Which health policy clause stipulates that an insurance company must attach a copy of the application to the policy to ensure that it is part of the contact?

Which entity approves the insurance policy forms used in Florida?

Office of insurance regulations

A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits?

An agent selling Medicare Supplement policies must provide every applicant with a(n)

Which rider provides coverage for a child under a parent's life insurance policy?

An engineering firm that would suffer financially from the death of a project manager should purchase a:

Key person life insurance

Which factors are taken into consideration when an insurance company determines the premium rate for a Whole Life policy on an applicant?

Whole Life insurance policies are contractually guaranteed to provide each of the following, EXCEPT:

partial withdrawal features beyond a surrender charge period

A policyowner would like to change the beneficiary on an Accidental Death and Dismemberment (AD&D) insurance policy and make the change permanent. Which type of designation would fulfill this need?

T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight Life Annuity. What will this transaction provide?

Income that cannot be outlived by the owner

A 15-year mortgage is best protected by what kind of life policy?

15 year decreasing policy

Which Unfair Trade Practice involves making a false statement on an insurance application in order to receive money from an insurer?

What type of employee welfare plans are not subject to ERISA regulations?

Which Unfair Trade Practice involves an agent telling a prospective client that a policy's dividends are guaranteed?

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?

A Whole Life Insurance Policy endows when the:

Cash value equals the death benefit

On August 6, D submitted an application for a $50,000 Life Insurance policy and did not pay the initial premium. On August 18, D went to his doctor complaining of chest pains and some tests were given by the doctor. The life policy was delivered by the producer on August 20 and D explains what had recently taken place with the doctor. What action should the producer then take?

Collect initial premium along with a signed health statement

N, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at age 70 for life. What type of annuity did N purchase?

Which of the following provisions guarantees that premiums will be waived if a Juvenile Life policyowner becomes disabled?

S takes out a health insurance policy which contains a provision that states that the agent does not have the authority to change the policy or waive any of its provisions. Which health policy provision is this?

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

D was actively serving in the Marines when he was killed in an automobile accident while on leave. His $100,000 Whole life policy contains a War Exclusion clause. How much will D's beneficiary's receive?

In Florida, an element of an insurance transaction would be

Issuing an insurance contract

Which of the following documents must an agent submit to the replacing insurance company during the replacement of an existing life insurance policy?

Notice to existing and replacing insurers of intention to replace

If an agent would like to sell Variable annuities, which state examination must the agent pass?

Life and Variable contracts

In a life insurance policy, which provision states who may select policy options, designate and name a beneficiary, and be the recipient of any financial benefits from the policy?

Which of these is NOT a characteristic of a Health Reimbursement Arrangement (HRA)?

Employee funds the HRA entirely

In Florida, an insurer domiciled and incorporated in this state is called a(n)

What type of insurance company is domiciled in England, but conducts business in Florida?

The Bureau of Unclaimed Property is overseen by the

T has Disability Income policy that pays a monthly benefit of $5000. If T becomes partially disabled, what can he likely expect?

Less than $5,000 per month benefit regardless of the cause

When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates?

Change of occupation provision

Which statement regarding a Key Employee Life policy is NOT true?

The beneficiary is named by the key employee

Under what system do a group of doctors and hospitals in a designated area contract with an insurer to provide services at a prearranged cost to the insured?

M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect, EXCEPT:

free-look period has expired

An agent who makes misleading statements that lead to the termination of an existing insurance policy so that a new policy with another insurer can be taken out has committed

Which of the following statements describes what an Accident and Health policyowner may NOT do?

States the scopes and limits of the coverage

A long-term care rider in a life insurance policy pays a daily benefit in the event of which of the following?

Inability of the insured to perform more than 2 Activities of Daily Living (ADL's)

According to Florida law, when must an agent deliver the Outline of Coverage to a Medicare Supplement applicant?

At the time of the application

At what time must a policyowner have insurable interest on the insured in order for the life policy to be valid?

At the time of application

The USA Patriot Act was enacted in:

How many days does an insurance company have to reject a reinstatement application before it is automatically reinstated?

D is the policyowner and insured for a $50,000 life insurance policy. The beneficiary is D's wife. D and his wife divorce and D remarries, transferring ownership of his policy to his new wife. If D dies without making any further changes, to whom will the policy proceeds be paid to?

G is an accountant who has ten employees and is concerned about how the business would survive financially if G became disabled. The type of policy which BEST addresses this concern is:

Business Overhead Expense

The federal income tax treatment of employer-provided group Medical Expense insurance can be accurately described as:

Employee's premiums paid by the employer is tax-deductible to the employer as a business expenditure

The Florida Employee Health Care Access Act was established to make

group health insurance available to employers with up to 50 employees

An insured pays premiums on an annual basis for an individual health insurance policy. What is the MINIMUM number of days for the Grace Period provision?

Which of the following BEST describes a short-term medical expense policy?

