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10 Quiz Set/s
Health Insurance 101
10 Quiz Sets
Health Insurance 101
Life and Health Insurance Exam 2
Can you answer
25
questions in 10 minutes?
Life and Health Insurance Exam 2 |
1. The minimum age for purchasing life insurance policy in Florida is
Pay a reduced death benefit
15.
The Guaranty Association.
Funds exceeding the premium paid are taxable as ordinary income.
2. All of the following statements describe a MEWA EXCEPT
MEWAs are groups of at least 3 employers.
14
An insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan.
15.
3. Which of the following insurance products will be subject to the regulation on life insurance solicitation?
The Florida Replacement Rule
A person may hold several appointments at one time.
The beneficiary would receive $25000 if it was determined that the insured qualified for the policy applied for.
Which of the following insurance products will be subject to the regulation on life insurance solicitation?
4. Which provision concerns the insured's duty to provide the insurer with reasonable notice in the event of a loss?
Insuring clause
Insurance
Notice of Claim
8%
5. A person insured under a group life insurance policy can make an assignment of all or any part of the incidents of ownership conferred on the insured by the policy or by law - to any of the following EXCEPT
50
The policyholder.
The application given to a prospective insured
They can be changed only with the written consent of that beneficiary.
6. Which of the following authorities grants and revokes licenses?
They must be guaranteed renewable.
Funds exceeding the premium paid are taxable as ordinary income.
115% of the regular group rate.
Department of Financial Services
7. An applicant signs an application for a $25000 life insurance policy - pays the initial premium - and receives a conditional receipt. If the applicant is killed in an automobile accident the next day -
Funds exceeding the premium paid are taxable as ordinary income.
The beneficiary would receive $25000 if it was determined that the insured qualified for the policy applied for.
Increasing
15.
8. A customer with an existing life insurance contract is considering exchanging it for a newer contract. What Florida insurance regulation should the customer's insurance agent consult?
The aggregate amount of premiums due
0%
The Florida Replacement Rule
An unfair trade practice.
9. The purpose of managed care health insurance plans is to
Decreasing term
Fraternal
Notice of Claim
Control health insurance claims expenses.
10. Which of the following statements is TRUE concerning irrevocable beneficiaries?
Which of the following insurance products will be subject to the regulation on life insurance solicitation?
Provide a 30-day advance notice to the Commissioner.
Fraternal
They can be changed only with the written consent of that beneficiary.
11. A paid-up nonforfeiture benefit will become effective as specified in the policy - unless the person entitled elects another available option within how many days after the due date of the premium in default?
MEWAs are groups of at least 3 employers.
Skilled care.
60
insurer
12. What is the period of coverage for events such as death or divorce under COBRA?
36 months
They must be part of the contract.
Rebates are allowed if it's in the best interest of the client.
Pay a reduced death benefit
13. In forming an insurance contract - when does acceptance usually occur?
Insuring clause
A person may hold several appointments at one time.
When an insurer's underwriter approves coverage
12 months.
14. Which of the following protects the insured from an unintentional policy lapse due to a nonpayment of premium?
Every company is required to establish marketing procedures.
They must be guaranteed renewable.
15.
Automatic premium loan
15. All of the following are requirements for life insurance illustrations EXCEPT
They must be part of the contract.
When an insurer's underwriter approves coverage
The policyholder.
To explain features and benefits of a proposed policy to the consumer
16. All of the following long-term care coverages would allow an insured to receive care at home EXCEPT
65
Provide a 30-day advance notice to the Commissioner.
They must be part of the contract.
Skilled care.
17. All of the following are examples of third-party ownership of a life insurance policy EXCEPT
An insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan.
36 months
The application given to a prospective insured
State taxes may be refunded upon a written request.
18. An agent delivers a life insurance policy to the proposed insured. The insured makes a decision not to accept the policy. The insured may return the policy for a full refund of premium within how many days?
A benefit for each day the insured is in a hospital.
The beneficiary would receive $25000 if it was determined that the insured qualified for the policy applied for.
14
The Guaranty Association.
19. Annually renewable term policies provide a level death benefit for a premium that
Increasing
Increases annually.
insurer
The application given to a prospective insured
20. When an insurer terminates an agent's appointment - the insurer must do all of the following EXCEPT
Health insurance solicitation.
Provide a 30-day advance notice to the Commissioner.
0%
The Guaranty Association.
21. Which of the following is a generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process?
The policyholder.
Department of Financial Services
Buyer's Guide
Unlimited
22. Under special circumstances - continuing education requirements may be extended beyond the 2-year period for a maximum period of
12 months.
Which of the following insurance products will be subject to the regulation on life insurance solicitation?
65
Dividend amounts are guaranteed in the policy.
23. An individual has just borrowed $10000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to this situation?
$5000
Adult day care
Insurance
Decreasing term
24. A hospital indemnity policy will pay
36 months
A benefit for each day the insured is in a hospital.
HMOs may pay for services not covered by Medicare.
Surgery to repair a wrist damaged by tendonitis.
25. How are state Insurance Guaranty Associations funded?
By their members - authorized insurers
insurer
Only if it is part of treatment for a covered illness or injury
60
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