BUSINESS INSURANCE LICENSE EXAM
QUESTIONS WITH VERIFIED SOLUTIONS
FLORIDA STATE UNIVERSITY.
HMOs reimburse their insureds for covered medical expenses.
FALSE
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:
Buy-Sell plan.
In Florida, which of the following groups are eligible for group life insurance?
Typically, any type of legitimate group is eligible to purchase a group life
insurance policy.
In a guaranteed renewable health policy, the company may increase premiums:
only for an entire class of insureds.
Under the Uniform Provisions Law, which of the following provisions are
optional for a health policy?
Change of Occupation
The person who has a health maintenance contract is referred to as the:
subscriber
In order to qualify for Medicaid benefits, applicants must be at least age ____,
blind or disabled, and meet other eligibility requirements.
65
Under the Unfair Trade Practices Act, claim forms must be sent to the insured
within _______ from the date a claim is reported.
,15 DAYS
A life insurance policy's cash value belongs to the insured.
FALSE
Agents should check with _________________ to determine if the insurer they
are representing is a properly authorized insurer.
the Department of Financial Services
Supplemental Medical Insurance, Medicaid, and U.S. Armed Services and
Veterans Insurance are all examples of what type of insurer?
Government Insurers
Section 1035 Exchanges are a way to move annuity funds:
income tax free.
Which of the following titles can a life insurance agent use when conducting
business
Neither financial planner, consultant, or investment advisor
Group health insurers must either provide or offer chiropractic coverage.
TRUE
A term life insurance policy's cash value builds during a specifically limited
period of time.
FALSE
Insurable interest must exist at:
the time of application.
Who regulates retirement plans in Florida?
ERISA
Employee Retirement Income Security Act
What type of insurance is most frequently used in group life plans?
Annual Renewable Term
What is a Medicare supplement (Medigap) policies?
, Medigap policies pay for some healthcare services not covered by Medicare, pay
most, if not all, Medicare deductibles and copayments, and supplement Medicare
benefits.
Anyone under the age of _____ who has earned income may open a traditional
IRA.
70 1/2
Which of the following types of insurance contracts are NOT considered valued
contracts?
Medical expense plans
Disability insurance provides an income stream for an individual who is unable
to continue working due to accident or illness. However, if a person is under
______ disabled, he/she does not qualify for benefits.
20%
Under the Law of Agency, an agent is the lawful representative of the:
principal
Group health plans that are issued by mutual companies usually provide
dividends, which are most likely to be paid if __________________ are less
than anticipated.
expenses and claims costs
Which of the following reimburses its insureds for covered medical expenses?
Commercial insurers
Which of the following would most likely be considered a key person in a
business?
An officer of the company
Annuity payment amounts are based upon which of the following factors?
Starting principal, interest, and income period
In regard to variable annuities, which of the following statements is FALSE?
The annuitant bears no risk.
QUESTIONS WITH VERIFIED SOLUTIONS
FLORIDA STATE UNIVERSITY.
HMOs reimburse their insureds for covered medical expenses.
FALSE
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:
Buy-Sell plan.
In Florida, which of the following groups are eligible for group life insurance?
Typically, any type of legitimate group is eligible to purchase a group life
insurance policy.
In a guaranteed renewable health policy, the company may increase premiums:
only for an entire class of insureds.
Under the Uniform Provisions Law, which of the following provisions are
optional for a health policy?
Change of Occupation
The person who has a health maintenance contract is referred to as the:
subscriber
In order to qualify for Medicaid benefits, applicants must be at least age ____,
blind or disabled, and meet other eligibility requirements.
65
Under the Unfair Trade Practices Act, claim forms must be sent to the insured
within _______ from the date a claim is reported.
,15 DAYS
A life insurance policy's cash value belongs to the insured.
FALSE
Agents should check with _________________ to determine if the insurer they
are representing is a properly authorized insurer.
the Department of Financial Services
Supplemental Medical Insurance, Medicaid, and U.S. Armed Services and
Veterans Insurance are all examples of what type of insurer?
Government Insurers
Section 1035 Exchanges are a way to move annuity funds:
income tax free.
Which of the following titles can a life insurance agent use when conducting
business
Neither financial planner, consultant, or investment advisor
Group health insurers must either provide or offer chiropractic coverage.
TRUE
A term life insurance policy's cash value builds during a specifically limited
period of time.
FALSE
Insurable interest must exist at:
the time of application.
Who regulates retirement plans in Florida?
ERISA
Employee Retirement Income Security Act
What type of insurance is most frequently used in group life plans?
Annual Renewable Term
What is a Medicare supplement (Medigap) policies?
, Medigap policies pay for some healthcare services not covered by Medicare, pay
most, if not all, Medicare deductibles and copayments, and supplement Medicare
benefits.
Anyone under the age of _____ who has earned income may open a traditional
IRA.
70 1/2
Which of the following types of insurance contracts are NOT considered valued
contracts?
Medical expense plans
Disability insurance provides an income stream for an individual who is unable
to continue working due to accident or illness. However, if a person is under
______ disabled, he/she does not qualify for benefits.
20%
Under the Law of Agency, an agent is the lawful representative of the:
principal
Group health plans that are issued by mutual companies usually provide
dividends, which are most likely to be paid if __________________ are less
than anticipated.
expenses and claims costs
Which of the following reimburses its insureds for covered medical expenses?
Commercial insurers
Which of the following would most likely be considered a key person in a
business?
An officer of the company
Annuity payment amounts are based upon which of the following factors?
Starting principal, interest, and income period
In regard to variable annuities, which of the following statements is FALSE?
The annuitant bears no risk.
