Florida Health and Life Insurance Exam Questions and Correct Answers

Florida Health and Life Insurance Exam Questions and Correct Answers According to Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid? 31 days G purchased a Family Income policy at age 40. The policy has a 20-year rider period. If G were to die at age 50, how long would G's family receive an income? 10 years E and F are business partners. Each takes out a $500,000 life insurance policy on the other, naming himself as primary beneficiary. E and F eventually terminate their business, and four months later E dies. Although E was married with three children at the time of death, the primary beneficiary is still F. However, an insurable interest no longer exists. Where will the proceeds from E's life insurance policy be directed to? F The Health Insurance Portability and Accountability Act (HIPAA) gives privacy protection for: health information What do Dread Disease policies cover? A specific disease or illness When an insurance application is taken by a producer, which of these statements is true? Any changes made on the application require the applicant's initials A student pilot can pay regular premium costs for her life insurance policy with the addition of which of the following? Aviation exclusion What is the consideration given by an insurer in the Consideration clause of a life policy? Promise to pay a death benefit to a named beneficiary Which of the following reimburses its insureds for covered medical expenses? Commercial insurers 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 Which organization was established to provide funds to protect an insured in the event of an insurer's insolvency? Florida Life and Health Insurance Guaranty Association Major Medical policies typically: contain a deductible and coinsurance The Life and Health Insurance Guaranty Association is funded by admitted insurance companies through assessments P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to: P only Which of the following is considered an accurate statement of an unfair trade practice? Twisting involves an agent using misrepresentation to convince a policyowner to cancel their current policy so that they can purchase a new life insurance policy with another company Which of the following is an example of an Unfair Trade Practice? Coercison The Legal Actions provision of an insurance contract is designed to do all of the following, EXCEPT: protect the producer Which of these actions should a producer take when submitting an insurance application to an insurer? Inform insurer of relevant information not included on the application A Health Reimbursement Arrangement MUST be established: by the employer If an individual has an Accidental Death and Dismemberment policy and dies, and autopsy can be performed in all these situations, EXCEPT: When the state prohibits this by law P is a producer who notices 5 questions on a life application were not answered. What actions should P take? Set up a meeting with the applicant to answer the remaining questions A disability elimination period is best described as a: time deductible Which type of insurance company allows their policyowners to elect a governing body? Mutual Two partners own equal shares in a business worth a total of $1,000,000. If they both commit to the purchase of a life insurance policy that will fund a Buy-Sell Agreement, which of the following is TRUE? Each partner owns a $500,000 policy on their partner's life N is a student pilot with a large life insurance policy. Which of these features would limit the insurer's obligation in the event N was killed while flying as a student pilot? Exclusion A policyowner's rights are limited under which beneficiary designation? Irrecovable What kind of Accidental Death and Dismemberment (AD&D) insurance beneficiary requires his/her consent when a change of beneficiary is made? Irrevocable beneficiary Which type of contract liquidates an estate through recurrent payments? Annuity Under Florida law, a variable annuity policyowner must be notified of the accumulated value of the contract once each year