EXAM SIMULATOR FLORIDA-LIFE & HEALTH / FL
HEALTH & LIFE AND ANNUITY COMPLETE STUDY
GUIDE (SOURCE Xcel solutions – Pearson) 400+
ACTUAL TEST QUESTIONS WITH DETAILED VERIFIED
ANSWERS / ALREADY GRADED A
Which of the following medical expenses does Cancer insurance NOT cover? this is the
correct answerArthritis
What kind of life insurance policy pays a specified monthly income to a beneficiary for
30 years and then pay a lump sum benefit of that 30 years? this is the correct
answerFamily Maintenance Policy
Which type of policy would pay an employee's salary if the employer was injured in a
bicycle accident this is the correct answerBusiness Overhead Expense
When an insured has the same disability within a specified time period and the
insurance company provides the same benefits without a new waiting period, the second
disability is covered under which of the following benefits? this is the correct
answerRecurrent Disability
Which product would best serve a retired individual looking to invest a lump-sum of
money through an insurance company? this is the correct answerAnnuity
Which of the following policy provisions prohibits an insurance company from
incorporating external documents into an insurance policy? this is the correct
answerEntire Contract
,An insured's inability to perform two or more activities of daily living may trigger which
type of life policy rider? this is the correct answerLong term care
Which of these circumstances is a business Disability Buy-sell policy designed to help in
the sale of a busness? this is the correct answerBusiness owner becoming disabled
Which of these require an offer, acceptance, and consideration? this is the correct
answerContract
The payments on Q's annuity are no less than $250 quarterly. Which of the following
annuities does Q own? this is the correct answerFlexible installment Deferred
Which of the following characteristics is associated with a large group disability income
policy? this is the correct answerNo medical underwriting
All of the following are eligibility requirements for an association group EXCEPT: this
is the correct answerContributory plans require minimum of 25 participants
J is an agent who has induced an insured though misrepresentation to surrender an
existing insurance policy. What is J guilty of? this is the correct answerTwisting
The amount of coverage on a group credit life policy is limited to: this is the correct
answerthe insured's total loan value
in a qualifies retirement plan, the yearly contributions to an employee's account: this is
the correct answerare restricted to maximum levels set by the IRS
On an Accidental Death an Dismemberment (AD&D) insurance policy, who is qualified
to change the beneficiary designation this is the correct answerPolicyowner
,In Florida, an element of an insurance transaction would be this is the correct
answerissuing an insurance contract
On a life insurance policy, who is qualified to change the beneficiary designation? this
is the correct answerPolicyowner
Under Florida law, which of the following provisions is NOT required in a Medicare
Supplement policy? this is the correct answerLimitation on pre-existing condition
for up to 12 months
within how many days after policy delivery can a Medicare Supplement policy be
returned for a 100% premium refund this is the correct answer30
A long-term care lapse notice must be delivered to both the applicant and this is the
correct answersecondary addressee
Which of the following phrases refers to the fees charged by a healthcare professional?
this is the correct answerusual, customary, and reasonable expenses
Which factors are taken into consideration when an insurance company determines the
premium rate for a Whole Life policy on an applicant? this is the correct answerRisk
of classification
S is employed by a large corporation that provides group health coverage for its
employees and their dependents. If S dies, the company must allow his surviving spouse
and dependents to continue their group health coverage for a maximum of how many
months under COBRA regulations? this is the correct answer36 months
The ______________ clause indentifies which losses resulting from an accident or
sickness are insured by the policy. this is the correct answerInsuring
, All of the following are Nonforfeiture Options EXCEPT this is the correct
answerAutomatic Premium Loan Option
An employer that offers a qualified retirement plan to its employees is eligible to this is
the correct answermake tax-deductible contributions to the plan
When a policyowner cash surrenders a Universal Life insurance policy in it's early years,
this may be considered a red flag for a(n) this is the correct answerAnti-Money
Laundering violation
Variable Life products require a producer to this is the correct answerhold a life
Insurance license and Securities license
The waiting period for a pre-existing condition under a Medicare Supplement policy
may NOT go beyond this is the correct answer6 months
When an employee is terminated, which statement about a group term life conversion is
true? this is the correct answerPolicy proceeds will be paid if the employee dies
during the conversion period
An applicant's medical information received from a Medical Information Bureau (MIB)
may be furnished to the this is the correct answerapplicant's physician
Which of the following BEST describes short-term medical expense policy? this is the
correct answernonrenewable
What type of annuity has a cash value that is based upon the performance of it's
underlying investment funds? this is the correct answerVariable
When a misrepresentation on a life insurance policy application is discovered, what
action may an insurance company take? this is the correct answerVoid the policy
only if it is discovered during the Contestable period and proven to be material
