Exam Simulator 1 Flashcards
A life insurance policy would be considered a wagering contract WITHOUT:
Insurable interest
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?
Conversion privileges
Basic Medical Expense insurance:
Has lower benefits limits than Major Medical insurance
If a contract of adhesion contains complicated language, to whom would the interpretation be in favor of?
Insured
Which two entities regulate variable annuities?
Department of Financial Services; and Securities Exchange Commission
What is required in the Florida Employee Health Care Access Act?
Small group benefit plans are to be issued on a “guarantee-issue” basis
Which of the following situations are NOT subject to Florida life insurance laws?
Insurance companies’ day-to-day operations
Which Long Term Care insurance statement is true?
Pre-existing conditions must be covered after the coverage has been in force for six months
According to Florida law, when must an agent deliver the Outline of Coverage to a Medicare supplement applicant?
At the time of application
All of the following statements regrading group health insurance os true:
Premiums are usually determined by the claims experience of the group, A master contract is issued for the group, and Group health insurance premiums are typically lower than individual health insurance premiums
An individual has a Major Medical policy with a $5,00 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?
$7,000
In Florida, most life insurance policies have a contestability period of
2 years
Which of the following statements BEST defines usual, customary, and reasonable (UCR) changes?
The maximum amount considered eligible for reimbursement by an insurance company under a health plan
Periodic health claim payments MUST be made at least:
Monthly
The Federal income tax treatment of employee-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
Which of the following acts is an agent NOT authorized to do on behalf of an insurer?
Accept premiums for policyholders
Complete insurance applications
Authorize claim payments
Ask Health related questions
- Authorize claim payments *
A life insurance application must be signed by all of these Except:
The policyowner
The agent
The insured(if an adult)
Beneficiary
- Beneficiary *
A Business Disability Buyout plan policy is designed:
To pay benefits to the Corporation or other shareholders
The waiting period for pre-existing conditions under a Medicare Supplement policy may NOT go beyond
6 months
P completed an application for a $10,000 life policy, but does not give the producer the initial premium. P’s coverage becomes effective when:
P receives the policy and pays the premium
Which of the following combinations plans is designed to protect an insured from an unpaid mortgage balance upon premature death?
Joint Life
How long does the coverage normally on a limited-pay life policy?
Age 100
Under the USA PATRIOT ACT, insurers are required to report receipt of cash payments in excess of
$10,000
Which of the following is not requires in the Outline of coverage for health insurance policy?
Projection of the policy future costs
