CH 8 Florida Laws & Rules Pertinent to Insurance

In Florida, what is the maximum percentage of controlled business an agent may produce?

50%

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

Misrepresentation

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

An agent's license can be suspended or revoked by

writing primarily controlled business

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

Misrepresentation

During the application process, the agent's primary responsibility is to

the insurance company

Defamation occurs when an agent makes a false statement intended to

malign another insurer

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

Suitability form

The minimum age at which a person can sign a life insurance application is

15 years

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

At the time of application

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

broker dealer

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

avoid duplication of benefit payments

A stock insurance company

is owned exclusively by its shareholders

In Florida, most life insurance policies have a contestability period of

2 years

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

30

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

A portion of the premium

What percentage of eligible persons must a policy cover in a noncontributory group?

100%

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

In Florida, when agents recommend changes be made for existing coverage, the agent must follow established procedures. The name of this rule is called the

Florida Replacement Rule

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?

Entire Contract

J owns a business and has a Group Life policy covering her employees. J decides to cancel the policy by letting it lapse on the renewal date. What action must be taken?

All of the employees must be notified of the cancellation either by the insurance company or through J

In Florida, an element of an insurance transaction would be

issuing an insurance contract

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

Monthly

Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent

only if the child is incapable of employment and chiefly dependent on the policyowner

A life insurance policyowner may sell their policy to a(n) _____ in order to receive a percentage of the policy's face value.

viatical settlement provider

In Florida, monthly-premium health insurance policies must provide a grace period of at least

10 days

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

the possible tax ramifications as a result of the transaction

How many hours of continuing education must a newly licensed agent complete every two years?

24

What is required in the Florida Employee Health Care Access Act?

Small group benefit plans are to be issued on a "guarantee-issue" basis

The Florida Employee Health Care Access Act was established to make

group health insurance available to employers with up to 50 employees

All of the following will result in the suspension of an agent's license EXCEPT

acting with fiduciary responsibility

In Florida, deceptive advertising is considered to be

a form of misrepresentation

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

the policyowner

All of the following are eligibility requirements for an association group EXCEPT

Contributory plans require a minimum of 25 participants

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

Which of the following is NOT required in the Outline of Coverage for a health insurance policy?

Projection of the policy's future costs

An individual covered under a Group Life insurance policy is considered to be a(n)

certificate holder

Florida's 14-day free-look period for life insurance policies begins at the

date of delivery

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

Administration tasks

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

18 months

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

Insurance companies' day-to-day operations

An example of sliding would be

charging for an additional product without the applicant's consent

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

20

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

2 years

The Life and Health Insurance Guaranty Association is

funded by admitted insurance companies through assessments

Which of these is NOT a legal entity for selling life insurance in Florida?

Risk management advisers

An example of an unfair trade practice is

an agent making a material misrepresentation to the insured

All of the following are Nonforfeiture Options EXCEPT

Automatic Premium Loan Option

What is Florida's definition of Life insurance replacement?

A transaction in which a new policy is bought and an old policy is terminated

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In Florida, what is the maximum percentage of controlled business an agent may produce?

50%

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

Misrepresentation

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

An agent’s license can be suspended or revoked by

writing primarily controlled business

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

Misrepresentation

During the application process, the agent’s primary responsibility is to

the insurance company

Defamation occurs when an agent makes a false statement intended to

malign another insurer

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

Suitability form

The minimum age at which a person can sign a life insurance application is

15 years

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

At the time of application

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

broker dealer

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

avoid duplication of benefit payments

A stock insurance company

is owned exclusively by its shareholders

In Florida, most life insurance policies have a contestability period of

2 years

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

30

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

A portion of the premium

What percentage of eligible persons must a policy cover in a noncontributory group?

100%

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

In Florida, when agents recommend changes be made for existing coverage, the agent must follow established procedures. The name of this rule is called the

Florida Replacement Rule

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?

Entire Contract

J owns a business and has a Group Life policy covering her employees. J decides to cancel the policy by letting it lapse on the renewal date. What action must be taken?

All of the employees must be notified of the cancellation either by the insurance company or through J

In Florida, an element of an insurance transaction would be

issuing an insurance contract

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

Monthly

Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent

only if the child is incapable of employment and chiefly dependent on the policyowner

A life insurance policyowner may sell their policy to a(n) _____ in order to receive a percentage of the policy’s face value.

viatical settlement provider

In Florida, monthly-premium health insurance policies must provide a grace period of at least

10 days

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

the possible tax ramifications as a result of the transaction

How many hours of continuing education must a newly licensed agent complete every two years?

24

What is required in the Florida Employee Health Care Access Act?

Small group benefit plans are to be issued on a "guarantee-issue" basis

The Florida Employee Health Care Access Act was established to make

group health insurance available to employers with up to 50 employees

All of the following will result in the suspension of an agent’s license EXCEPT

acting with fiduciary responsibility

In Florida, deceptive advertising is considered to be

a form of misrepresentation

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

the policyowner

All of the following are eligibility requirements for an association group EXCEPT

Contributory plans require a minimum of 25 participants

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

Which of the following is NOT required in the Outline of Coverage for a health insurance policy?

Projection of the policy’s future costs

An individual covered under a Group Life insurance policy is considered to be a(n)

certificate holder

Florida’s 14-day free-look period for life insurance policies begins at the

date of delivery

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

Administration tasks

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

18 months

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

Insurance companies’ day-to-day operations

An example of sliding would be

charging for an additional product without the applicant’s consent

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

20

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

2 years

The Life and Health Insurance Guaranty Association is

funded by admitted insurance companies through assessments

Which of these is NOT a legal entity for selling life insurance in Florida?

Risk management advisers

An example of an unfair trade practice is

an agent making a material misrepresentation to the insured

All of the following are Nonforfeiture Options EXCEPT

Automatic Premium Loan Option

What is Florida’s definition of Life insurance replacement?

A transaction in which a new policy is bought and an old policy is terminated

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