Florida 2-15 insurance TesT Bank – laTesT
VeriFied 2025 QuesTions & correcT answers
◉ What type of insurance is most frequently used in group life plans? Answer
- Annual Renewable Term
◉ What is a Medicare supplement (Medigap) policies? Answer - Medigap
policies pay for some healthcare services not covered by Medicare, pay most, if
not all, Medicare deductibles and copayments, and supplement Medicare
benefits.
◉ Anyone under the age of _____ who has earned income may open a
traditional IRA. Answer - 70 1/2
◉ Which of the following types of insurance contracts are NOT considered
valued contracts? Answer - Medical expense plans
◉ Disability insurance provides an income stream for an individual who is
unable to continue working due to accident or illness. However, if a person is
under ______ disabled, he/she does not qualify for benefits. Answer - 20%
◉ Under the Law of Agency, an agent is the lawful representative of the:
Answer - principal
◉ Group health plans that are issued by mutual companies usually provide
dividends, which are most likely to be paid if __________________ are less than
anticipated. Answer - expenses and claims costs
,◉ Which of the following reimburses its insureds for covered medical
expenses? Answer - Commercial insurers
◉ Which of the following would most likely be considered a key person in a
business? Answer - An officer of the company
◉ Annuity payment amounts are based upon which of the following factors?
Answer - Starting principal, interest, and income period
◉ In regard to variable annuities, which of the following statements is FALSE?
Answer - The annuitant bears no risk.
◉ 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.
◉ An organization outside the members of a self-insurance group which, for a
fee, processes claims, completes benefits paperwork and often analyzes claims
information is known as the: Answer - third-party administrator (TPA).
◉ Since contributions to a 403(b) tax sheltered annuity are made with before-
tax dollars, distributions are Answer - 100% taxable.
◉ _____________ health insurance is issued to cover a group who may be exposed
to the same risks, but the composition of the group is constantly changing.
Answer - Blanket
, ◉ The miscellaneous expense benefit in a basic hospital expense policy
normally will cover: Answer - hospital room and board.
◉ Florida law does not regulate retirement plans. Answer - TRUE
◉ With regard to annuity investments by seniors, "senior consumers" are
typically defined as those individuals who are age: Answer - 65 or older.
◉ If an annuitant owns 300 annuity units and receives $1,500 a month, what
is the value of each annuity unit? Answer - $5
◉ The Free Look Period for long-term care policies is _______ days. Answer - 30
◉ AD&D policies make benefits payable in the form of principal sum and
capital sum. Answer - TRUE
◉ If a life insurance applicant is given a conditional receipt, what is the
effective date of coverage? Answer - The time the insurer accepts the
application and issues the policy
◉ Service providers contract for and sell medical and hospital: Answer - care
services.
◉ _______________ policies are commonly used as a hedge against inflation to
ward off decreased purchasing power. Answer - Increasing term
VeriFied 2025 QuesTions & correcT answers
◉ What type of insurance is most frequently used in group life plans? Answer
- Annual Renewable Term
◉ What is a Medicare supplement (Medigap) policies? Answer - Medigap
policies pay for some healthcare services not covered by Medicare, pay most, if
not all, Medicare deductibles and copayments, and supplement Medicare
benefits.
◉ Anyone under the age of _____ who has earned income may open a
traditional IRA. Answer - 70 1/2
◉ Which of the following types of insurance contracts are NOT considered
valued contracts? Answer - Medical expense plans
◉ Disability insurance provides an income stream for an individual who is
unable to continue working due to accident or illness. However, if a person is
under ______ disabled, he/she does not qualify for benefits. Answer - 20%
◉ Under the Law of Agency, an agent is the lawful representative of the:
Answer - principal
◉ Group health plans that are issued by mutual companies usually provide
dividends, which are most likely to be paid if __________________ are less than
anticipated. Answer - expenses and claims costs
,◉ Which of the following reimburses its insureds for covered medical
expenses? Answer - Commercial insurers
◉ Which of the following would most likely be considered a key person in a
business? Answer - An officer of the company
◉ Annuity payment amounts are based upon which of the following factors?
Answer - Starting principal, interest, and income period
◉ In regard to variable annuities, which of the following statements is FALSE?
Answer - The annuitant bears no risk.
◉ 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.
◉ An organization outside the members of a self-insurance group which, for a
fee, processes claims, completes benefits paperwork and often analyzes claims
information is known as the: Answer - third-party administrator (TPA).
◉ Since contributions to a 403(b) tax sheltered annuity are made with before-
tax dollars, distributions are Answer - 100% taxable.
◉ _____________ health insurance is issued to cover a group who may be exposed
to the same risks, but the composition of the group is constantly changing.
Answer - Blanket
, ◉ The miscellaneous expense benefit in a basic hospital expense policy
normally will cover: Answer - hospital room and board.
◉ Florida law does not regulate retirement plans. Answer - TRUE
◉ With regard to annuity investments by seniors, "senior consumers" are
typically defined as those individuals who are age: Answer - 65 or older.
◉ If an annuitant owns 300 annuity units and receives $1,500 a month, what
is the value of each annuity unit? Answer - $5
◉ The Free Look Period for long-term care policies is _______ days. Answer - 30
◉ AD&D policies make benefits payable in the form of principal sum and
capital sum. Answer - TRUE
◉ If a life insurance applicant is given a conditional receipt, what is the
effective date of coverage? Answer - The time the insurer accepts the
application and issues the policy
◉ Service providers contract for and sell medical and hospital: Answer - care
services.
◉ _______________ policies are commonly used as a hedge against inflation to
ward off decreased purchasing power. Answer - Increasing term