Which of the following is considered to be misrepresentation?

An agent guaranteeing a policy's dividends

An insured must notify an insurer of a medical claim within how many days after an accident?

What would be an accurate definition of "controlled business"?

Insurance business that is written on the agent's own life, property, or interests

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):

Anti money laundering violation

In Florida, the underwriting and issuance of a master group health policy requires that all employees

are eligible to participate, regardless of their individual health history

What does a Guaranteed Insurability rider provide a Disability Income policyowner?

The ability to periodically increase the amount of coverage without evidence of insurability

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

Which provision is NOT a requirement in a group life policy?

What does the insuring agreement in a Life insurance contract establish?

An insurers basic promise

A variable life insurance agent must be licensed and appointed as a life and variable contract agent, as well as a(n

According to Florida's rules on disclosure, a life insurance applicant is expected to be provided with

Buyers guide and policy summary

The guarantee of insurability option provides a long-term care policyowner the ability to:

buy additional coverage at a later date

Which health policy clause stipulates that an insurance company must attach a copy of the application to the policy to ensure that it is part of the contract?

An insurance company normally has 2 years to contest information provided on an accident and health application. This 2 year period begins on the date that the:

How are surrender charges deducted in a life policy with a rear-end loaded provision?

Deducted when the policy is discontinued

In Florida, deceptive advertising is considered to be

A form of misrepresentation

An individual Disability Income insurance applicant may be required to submit all of the following information, EXCEPT:

Who is normally considered to be the owner of a 403(b) tax-sheltered annuity?

During the course of an insurance transaction, if an agent makes a false or incomplete statement, he/she could be found guilty of

All of these are considered to be a benefit under Social Security, EXCEPT for:

Which of the following best describes a contingent beneficiary?

Person designated by the insured to receive policy proceeds in the event that the primary beneficiary dies before the insured

The option that provides an additional death benefit for a limited amount of time at the lowest possible cost is called a(n):

Accidental Death and Dismemberment rider (AD&D)

What do families pay that are covered by the Florida Healthy Kids Corporation?

Employers with less than __ employees are affected by Florida's Health Insurance Coverage Continuation Act (Mini COBRA).

A noncontributory group term life plan is characterized by:

the entire cost of the plan is paid for by the employer

According to Florida's life insurance replacement laws, a policyowner must be provided with a written Comparison and Summary Statement when it's requested by

Which of the following features of a group Term Life policy enables an individual to leave the group and continue his or her insurance without providing evidence of insurability?

An individual has a Major Medical policy with a $5,000 deductible and an 80/20 Coinsurance clause. How much will the INSURED have to pay if a total of $15,000 in covered medical expenses are incurred?

K has a health policy that must be renewed by the insurer and the premiums can only be increased if applied to the entire class of insureds. This type of policy is considered:

A licensed agent must be appointed by an insurance company to solicit insurance in Florida. The agent's license will terminate if a certain period of time elapses without being appointed. How long is this period of time?

Florida requires that coverage for newborns begins “from the moment of birth” and continues for

Upon delivery of a rated life insurance policy, the Producer must obtain each of the following, EXCEPT:

Within how many days must a licensee notify the Department of Financial Services of a change in address?

Which of these is NOT a type of agent authority?

If an insurance company issues a Disability Income policy that it cannot cancel or for which it cannot increase premiums, the type of renewability that best desribes this policy is called:

K is an agent who made an improper sale of an annuity to a client. Which of the following corrective actions would the Department of Financial Services likely order K to take?

Pay monetary restitution to the client

Which of the following is a standard provision of the conversion privileges in a Group Life policy?

Group Life coverage can be converted to an individual policy at regular rates on an attained-age basis

What action will an insurer take if an interest payment on a policy loan is not made on time?

automatically add the amount of interest due to the loan balance

K is an agent who takes an application for individual life insurance and accepts a check from the client. He submits the application and check to the insurance company, however the check was never signed by the applicant. If the application is approved, when will coverage be effective?

The date the agent delivered the policy, collected the initial premium, and obtained a good health statement from the insured

A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct?

20-Pay Life accumulates cash value faster than Straight Life

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

Which of the following are NOT managed care organizations?

Credit Life insurance is:

issued in an amount not to exceed the amount of the loan

Which is true concerning a Variable Universal Life policy?

Policyowner controls where the investment will go and selects the amount of the premium payment

Which of these is NOT considered to be a right given to a policyowner?

Modify a provision in the insurance contract

A statement guaranteed to be true

An insurance company can contest a life insurance contract due to application fraud within

Under an Individual Disability policy in Florida, what is the minimum schedule of time in which claims must be made to an insured?

Which contract permits the remaining partners to buy-out the interest of a disabled business partner?

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:

For which of the following expenses does a Basic Hospital policy pay?

What would the Medical Information Bureau (MIB) identify?

Testing positive for mmarijuana use from a previous screening

Which of these statements about a Guaranteed Insurability Option rider is NOT TRUE?

