FLORIDA 2-15 XCEL LAWS & RULESQUESTIONS
AND ANSWERS WITH COMPLETE SOLUTIONS A++
+
Under Florida law, a variable annuity policyowner must be
notified of the accumulated value of the contract
once each year
a variable life insurance agent must be licensed and appointed as
a life and variable contract agent, as well as a(n)
broker dealer
Under Florida law, which of the following provisions is NOT
required in a Medicare Supplement policy?
limitation on pre-existing conditions for up to 12 months
asset protection can be provided by a long term care partnership
policy if the policyholder qualifies for
medicaid
a licensed may be denied, suspended, or revoked if the license
is found guilty of misrepresentation
When replacing or exchanging an annuity, the agent must
disclose to the annuitant
the possible tax ramifications as a result of the transaction
Which two entities regulate variable annuities?
Department of Financial Services; and Securities Exchange Commission
In Florida, the underwriting and issuance of a master group
health policy requires that all employees
are eligible to participate, regardless of their individual health history
an insurance company can contest a life insurance contract due
to application fraud within
2 years
S takes out a health insurance policy which contains a provision
that states that the agent does not have the authority to change
the policy or waive any of its provisions. Which health policy
provision is this?
,entire contract
a life insurance policys grace period entitles the insured a period
of no less than _____ days to make the premium payment
30
in florida, agents are allowed to engage in rebating if
offered to all insureds in the same actuarial class
according to florida law, which of the following statements
accurately describes an admitted mail order insurance company
it may solicit insurance business by mail without the assistance of a
licensed agent
a ____ day notice to the policyholder is required for any health
insurer that wishes to cancel a health insurance policy
45
under a life insurance policy, the _____ has the authority to name
the beneficiary
owner
which of the following is an example of an unfair trade practice
coercion
a licensed agent must be appointed by an insurance company to
solicit insurance in florida. the agents license will terminate if a
certain period of time lapses without being appointed. how long
is this period of time?
48 months
How can an agent-in-charge have more than one location?
only if the agent in charge is present when insurance activity occurs
a stock life insurance company that issues both participating and
nonparticipating policies is doing business on
a mixed plan
an insurance company incorporated under the laws of the state in
which its home office is located is called a(n) ______ company
domestic
in florida, which of the following practitioners normally do not
receive payment from health insurance policies
, naturopaths
which of the following situations does not apply to the florida
replacement rule
an existing policyholder purchases an additional policy from the same
insurer
One definition of replacement is "the act of replacing an existing
insurance policy with another". Replacement is
closely regulated and requires full disclosure
Convincing a prospective insured to buy an insurance policy
based on exaggerations is called
misrepresentation
J owns a business and has a Group Life policy covering her
employees. J decides to cancel the policy by letting it lapse on the
renewal date. What action must be taken?
all of the employees must be notified of the cancellation either by the
insurance company or through J
Which Unfair Trade Practice involves an agent suggesting that an
insurance policy is like a share of stock?
misrepresentation
According to Florida law, group life insurance conversion
privileges must NOT
require evidence of insurability
Upon reaching the limiting age, a disabled child may extend their
health insurance coverage as a dependent
only if the child is incapable of employment and chiefly dependent on the
policyowner
An agent who makes misleading statements that lead to the
termination of an existing insurance policy so that a new policy
with another insurer can be taken out has committed
twisting
a group plan was recently terminated. in florida, how many days
are covered individuals guaranteed coverage after a group plans
termination?
AND ANSWERS WITH COMPLETE SOLUTIONS A++
+
Under Florida law, a variable annuity policyowner must be
notified of the accumulated value of the contract
once each year
a variable life insurance agent must be licensed and appointed as
a life and variable contract agent, as well as a(n)
broker dealer
Under Florida law, which of the following provisions is NOT
required in a Medicare Supplement policy?
limitation on pre-existing conditions for up to 12 months
asset protection can be provided by a long term care partnership
policy if the policyholder qualifies for
medicaid
a licensed may be denied, suspended, or revoked if the license
is found guilty of misrepresentation
When replacing or exchanging an annuity, the agent must
disclose to the annuitant
the possible tax ramifications as a result of the transaction
Which two entities regulate variable annuities?
Department of Financial Services; and Securities Exchange Commission
In Florida, the underwriting and issuance of a master group
health policy requires that all employees
are eligible to participate, regardless of their individual health history
an insurance company can contest a life insurance contract due
to application fraud within
2 years
S takes out a health insurance policy which contains a provision
that states that the agent does not have the authority to change
the policy or waive any of its provisions. Which health policy
provision is this?
,entire contract
a life insurance policys grace period entitles the insured a period
of no less than _____ days to make the premium payment
30
in florida, agents are allowed to engage in rebating if
offered to all insureds in the same actuarial class
according to florida law, which of the following statements
accurately describes an admitted mail order insurance company
it may solicit insurance business by mail without the assistance of a
licensed agent
a ____ day notice to the policyholder is required for any health
insurer that wishes to cancel a health insurance policy
45
under a life insurance policy, the _____ has the authority to name
the beneficiary
owner
which of the following is an example of an unfair trade practice
coercion
a licensed agent must be appointed by an insurance company to
solicit insurance in florida. the agents license will terminate if a
certain period of time lapses without being appointed. how long
is this period of time?
48 months
How can an agent-in-charge have more than one location?
only if the agent in charge is present when insurance activity occurs
a stock life insurance company that issues both participating and
nonparticipating policies is doing business on
a mixed plan
an insurance company incorporated under the laws of the state in
which its home office is located is called a(n) ______ company
domestic
in florida, which of the following practitioners normally do not
receive payment from health insurance policies
, naturopaths
which of the following situations does not apply to the florida
replacement rule
an existing policyholder purchases an additional policy from the same
insurer
One definition of replacement is "the act of replacing an existing
insurance policy with another". Replacement is
closely regulated and requires full disclosure
Convincing a prospective insured to buy an insurance policy
based on exaggerations is called
misrepresentation
J owns a business and has a Group Life policy covering her
employees. J decides to cancel the policy by letting it lapse on the
renewal date. What action must be taken?
all of the employees must be notified of the cancellation either by the
insurance company or through J
Which Unfair Trade Practice involves an agent suggesting that an
insurance policy is like a share of stock?
misrepresentation
According to Florida law, group life insurance conversion
privileges must NOT
require evidence of insurability
Upon reaching the limiting age, a disabled child may extend their
health insurance coverage as a dependent
only if the child is incapable of employment and chiefly dependent on the
policyowner
An agent who makes misleading statements that lead to the
termination of an existing insurance policy so that a new policy
with another insurer can be taken out has committed
twisting
a group plan was recently terminated. in florida, how many days
are covered individuals guaranteed coverage after a group plans
termination?
