Florida 2-15 Insurance License Exam Questions and Correct Answers

Florida 2-15 Insurance License Exam Questions and Correct Answers Accumulation units are converted into annuity units: at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. noncontributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again. FALSE Robert had an accident and qualified for Social Security disability. Given the waiting period, when will Robert begin to receive benefits? After 5 months The Insuring Clause includes all of the following EXCEPT the beneficiary Mutualization occurs when a stock company turns to a __________ company. mutual To provide a safeguard for insureds, most major medical policies contain a ____________ feature that limits the insured's out-of-pocket expenses. stop-loss Tom is a newly appointed life, health and variable annuity agent with Acme Insurance Agency. He is writing his first insurance policy on his brother-in-law's life. Who does Tom legally represent in this transaction? Acme Insurance Agency An insurance clause is a distinct article in a formal document that establishes the rules in the contract that _____________________ must adhere to. both the insurer and the insured "ACC" refers to the type of disability that prevents someone from performing the job he was performing prior to the disability. FALSE Which statement is CORRECT about the Department of Financial Services' right to examine an agent's records? An examination can be conducted at any time to discover any unfair trade practices. Bill gives Jim a couple of tickets to a Florida Gators game to thank him for purchasing a policy. This is an example of: rebating ____________ term insurance provides a level amount of protection for a specified period, after which the policy expires. Level Business overhead expense (B.O.E.) insurance does not provide benefits to cover the business owner's salary. TRUE Level, decreasing, and increasing insurance are all basic forms of ____________ insurance. term