Evidence of insurability is required when the option is exercised

According to the Time Limit of Certain Defenses provision in an Individual Health Insurance Policy, nonfraudulent misstatements first become incontestable:

two years from the date of the policy was issued

What is the purpose of the Time of Payment of Claims provision?

Prevents delayed claim payments made by the insurer

When replacing or exchanging an annuity, the agent must disclose to the annuitant

the possible tax ramifications as a result of the transaction

Which of these arrangements allows one to bypass insurable interest laws?

Investor-Originated Life Insurance

In Florida, which of the following practitioners normally do NOT receive payment from health insurance policies?

Which of the following statements about a Guaranteed Renewable Health Insurance policy is CORRECT?

Premiums normally increase at time of renewal

A Medical Information Report (MIB) report may disclose which of the following:

When is the face amount paid under a Joint Life and Survivor policy?

upon death of the last insured

When an insurer issues a policy that refuses to cover certain risks, this is referred to as a(n):

J is an agent who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of?

Which statement is true regarding a minor beneficiary?

Normally, a guardian is required to be appointed in the Beneficiary clause of the contract

What is the elimination period of an individual disability policy?

Time period a disabled person must wait before benefits are paid

What type of rider would be added to an Accident and Health policy if the policyowner wants to ensure the policy will continue if he/she ever becomes totally disabled?

G purchased a $50,000 single premium, Straight Life Annuity 2 years ago. G has been receiving monthly payments from the annuity. When G dies, the insurer:

Does not have to make any further payments

Which two entities regulate variable annuities?

Department of Financial Services; and Securities Exchange Commission

According to the Time Payment of Claims provision, the insurer must pay Disability Income benefits no less frequently than which of the following options?

W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim?

The proceeds would be reduced based on whatever the premium would have been if purchased at age 59

The Consideration clause in a life insurance contract contains what pertinent information?

Amount of premium payments and when they are due

What do Dread Disease policies cover?

Specific disease or illness

Which of these options can an individual use their medical flexible spending account to pay for?

Which of the following medical expenses does Cancer insurance NOT cover?

The policy provision that entitles the insurer to establish conditions the insured must meet while a claim is pending is:

Time Limit on Certain Defenses

The provision that defines to whom the insurer will pay benefits to is called:

The coordination of benefits (COB) provision exists in order to

avoid duplication of benefit payments

Which of the following situations are NOT subject to Florida life insurance laws?

Insurance companies' day-to-day operations

Which of the following factors is NOT considered when the Department of Financial Services determines if an agent's home is an insurance agency?

The amount of premium collected at this location

Which of the following statements BEST describes what the Legal Actions provision of an Accident and Health policy requires?

An insured must wait at least 60 days after Proof of Loss has been submitted before a lawsuit can be filed

Which of these do NOT constitute policy delivery?

Policy issued with a rating

Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund?

Association Plans that are designed to provide health benefits to their members are regulated by the state because

they are insured by an authorized insurer

With a Basic Medical Expense policy, what does the hospitalization expense cover?

A variable insurance policy:

does not guarantee a return on its investment accounts

The Accidental Death and Dismemberment (AD&D) provision in a life insurance policy would pay additional benefits if the insured:

According to Florida law, group life insurance conversion privileges must NOT

Which of these statements is INCORRECT regarding a Preferred Provider Organization (PPO)?

PPO's are NOT a type of managed care systems

Which mode of payment is NOT used by health insurance policies?

K is looking to purchase Renewable Term insurance. Which of these types of Term insurance may be renewable?

Which type of renewability best describes a Disability Income policy that covers an individual until the age of 65, but the insurer has the right to change the premium rate for the overall risk class?

A medical care provider which typically delivers health services at its own local medical facility is known as a:

Which of the following employer tasks does a Professional Employer Organization normally handle?

Group Life policies in Florida are required to contain a conversion privilege that allows for conversion

to an individual policy for a stated period of time

Under Florida law, a variable annuity policyowner must be notified of the accumulated value of the contract

The investment gains from a Universal Life Policy usually go toward:

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

If an individual has an Accidental Death and Dismemberment policy and dies, an autopsy can be performed in all these situations, EXCEPT:

When the state prohibits this by law

K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which the insurer subsequently accepts. Which policy provision specifies that coverage may be restored in this situation?

What action can a policyowner take if an application for a bank loan requires collateral?

Assign policy ownership to the bank

Agent J takes an application and initial premium from an applicant and sends the application and premium check to the insurance company. The insurance company returns the check back to J because the check is made out to J instead of the insurance company. What action should J take?

Return to the customer, collect a new check made out to the insurance company, and send the new check out to the insurance company

One becomes eligible for Social Security disability benefits after having been disabled for:

When an insurance company sends a policy to the insured with an attached application the element that makes the application?

What is in the insuring clause?

What is a policy a form of insurance contract?

What is a required provision in health insurance policies?