HEALTH & LIFE AND ANNUITY COMPLETE STUDY
GUIDE (SOURCE Xcel solutions – Pearson) 400+
ACTUAL TEST QUESTIONS WITH DETAILED VERIFIED
ANSWERS / ALREADY GRADED A
Which of the following medical expenses does Cancer insurance NOT cover? this is the
correct answerArthritis
What kind of life insurance policy pays a specified monthly income to a beneficiary for
30 years and then pay a lump sum benefit of that 30 years? this is the correct
answerFamily Maintenance Policy
Which type of policy would pay an employee's salary if the employer was injured in a
bicycle accident this is the correct answerBusiness Overhead Expense
When an insured has the same disability within a specified time period and the
insurance company provides the same benefits without a new waiting period, the second
disability is covered under which of the following benefits? this is the correct
answerRecurrent Disability
Which product would best serve a retired individual looking to invest a lump-sum of
money through an insurance company? this is the correct answerAnnuity
Which of the following policy provisions prohibits an insurance company from
incorporating external documents into an insurance policy? this is the correct
answerEntire Contract
,An insured's inability to perform two or more activities of daily living may trigger which
type of life policy rider? this is the correct answerLong term care
Which of these circumstances is a business Disability Buy-sell policy designed to help in
the sale of a busness? this is the correct answerBusiness owner becoming disabled
Which of these require an offer, acceptance, and consideration? this is the correct
answerContract
The payments on Q's annuity are no less than $250 quarterly. Which of the following
annuities does Q own? this is the correct answerFlexible installment Deferred
Which of the following characteristics is associated with a large group disability income
policy? this is the correct answerNo medical underwriting
All of the following are eligibility requirements for an association group EXCEPT: this
is the correct answerContributory plans require minimum of 25 participants
J is an agent who has induced an insured though misrepresentation to surrender an
existing insurance policy. What is J guilty of? this is the correct answerTwisting
The amount of coverage on a group credit life policy is limited to: this is the correct
answerthe insured's total loan value
in a qualifies retirement plan, the yearly contributions to an employee's account: this is
the correct answerare restricted to maximum levels set by the IRS
On an Accidental Death an Dismemberment (AD&D) insurance policy, who is qualified
to change the beneficiary designation this is the correct answerPolicyowner
,In Florida, an element of an insurance transaction would be this is the correct
answerissuing an insurance contract
On a life insurance policy, who is qualified to change the beneficiary designation? this
is the correct answerPolicyowner
Under Florida law, which of the following provisions is NOT required in a Medicare
Supplement policy? this is the correct answerLimitation on pre-existing condition
for up to 12 months
within how many days after policy delivery can a Medicare Supplement policy be
returned for a 100% premium refund this is the correct answer30
A long-term care lapse notice must be delivered to both the applicant and this is the
correct answersecondary addressee
Which of the following phrases refers to the fees charged by a healthcare professional?
this is the correct answerusual, customary, and reasonable expenses
Which factors are taken into consideration when an insurance company determines the
premium rate for a Whole Life policy on an applicant? this is the correct answerRisk
of classification
S is employed by a large corporation that provides group health coverage for its
employees and their dependents. If S dies, the company must allow his surviving spouse
and dependents to continue their group health coverage for a maximum of how many
months under COBRA regulations? this is the correct answer36 months
The ______________ clause indentifies which losses resulting from an accident or
sickness are insured by the policy. this is the correct answerInsuring
, All of the following are Nonforfeiture Options EXCEPT this is the correct
answerAutomatic Premium Loan Option
An employer that offers a qualified retirement plan to its employees is eligible to this is
the correct answermake tax-deductible contributions to the plan
When a policyowner cash surrenders a Universal Life insurance policy in it's early years,
this may be considered a red flag for a(n) this is the correct answerAnti-Money
Laundering violation
Variable Life products require a producer to this is the correct answerhold a life
Insurance license and Securities license
The waiting period for a pre-existing condition under a Medicare Supplement policy
may NOT go beyond this is the correct answer6 months
When an employee is terminated, which statement about a group term life conversion is
true? this is the correct answerPolicy proceeds will be paid if the employee dies
during the conversion period
An applicant's medical information received from a Medical Information Bureau (MIB)
may be furnished to the this is the correct answerapplicant's physician
Which of the following BEST describes short-term medical expense policy? this is the
correct answernonrenewable
What type of annuity has a cash value that is based upon the performance of it's
underlying investment funds? this is the correct answerVariable
When a misrepresentation on a life insurance policy application is discovered, what
action may an insurance company take? this is the correct answerVoid the policy
only if it is discovered during the Contestable period and proven to be material
