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quiz Flashcards

1
Q

The type of agent authority that is based on words, actions or deeds is:
Question 2 Answer
a. Guaranteed authority
b. Implied authority
c. Apparent authority
d. Express authority

A

c. Apparent authority

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2
Q

Playing and winning the lottery is an example of which type of risk:
Question 7 Answer

a.Speculative risk
b.Frivolous risk
c.Subjective risk
d.Pure risk

A

A. Speculative risk

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3
Q

Service providers provide benefits to its:
Question 8 Answer

a. Policyowners
b. Shareholders
c. Subscribers
d. Members

A

c. subscribers

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4
Q

The Office of Financial Regulation has all of the following responsibilities except:

a. Refer suspected violators to law enforcement agencies
b. Issue Certificate of Authority to insurance companies
c. Investigate wrong doing
d. Regulations of banks

A

b. Issue Certificate of Authority to insurance companies

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5
Q

Which of the following is true of the investigation powers of the Office of Financial Regulation with respect to insurance activities in Florida:

a. It may investigate suspected wrongdoing only outside of Florida.
b. The Office of Financial Regulation is not responsible for investigations.
c. It may investigate suspected wrongdoing only inside of Florida.
d. It may investigate suspected wrongdoing both inside and outside of Florida.

A

d. It may investigate suspected wrongdoing both inside and outside of Florida

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6
Q

State guaranty associations are funded by:

a. Customer surcharges
b. Local and state governments
c. Assessments to insurance companies
d. A small percentage of agent commissions

A

c. Assessments to insurance companies

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7
Q

The Office of Financial Regulation is responsible for all of the following except:
Question 20 Answer

a. Regulation of banks
b. Regulation of federal agencies
c. Regulation of credit unions
d. Regulation of the securities industry

A

b. Regulation of federal agencies

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8
Q

The McCarran-Ferguson Act confirms that insurance is regulated by the:
Question 1 Answer

a. Government
b. Counties
c. Cities
d. States

A

d. States

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9
Q

The type of contract that does not allow the applicant to negotiate the terms of the contract is a:

a. Conditional contrat
b. Aleatory contract
c. Contract of adhesion
d. Absolute contract

A

c. Contract of adhesion

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10
Q

In agent authority, the principal is usually the:

a. Customer
b. Insurance carrier
c. Underwriter
d. Agent

A

b. Insurance carrier

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11
Q

The association that protects consumers if an insurer becomes insolvent is the:

a. FEMA
b. Insurance Guaranty Association
c. Office of Insurance Regulation
d. The Florida Bureau of Claim Services

A

b. Insurance Guaranty Association

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12
Q

All of the following are examples of soliciting insurance except:

a. Completing orders for insurance contracts
b. Making changes to an insurance policy
c. Making recommendations for insurance products
d. Describing the benefits and terms of insurance coverage

A

b. Making changes to an insurance policy

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13
Q

Telling an applicant that an endorsement is required by law when such coverage is not required is an example of:

a. Churning
b. Sliding
c. Misrepresentation
d. Twisting

A

b. Sliding

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14
Q

The free look provision in a Health insurance policy is:

a. 21 days
b. 10 days
c. 14 days
d. 30 days

A

b. 10 days

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15
Q

The intent to deceive an agent or insurer for purposes of insurance is an example of:

a. Fraud
b. Sliding
c. Twisting
d. Churning

A

a. Fraud

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16
Q

The act established by Congress which helps to prevent attempts to launder money and finance terrorism is the:
Question 8 Answer

a. Financial Services Modernization Act
b. Intervention of Terrorism Act
c. USA Terrorism Act
d. USA Patriot Act

A

d. USA Patriot Act

17
Q

In Long Term Care insurance, skilled nursing care must be performed by a licensed medical professional under the supervision of a:

a. Paramedic
b. Nursing assistant
c. X-ray technician
d. Physician

A

d. Physician

18
Q

Intermediate care can be provided by all of the following except:

a. Paramedic
b. Practical nurse
c. Registered nurse
d. Nurse’s aid

A

a. Paramedic

19
Q

In a prepaid plan:

a. The subscribers are given an upfront amount of insurance for medical emergencies
b. The subscribers pay a set fee each month for medical services
c. The insurer gives the subscriber a set amount of insurance for hospital stay
d. All choices are correct

A

b. The subscribers pay a set fee each month for medical services

20
Q

Medicare Part B coverage provides benefits for all of the following except:

a. Diagnostic tests
b. Physician services
c. Occupational therapy
d. Prescription drugs

A

d. Prescription drugs

21
Q

Care provided by nurses and licensed practical nurses is known as:
Question 20 Answer

a. Skilled care
b. Alternate care
c. Custodial care
d. Intermediate care

A

d. Intermediate care

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