|
The Bureau of Unclaimed Property is overseen by the |
Chief Financial Officer |
|
The Life and Health Insurance Guaranty Association is |
funded by admitted insurance companies through assessments |
|
Which action could result in a hearing being ordered by the Department of Financial Services? |
Performing insurance transactions without a license |
|
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 |
|
Which of the following is an example of an Unfair Trade Practice? |
Coercion |
|
An example of rebating would be |
offering a client something of value not stated in the contract in exchange for their business |
|
An example of an unfair claims practice would be |
failing to effectuate prompt, fair, and equitable settlements of a claim |
|
Which type of insurance company allows their policyowners to elect a governing body? |
Mutual |
|
Which of the following is considered to be misrepresentation? |
An agent guaranteeing a policy’s dividends |
|
An example of false advertising would be |
An insurer exaggerating its dividends in a magazine advertisement |
|
Convincing a prospective insured to buy an insurance policy based on exaggerations is called |
misrepresentation |
|
How can an agent-in-charge have more than one location? |
Only if the agent-in-charge is present when insurance activity occurs |
|
In Florida, an insurer domiciled and incorporated in this state is called a(n) |
domestic company |
|
Agents that have been licensed for less than six years must complete __ hours of continuing education every two years. |
24 |
|
Employers with less than __ employees are affected by Florida’s Health Insurance Coverage Continuation Act (Mini COBRA). |
20 |
|
In Florida, an insurer licensed to conduct business in Florida, but domiciled in New Jersey, is called a(n) |
foreign company |
|
In order for a domestic, foreign, or alien insurance company to conduct business, it must be authorized by whom? |
The state where they are conducting business |
|
In Florida, deceptive advertising is considered to be |
a form of misrepresentation |
|
If an agent would like to sell Variable annuities, which state examination must the agent pass? |
Life and Variable contracts |
|
According to Florida law, an additional lapse notice must be issued after the standard grace period has expired for policyowners age |
64 years or older |
|
Which of the following provisions is NOT required in HMO contracts/certificates? |
Seven-day grace period |
|
Who does an agent represent during the solicitation of insurance? |
The insurance company |
|
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 |
|
Which of the following is NOT an unfair claim settlement practice? |
Needing written documentation of claim details |
|
According to Florida law, a Group Life insurance policy requires a minimum of how many insureds? |
No minimum |
|
All of these are a prerequisite for becoming a licensed agent EXCEPT |
Graduate from High School |
|
An applicant who pays the initial premium at the time of application is typically given a(n) |
conditional receipt |
|
Which of the following situations are NOT subject to Florida life insurance laws? |
Insurance companies’ day-to-day operations |
|
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 |
|
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? |
48 months |
|
According to Florida law, which of the following statements accurately describes an admitted mail order insurance company? |
It may solicit insurance business by mail without the assistance of a licensed agent |
|
The minimum age at which a person can sign a life insurance application is |
15 years |
|
According to Florida law, which of the following information does NOT need to be obtained by an agent recommending an annuity purchase? |
Marital status |
|
What are adjustable rates for life policy loans in Florida based on? |
Moody’s corporate bond index |
|
What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida Law? |
0% |
|
A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits? |
Insurance |
|
A mutual insurance company and a stock insurance company have one main difference between them. What is this major contrast? |
Stock company is owned by its shareholders. Mutual company is owned by its policyholders. |
|
An agent selling Medicare Supplement policies must provide every applicant with a(n) |
Suitability form |
|
A variable life insurance agent must be licensed and appointed as a life and variable contract agent, as well as a(n) |
broker dealer |
|
Under Florida law, a variable annuity policyowner must be notified of the accumulated value of the contract |
once each year |
|
Which of the following is NOT required in the Outline of Coverage for a health insurance policy? |
Projection of the policy’s future costs |
|
A person insured under a health policy is required to give the insurance company a Notice of Claim within how many days after a covered loss? |
20 |
|
When is a Group Health policy required to provide coverage for a newborn child? |
At the moment of birth |
|
Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund? |
30 |
|
Nonprofit life insurance providers that are covered by a special section in the Florida insurance code are called |
Fraternal life insurance organizations |
|
According to Florida law, group life insurance conversion privileges must NOT |
require evidence of insurability |
|
An example of an unfair trade practice is |
an agent making a material misrepresentation to the insured |
|
Within how many days must a licensee notify the Department of Financial Services of a change in address? |
30 |
|
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 |
|
In Florida, what is the maximum percentage of controlled business an agent may produce? |
50% |
|
In Florida, a health policy that is paid on a quarterly basis requires a grace period of |
31 DAYS |
|
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 |
|
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 |
|
What do families pay that are covered by the Florida Healthy Kids Corporation? |
A portion of the premium |
|
During the course of an insurance transaction, if an agent makes a false or incomplete statement, he/she could be found guilty of |
misrepresentation |
|
The Florida Employee Health Care Access Act was established to make |
group health insurance available to employers with up to 50 employees |
|
Florida’s 14-day free-look period for life insurance policies begins at the |
date of delivery |
|
Defamation occurs when an agent makes a false statement intended to |
malign another insurer |
Share This
Flashcard
