Florida Laws and Rules Pertinent to Insurance

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All of the following are Nonforfeiture Options EXCEPT

-Cash Surrender Option
-Extended Term Option
-Reduced Paid-Up Option
-Automatic Premium Loan Option

Automatic Premium Loan Option

What do Dread Disease policies cover?

a specific disease or illness

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

2 years

J is an agent who recently told a claimant that his rights might be impaired if he does not complete a release form within a specified time. What could this agent be found guilty of?

coercion

Convincing a prospective insured to buy an insurance policy based on exaggerations is called

misrepresentation

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 provisions is NOT required in HMO contracts/certificates?
-Enrollment
-Rates shall not be excessive
-No pre-existing exclusions for children
-Seven-day grace period

7 day grace period

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

According to Florida Law, in which of the following situations would a dependent handicapped child NOT be covered under a Family Health policy?

-The handicapped child has reached the limiting age
-The premiums for the handicapped child are not paid
-The handicapped child becomes a full-time student
-The family moves outside the provider network

The premiums for the handicapped child are not paid

An example of an unfair claims practice would be

failing to effectuate prompt, fair, and equitable settlements of a claim

Under Florida law, which of the following provisions is NOT required in a Medicare Supplement policy?

-Suitability form
-Guaranteed issue
-Free-look period of 30 days
-Limitation on pre-existing conditions for up to 12 months

limitation on pre-existing conditions for up to 12 months

Which of the following areas of state regulation is NOT protected by the savings clause in ERISA?

-Insurance
-Commerce
-Banking
-Securities

commerce

The act of an insurance company publishing misleading information about its policy’s provisions is called

False advertising

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

2 years

The Bureau of Unclaimed Property is overseen by the

chief financial officer

What is Florida’s definition of Life insurance replacement?

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

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

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

-intentionally misrepresenting the provisions of a policy
-acting with fiduciary responsibility
-forging a name on an insurance application
-being convicted of a felony

acting w/ fiduciary responsibility

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

18 months

The waiting period for a pre-existing condition under a Medicare Supplement policy may NOT go beyond

-1 month
-3 months
-6 months
-12 months

6 months

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

the insurance company

In Florida, an insurer licensed to conduct business in Florida, but domiciled in New Jersey, is called a(n)

foreign company

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 the following unfair trade practices involves an agent who makes malicious statements about another person’s financial condition?

defamation

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

-Explanation of the policy’s benefits
-Listing of the policy’s exclusions and limitations
-Projection of the policy’s future costs
-Explanation of the policy’s renewal and cancellation provisions

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

projection of the policy’s future costs

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

Which entity approves the insurance policy forms used in Florida?

office of insurance regulation (OIR)

Which Unfair Trade Practice involves an agent suggesting that an insurance policy is like a share of stock?

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 policyholder

In Florida, which of the following is considered an Unfair Trade Practice?

coercion

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

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

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

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

require evidence of insurability

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

a Buyer’s Guide and Policy Summary

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

broker dealer

Who is a mutual insurance company owned by?

its policyholders

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

insurance companies day to day operations

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

30

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

date of delivery

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

risk management advisers

An applicant who pays the initial premium at the time of application is typically given a(n)

conditional receipt

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

viatical settlement

The insurer must provide a prospective buyer with a(n)

buyer’s guide and policy summary

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

10 days

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

monthly

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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