FL LIFE AND HEALTH PRACTICE EXAM 140
QUESTIONS & CORRECT ANSWERS LATEST 2025
medicare is funded through a portion of - ANSWER-fica payroll taxes
the Time of payment of claims provision allows insurers _____ days after
receiving notice and proof of loss in which to pay or deny a health insurance claim
- ANSWER-45 days
why is it important that the agent carefully ask the applicant each question on the
application and see that the answers are correctly stated? - ANSWER-the insured
or a beneficiary may not have a valid claim
self insuring is an example of - ANSWER-risk retention
proceeds a life insurance policy paid as a lump sum death benefit are exempt
from federal income tax - ANSWER-true
Since contributions to a 403(b) tax sheltered annuity are made with before-tax
dollars, distributions are - ANSWER-100% taxable
to provide a safeguard for insureds, most major medical policies contain a
_________ feature that limits the insureds out of pocket expenses. - ANSWER-
stop loss
,according to florida's standard valuation law the _____is mandatory - ANSWER-
legal reserve
in order to qualify for medicaid benefits, the appilcant must be able to prove that
they do not have the ability or means to pay for - ANSWER-their own medical care
Medicaid provides - ANSWER-funds to states to assist their medical public
assistance programs
the _______ insurer is licensed and practicing in the same state in which they are
incorporated - ANSWER-domestic
term insurance specifies coverage for a limited amount of time - ANSWER-true
In 2012, the limit on employee deferrals to a 401(k) plan is $_________ a year. -
ANSWER-$17,000
adjustable life policies are constructed using which of the following as their base
policy? - ANSWER-whole life
the surrender values are __________ for a participating life insurance policy and a
nonparticipating life insurance policy. - ANSWER-generally the same
the _________ clause protects the proceeds held under a settlement option from
creditors of the beneficiary - ANSWER-spendthrift
, Prior to retirement, the purchaser of a variable annuity pays an agreed-upon
periodic premium amount. When these periodic premiums are paid, the
purchaser is credited with: - ANSWER-a number of accumulation units
the _________ means that the life insurance policy along with the application
represents the complete contract - ANSWER-entire contract provision
social security provides welfare benefits to all citizens - ANSWER-false
who would most likely pay a lower premium amount? - ANSWER-a preferred risk
client
policy reserves are the intangible amounts set aside by the ________ out of the
insurer's assets at the beginning of the policy period. - ANSWER-insurer
medigap pays most medicare deductibles and copayments. - ANSWER-true
John died at age 65 leaving his wife, Joan age 59, the proceeds of a $100,000 life
insurance policy. If Joan decides to take a lump sum settlement in cash, what
taxes are due? - ANSWER-zero
tony suffered a broken leg injury while playing baseball with his son over the
weekend. which insurance policy would most likely cover his medical expenses for
the injury. - ANSWER-tony's basic medical expense policy
which of the following are typically excluded in life insurance policies? - ANSWER-
suicide , war or military service, and hazardous occupation or hobby.
QUESTIONS & CORRECT ANSWERS LATEST 2025
medicare is funded through a portion of - ANSWER-fica payroll taxes
the Time of payment of claims provision allows insurers _____ days after
receiving notice and proof of loss in which to pay or deny a health insurance claim
- ANSWER-45 days
why is it important that the agent carefully ask the applicant each question on the
application and see that the answers are correctly stated? - ANSWER-the insured
or a beneficiary may not have a valid claim
self insuring is an example of - ANSWER-risk retention
proceeds a life insurance policy paid as a lump sum death benefit are exempt
from federal income tax - ANSWER-true
Since contributions to a 403(b) tax sheltered annuity are made with before-tax
dollars, distributions are - ANSWER-100% taxable
to provide a safeguard for insureds, most major medical policies contain a
_________ feature that limits the insureds out of pocket expenses. - ANSWER-
stop loss
,according to florida's standard valuation law the _____is mandatory - ANSWER-
legal reserve
in order to qualify for medicaid benefits, the appilcant must be able to prove that
they do not have the ability or means to pay for - ANSWER-their own medical care
Medicaid provides - ANSWER-funds to states to assist their medical public
assistance programs
the _______ insurer is licensed and practicing in the same state in which they are
incorporated - ANSWER-domestic
term insurance specifies coverage for a limited amount of time - ANSWER-true
In 2012, the limit on employee deferrals to a 401(k) plan is $_________ a year. -
ANSWER-$17,000
adjustable life policies are constructed using which of the following as their base
policy? - ANSWER-whole life
the surrender values are __________ for a participating life insurance policy and a
nonparticipating life insurance policy. - ANSWER-generally the same
the _________ clause protects the proceeds held under a settlement option from
creditors of the beneficiary - ANSWER-spendthrift
, Prior to retirement, the purchaser of a variable annuity pays an agreed-upon
periodic premium amount. When these periodic premiums are paid, the
purchaser is credited with: - ANSWER-a number of accumulation units
the _________ means that the life insurance policy along with the application
represents the complete contract - ANSWER-entire contract provision
social security provides welfare benefits to all citizens - ANSWER-false
who would most likely pay a lower premium amount? - ANSWER-a preferred risk
client
policy reserves are the intangible amounts set aside by the ________ out of the
insurer's assets at the beginning of the policy period. - ANSWER-insurer
medigap pays most medicare deductibles and copayments. - ANSWER-true
John died at age 65 leaving his wife, Joan age 59, the proceeds of a $100,000 life
insurance policy. If Joan decides to take a lump sum settlement in cash, what
taxes are due? - ANSWER-zero
tony suffered a broken leg injury while playing baseball with his son over the
weekend. which insurance policy would most likely cover his medical expenses for
the injury. - ANSWER-tony's basic medical expense policy
which of the following are typically excluded in life insurance policies? - ANSWER-
suicide , war or military service, and hazardous occupation or hobby.
