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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 |
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What are adjustable rates for life policy loans in Florida based on? |
Moody’s corporate bond index |
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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 |
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What do Dread Disease policies cover? |
A specific disease or illness |
|
What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida Law? |
0 |
|
All of the following entries are classified under the four principal areas of Florida insurance law EXCEPT |
An agent’s commission |
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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 |
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Under an Individual Disability policy in Florida, what is the minimum schedule of time in which claims must be made to an insured? |
Monthly |
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Which of the following acts is an agent NOT authorized to do on behalf of an insurer? |
Authorize claim payments |
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All of these are a prerequisite for becoming a licensed agent EXCEPT |
Graduate from high school |
|
Florida requires that coverage for newborns begins "from the moment of birth" and continues for |
18 months` |
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Which of the following situations does NOT apply to the Florida Replacement Rule? |
An existing policyholder purchases an additional policy from the same insurer |
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According to Florida law, which of the following information does NOT need to be obtained by an agent recommending an annuity purchase? |
Marital status |
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Which of the following situations are NOT subject to Florida life insurance laws? |
Insurance companies’ day-to-day operations |
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In Florida, an insurer domiciled and incorporated in this state is called a(n) |
domestic company |
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In Florida, which of the following practitioners normally do NOT receive payment from health insurance policies? |
Naturopaths |
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Which of the following is NOT required in the Outline of Coverage for a health insurance policy? |
Projection of the policy’s future costs |
|
The minimum age at which a person can sign a life insurance application is |
15 years |
|
The Florida Employee Health Care Access Act was established to make |
group health insurance available to employers with up to 50 employees |
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Florida’s 14-day free-look period for life insurance policies begins at the |
date of delivery |
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A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits? |
Insurance |
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The act of an insurance company publishing misleading information about its policy’s provisions is called |
false advertising |
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During the course of an insurance transaction, if an agent makes a false or incomplete statement, he/she could be found guilty of |
misrepresentation |
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How many hours of continuing education must a newly licensed agent complete every two years? |
24 |
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If an agent would like to sell Variable annuities, which state examination must the agent pass? |
Life and Variable contracts |
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Which of the following professional organizations has its code of ethics incorporated into Florida law? |
National Association of Insurance and Financial Advisors (NAIFA) |
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According to Florida law, when must an agent deliver the Outline of Coverage to a Medicare Supplement applicant? |
At the time of application |
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In Florida, a health policy that is paid on a quarterly basis requires a grace period of |
31 |
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An agent selling Medicare Supplement policies must provide every applicant with a(n) |
Suitability form |
|
A foreign insurance company doing business in Florida |
is a company that was formed under the laws of another state |
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A variable life insurance agent must be licensed and appointed as a life and variable contract agent, as well as a(n) |
broker dealer |
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An example of an unfair claims settlement practice is |
turning down a claim without providing the basis of denial |
|
T is an agent and when hired, is reminded that he has a responsibility to handle clients’ funds in an honest and ethical manner. This responsibility is referred to as |
fiduciary responsibility |
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Who does an agent represent during the solicitation of insurance? |
The insurance company |
|
What do families pay that are covered by the Florida Healthy Kids Corporation? |
A portion of the premium |
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Advertising gifts not to exceed ___ are allowed to be given by an agent to a prospective client. |
25 |
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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 |
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Which of the following is NOT a consequence for placing business with an unauthorized insurer? |
First degree misdemeanor |
|
All of the following are Nonforfeiture Options EXCEPT |
Automatic |
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In Florida, most life insurance policies have a contestability period of |
2 |
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Convincing a prospective insured to buy an insurance policy based on exaggerations is called |
misrepresentation |
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Which of the following employer tasks does a Professional Employer Organization normally handle? |
Administration tasks |
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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 |
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Which of the following types of insureds are life insurance companies allowed to make policy rate discriminations against? |
People that smoke |
|
When replacing or exchanging an annuity, the agent must disclose to the annuitant |
the possible tax ramifications as a result of the transaction |
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When is a Group Health policy required to provide coverage for a newborn child? |
At the moment of birth |
|
Which of the following is NOT an unfair claim settlement practice? |
Needing written documentation of claim details |
|
An example of an unfair trade practice is |
an agent making a material misrepresentation to the insured |
|
According to Florida law, a Group Life insurance policy requires a minimum of how many insureds? |
No minimum |
|
Which of these is NOT a legal entity for selling life insurance in Florida? |
Risk management advisers |
|
The coordination of benefits (COB) provision exists in order to |
avoid duplication of benefit payments |
|
In Florida, an element of an insurance transaction would be |
issuing an insurance contract |
|
Which two entities regulate variable annuities? |
Department of Financial Services; and Securities Exchange Commission |
|
How many days does an insurance company have to reject a reinstatement application before it is automatically reinstated? |
45 |
|
Which of the following is NOT an unfair claim settlement practice? |
Needing written documentation of claim details |
|
Which entity approves the insurance policy forms used in Florida? |
Office of Insurance Regulation (OIR) |
|
The Bureau of Unclaimed Property is overseen by the |
Chief Financial Officer |
|
The waiting period for a pre-existing condition under a Medicare Supplement policy may NOT go beyond |
6 months |
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Which of the following provisions is NOT required in HMO contracts/certificates? |
Seven-day grace period |
|
In Florida, monthly-premium health insurance policies must provide a grace period of at least |
10 |
|
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 |
|
An agent selling Medicare Supplement policies must provide every applicant with a(n) |
Suitability form |
|
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 days |
|
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 |
|
The Financial Services Commission may hold hearings |
for any reason deemed necessary |
|
According to Florida law, when must an agent deliver the Outline of Coverage to a Medicare Supplement applicant? |
At the time of application |
|
Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund? |
30 |
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According to Florida Law, in which of the following situations would a dependent handicapped child NOT be covered under a Family Health policy? |
The premiums for the handicapped child are not paid |
|
What is the purpose of the Life and Health Insurance Guaranty Association? |
Protects policyowners against insolvent insurance companies |
|
One definition of replacement is "the act of replacing an existing insurance policy with another". Replacement is |
closely regulated and requires full disclosure |
|
What type of insurance company is domiciled in England, but conducts business in Florida? |
alien |
|
According to Florida law, group life insurance conversion privileges must NOT |
require evidence of insurability |
|
An example of an unfair claims practice would be |
failing to effectuate prompt, fair, and equitable settlements of a claim |
|
In Florida, agents are allowed to engage in rebating if |
offered to all insureds in the same actuarial class |
|
An applicant who pays the initial premium at the time of application is typically given a(n) |
conditional receipt |
|
A life policy loan in Florida cannot charge a fixed rate of interest higher than |
10 |
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Employers with less than __ employees are affected by Florida’s Health Insurance Coverage Continuation Act (Mini COBRA). |
20 |
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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, 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 |
|
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 |
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