association is funded by admitted insurance companies through assessments On January 8, an applicant filled out an application for a life insurance policy but did not include the initial premium. The insurance company approved the application on January 14 and issued the policy January 15. The producer delivered the policy on January 26 and collected the first premium. When did the coverage become effective? January 26 Which of the following types of insureds are life insurance companies allowed to make policy rate discriminations against? People that smoke P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to: P only An insured pays premiums on an annual basis for an individual health insurance policy. What is the MINIMUM number of days for the Grace Period provision? 31 Which of the following services is NOT covered under a hospitalization expense policy? surgeon's fees P died five years after purchasing a life policy. While investigating the claim, the insurer discovered material misrepresentations made by P during the application process. Which of these actions will the insurer take? Beneficiary will be paid the Death Benefit Employers with less than __ employees are affected by Florida's Health Insurance Coverage Continuation Act (Mini COBRA). 20 What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability? Conversion Which of the following policy provisions prohibits an insurance company from incorporating external documents into an insurance policy? Entire Contract The incontestable clause allows an insurer to: contest a claim during the contestable period Which of the following employees may NOT be excluded from a group life plan? Full-time employees after the probationary period An agent selling Medicare Supplement policies must provide every applicant with a(n) Suitability form When replacing or exchanging an annuity, the agent must disclose to the annuitant the possible tax ramifications as a result of the transaction The insuring clause States the scope and limits of the coverage A stock insurance company is owned exclusively by its shareholders Which Accident and Health policy provision addresses preexisting conditions? Time Limit on Certain Defenses The Accidental Death and Dismemberment (AD&D) provision in a life insurance policy would pay additional benefits if the insured: is blinded in an accident At what time must a policyowner have insurable interest on the insured in order for the life policy to be valid? At the time of application A license may be denied, suspended, or revoked if the licensee is found guilty of misrepresentation What is the Suicide provision designed to do? safeguard the insurer from an applicant who is contemplating suicide Rick recently died and left behind an individual IRA account in his name. His widow was forwarded the balance of the IRA. The widow qualifies for the: marital deduction Which of these statements about a Guaranteed Insurability Option rider is NOT TRUE? Evidence of insurability is required when the option is exercised B has a $100,000 Accidental Death and Dismemberment policy that pays triple indemnity for common carrier death. If B is killed from an accident on a commercial flight, what will the policy pay B's beneficiary?