FL Life and Health Insurance 2-15 Study Exam (165 questions) with Correct Answers 100% Verified

FL Life and Health Insurance 2-15 Study Exam (165 questions) with Correct Answers 100% Verified N is covered by a Term Life policy and does not make the required premium payment which was due August 1. N dies September 15. What action will the insurer take? - Correct Answer Claim will be denied. A contract where one party either accepts or rejects the terms of a contract written by another party is called a contract of - Correct Answer adhesion All of the following statements about Major Medical benefits are true, EXCEPT: - Correct Answer Benefits have no maximum limit W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim? - Correct Answer The proceeds would be reduced based on whatever the premium would have been if purchased at age 59. All of these are considered sources of underwriting information about an applicant, EXCEPT: - Correct Answer Inspection Report According to the Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid? - Correct Answer 31 days Which provision allows the policy owner to change a term life policy to a permanent one without providing proof of good health? - Correct Answer Conversion What do families pay that are covered by the Florida Healthy Kids Corporation? - Correct Answer A portion of the premium Which statement regarding third-party ownership of a life insurance policy is true? - Correct Answer It is used extensively in estate planning as well as business circumstances. Which of the following employees may NOT be excluded from a group life plan? - Correct Answer Full-time employees after the probationary period. Which of the following statements BEST describes what the Legal Actions provision of an Accident and Health policy requires? - Correct Answer An insured must wait at least 60 days after Proof of Loss has been submitted before a lawsuit can be filed. What percentage of eligible persons must a policy cover in a noncontributory group? - Correct Answer 100%