2024 FLORIDA INSURANCE STUDY BUNDLE !!!

Which action will the insurance company most likely NOT take if the applicant has Diabetes and applies for a Disabiility Income policy? - Answer Issue the policy with an altered Time of Payment of Claims Which is NOT a legal entity for selling life insurance in Florida? - Answer Risk Manageme...

Risk - Answer the chance of financial loss Risk is NOT the loss itself, but the _________ of loss. - Answer CHANCE Policy - Answer a written contract for effecting insurance and includes Clauses, Riders, endorsements, and papers which are part of the contract Insurance - Answer ...

insurance - Answer ________________ is a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies. casualty - Answer ______________ insurance is insurance which pays on behalf of the insured's legal ...

The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the: - Answer Insuring clause K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that c...

An insurance company receives E's application for an individual health policy. E did not complete all of the medical history questions because she could not remember the exact dates. E signed the policy and submitted it to the insurance company anyway. A few weeks later, E suffers a heart attack ...

An insurance company receives E's application for an individual health policy. E did not complete all of the medical history questions because she could not remember the exact dates. E signed the policy and submitted it to the insurance company anyway. A few weeks later, E suffers a heart attack ...

Insurance is based on these two fundamental principles - Answer Spreading or Pooling of risks (loss sharing) and Theory of probability (law of large numbers) A principle based on the theory of probability and the experience of death or sickness statistics is known as the - Answer Law of larg...

A Supplementary Medical Expense policy combines the benefits of what two types of plans? - Answer Basic Medical and Major Medical Which of the following is not correct concerning Health Maintenance Organizations? - Answer They mandate enrollment for groups of 25 or more. Which is not true ...

Accident - Answer An unplanned, unforeseen event which occurs suddenly and at an unspecified place Accident Insurance - Answer A type of insurance that protects the insured against loss due to accidental bodily injury Accidental Bodily Injury - Answer Unplanned, unforeseen traumatic i...

Which Accident and Health policy provision addresses preexisting conditions? - Answer Time Limit on Certain Defenses Which of the following individual health insurance policies will provide the broadest protection? - Answer Major Medical Which of the following situations does NOT apply t...

Whole Life Policies - Answer - Ordinary (Straight) Life - Limited-pay Life - Single-Premium Life - Adjustable Life Interest/Market-Sensitive Policies - Answer - Universal Life - Variable Whole Life - Variable Universal Life - Interest-sensitive Whole Life - Equity-Indexed Life Term...

Which mode of payment is NOT used by health insurance policies? - Answer Single Premium The Coordination of Benefits provision - Answer prevents an insured covered by two health plans from making a profit on a covered loss After an insured gives notice of loss, what must he/she do if the...

Rules of Construction - Answer Help to identify and establish the intent of the parties to the contract Utmost good faith - Answer Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith with...

What is the definition of a risk that is insurable? a.Risk is defined as a chance or the possibility of financial loss; only pure risks are insurable as there is no possibility of a gain b.A chance of a loss or gain c.A risk where there is a possibility of a gain d.A chance for insurance cover...

A medical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as -Answer Usual, customary...

The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: - Answer Reserves An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the: - Answ...

Accumulation units are converted into annuity units: - Answer at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. - Answer noncontributory If a disabled worker covered under Social Security disabili...

In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - Answer 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect wi...

What is the main advantage of converting from group life insurance to individual coverage? - Answer Evidence of insurability is not required What is the general taxation rule for death benefits payable to the beneficiary of a life insurance policy? - Answer Death benefits are generally not ...

What Medicare part provides a prescription drugs benefit? - Answer Part D An insured with Medicare Part D has reached the initial benefit limit and must now pay a portion of prescription drugs cost. What is the term for this gap in coverage? - Answer The donut hole What is another name for...

In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - Answer C. The concept of insurance developed from the need to minimize th...

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 -Answer Seven-day grace period Florida requires that an insurance agent must complete __ hours of c...