Florida 2-15 Insurance License Exam Latest
Update 2024-2025 Actual Exam from Credible
Source with 150 Questions and 100% Verified
Detailed Correct Answers Guaranteed
__________ is when policy values of an insurance policy are used to purchase another
policy with the same insurer for the sole purpose of earning additional premiums or
commissions. - CORRECT ANSWER: Churning
___________ refers to the monies set aside by insurers for future claims costs. -
CORRECT ANSWER: Reserve funds
____________ term insurance provides a level amount of protection for a specified
period, after which the policy expires. - CORRECT ANSWER: Level
_____________ health insurance is issued to cover a group who may be exposed to
the same risks, but the composition of the group is constantly changing. - CORRECT
ANSWER: Blanket
_______________ policies are commonly used as a hedge against inflation to ward off
decreased purchasing power. - CORRECT ANSWER: Increasing term
__________________ are the two most important factors in the health insurance
underwriting process. - CORRECT ANSWER: Medical history and occupation
"ACC" refers to the type of disability that prevents someone from performing the job he
was performing prior to the disability. - CORRECT ANSWER: FALSE
A _____________ group involves combining several parties into a group for the
purpose of obtaining insurance. - CORRECT ANSWER: fictitious
,A complete examination of an HMO's affairs is conducted at least: - CORRECT
ANSWER: once every five years.
A group life insurance plan in which the employer pays the entire premium is known as
a ________________ plan. - CORRECT ANSWER: noncontributory
A health plan with a $5-per-point conversion factor would pay _______ for a 200-point
procedure. - CORRECT ANSWER: $1,000
A life insurance policy will not be reinstated if it has been: - CORRECT ANSWER:
surrendered for its cash value.
A life insurance policy's cash value belongs to the insured. - CORRECT ANSWER:
FALSE
A man commits suicide 30 months after purchasing a life insurance policy and his wife
is the named beneficiary. What amount will his wife receive? - CORRECT ANSWER:
The face amount of the policy
A medical expense policy states that it will pay a flat $200 a day for each day of
hospitalization. The policy pays benefits on what basis? - CORRECT ANSWER:
Indemnity
A portion of a mutual insurer's premiums are paid out as policy dividends and are
considered: - CORRECT ANSWER: refunds
A prospectus for an individual variable insurance contract: - CORRECT ANSWER: must
accompany every sales presentation.
A term life insurance policy's cash value builds during a specifically limited period of
time. - CORRECT ANSWER: FALSE
, A Variable annuity separate account will be invested in: - CORRECT ANSWER:
common stocks and other securities.
According to Florida's Standard Valuation Law, the __________________ is mandatory.
- CORRECT ANSWER: legal reserve
Accumulation units are converted into annuity units: - CORRECT ANSWER: at the time
of annuity payout.
AD&D policies make benefits payable in the form of principal sum and capital sum. -
CORRECT ANSWER: TRUE
Agents should check with _________________ to determine if the insurer they are
representing is a properly authorized insurer. - CORRECT ANSWER: the Department of
Financial Services
All statements made on an application are considered ________________ because
there can be no guarantee that they are true. - CORRECT ANSWER: representations
An agent engaged in churning as a result of fraudulent conduct is subject to a fine of
________ for each willful violation. (2012) - CORRECT ANSWER: $50,000
An agreement that provides that upon a business owner's death, surviving owners will
purchase the deceased's interest, often with funds from life insurance policies owned by
each principal on the lives of all other principals is the: - CORRECT ANSWER: Buy-Sell
plan.
An immediate annuity is designed to provide income: - CORRECT ANSWER:
Immediately.
An insurance clause is a distinct article in a formal document that establishes the rules
in the contract that _____________________ must adhere to. - CORRECT ANSWER:
both the insurer and the insured
Update 2024-2025 Actual Exam from Credible
Source with 150 Questions and 100% Verified
Detailed Correct Answers Guaranteed
__________ is when policy values of an insurance policy are used to purchase another
policy with the same insurer for the sole purpose of earning additional premiums or
commissions. - CORRECT ANSWER: Churning
___________ refers to the monies set aside by insurers for future claims costs. -
CORRECT ANSWER: Reserve funds
____________ term insurance provides a level amount of protection for a specified
period, after which the policy expires. - CORRECT ANSWER: Level
_____________ health insurance is issued to cover a group who may be exposed to
the same risks, but the composition of the group is constantly changing. - CORRECT
ANSWER: Blanket
_______________ policies are commonly used as a hedge against inflation to ward off
decreased purchasing power. - CORRECT ANSWER: Increasing term
__________________ are the two most important factors in the health insurance
underwriting process. - CORRECT ANSWER: Medical history and occupation
"ACC" refers to the type of disability that prevents someone from performing the job he
was performing prior to the disability. - CORRECT ANSWER: FALSE
A _____________ group involves combining several parties into a group for the
purpose of obtaining insurance. - CORRECT ANSWER: fictitious
,A complete examination of an HMO's affairs is conducted at least: - CORRECT
ANSWER: once every five years.
A group life insurance plan in which the employer pays the entire premium is known as
a ________________ plan. - CORRECT ANSWER: noncontributory
A health plan with a $5-per-point conversion factor would pay _______ for a 200-point
procedure. - CORRECT ANSWER: $1,000
A life insurance policy will not be reinstated if it has been: - CORRECT ANSWER:
surrendered for its cash value.
A life insurance policy's cash value belongs to the insured. - CORRECT ANSWER:
FALSE
A man commits suicide 30 months after purchasing a life insurance policy and his wife
is the named beneficiary. What amount will his wife receive? - CORRECT ANSWER:
The face amount of the policy
A medical expense policy states that it will pay a flat $200 a day for each day of
hospitalization. The policy pays benefits on what basis? - CORRECT ANSWER:
Indemnity
A portion of a mutual insurer's premiums are paid out as policy dividends and are
considered: - CORRECT ANSWER: refunds
A prospectus for an individual variable insurance contract: - CORRECT ANSWER: must
accompany every sales presentation.
A term life insurance policy's cash value builds during a specifically limited period of
time. - CORRECT ANSWER: FALSE
, A Variable annuity separate account will be invested in: - CORRECT ANSWER:
common stocks and other securities.
According to Florida's Standard Valuation Law, the __________________ is mandatory.
- CORRECT ANSWER: legal reserve
Accumulation units are converted into annuity units: - CORRECT ANSWER: at the time
of annuity payout.
AD&D policies make benefits payable in the form of principal sum and capital sum. -
CORRECT ANSWER: TRUE
Agents should check with _________________ to determine if the insurer they are
representing is a properly authorized insurer. - CORRECT ANSWER: the Department of
Financial Services
All statements made on an application are considered ________________ because
there can be no guarantee that they are true. - CORRECT ANSWER: representations
An agent engaged in churning as a result of fraudulent conduct is subject to a fine of
________ for each willful violation. (2012) - CORRECT ANSWER: $50,000
An agreement that provides that upon a business owner's death, surviving owners will
purchase the deceased's interest, often with funds from life insurance policies owned by
each principal on the lives of all other principals is the: - CORRECT ANSWER: Buy-Sell
plan.
An immediate annuity is designed to provide income: - CORRECT ANSWER:
Immediately.
An insurance clause is a distinct article in a formal document that establishes the rules
in the contract that _____________________ must adhere to. - CORRECT ANSWER:
both the insurer and the insured
