FL Life and Health State Exam Study Questions and Correct Answers

FL Life and Health State Exam Study Questions and Correct Answers To an individual policy upon employment termination T is an employee covered under a Group Life policy. If T's employment is terminated, the conversion privilege gives T the right to convert Self maintenance expenses Which of these factors does NOT influence an applicant's need for life insurance? Full face amount minus any past due premiums An insured is past due on his life insurance premium, but is still within the Grace Period. What will the beneficiary receive if the insured dies during this Grace Period? Avoid duplication of benefit payments The coordination of benefits (COB) provision exists in order to Substandard applicants are never declined by underwriters Which of the following statements about the classification of applicants is INCORRECT? Fair Credit Reporting Act P has recently signed an application for insurance. The insurer MUST advise her in writing that an investigative consumer report may be conducted according to the To pay benefits to the corporation or other shareholders A Business Disability Buyout plan policy is designed: Avoid a policy lapse The automatic premium loan provision is designed to: Protect the producer The Legal Actions provision of an insurance contract is designed to do all of the following, EXCEPT: Employee's premiums paid by the employer is tax-deductible to the employer as a business expenditure The federal income tax treatment of employer- provided group medical expense insurance can be accurately described as: Guaranteed Renewable Which type of renewability best describes a Disability Income policy that covers an individual until the age of 65, but the insurer has the right to change the premium rate for the overall risk class? Limitation on pre-existing conditions for up to 12 months Under Florida law, which of the following provisions is NOT required in a Medicare Supplement policy? $20,000 death benefit K pays on a $20,000 20-Year Endowment policy for 10 years and dies from an automobile accident. How much will the insurance company pay the beneficiary? Commercial Insurers Which of the following reimburses its insureds for covered medical expenses? Contributory When an employee is required to pay a portion of the premium for an employer/employee group health plan, the employee is covered under which of the following plans? The employee Who is normally considered to be the owner of a 403(b) tax-sheltered annuity? Applicant Any changes made on an insurance application requires the initials of whom? 6 months An insurer may normally delay the payment of a cash value loan or surrender value for up to 24 Agents that have been licensed for less than six years must complete ___ hours of continuing education every two years. Mandatory income tax withholding on the transfer amount A trustee-to-trustee transfer of rollover funds in a qualified plan allows a participant to avoid: Company executive Which of the following would be a likely candidate for disability income insurance on a key employee?