A physician opens up a new practice and qualifies for a $7,000/monthly Disability income policy. What rider would the physician add if he wants the ability to increase his policy benefits as his practice and income grow? - ANSWER - Guaranteed insurability option rider Which of these types of coverage is best described as a short term medical policy - ANSWER - INTERIM coverage The COBRA gives workers (and their families) whose employment has been terminated the right to... - ANSWER - Continue group health benefits Under Florida law, which of the following provisions is NOT required in a Medicare Supplement policy? - ANSWER - Limitation on pre -existing conditions for up to 12 months. What are adjustable rates for life policy loans in Florida based on? - ANSWER - Moody's corporate bond index A policyowner's rights are limited under which beneficiary designation? - ANSWER - A trustee -to-trustee transfer or rollover funds in a qualified plan allows a participant to avoid: - ANSWER - Mandatory income tax withholding on the transfer amount. FLORIDA LIFE AND HEALTH 2-15 FINAL EXAM ACTUAL EXAM 300 DETAILED QUESTIONS AND GUARANTEED ANSWERS ALRREADY A GRADE. Irrevocable J is an agent who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? - ANSWER - Twisted (got me twisted) Who's life is covered on a life insurance policy that contains a payor benefit clause? - ANSWER - Child Which of the following annuities pays benefits based on units rather that specific dollar amounts - ANSWER - A Variable annuity Which of the following factors affect the amount of monthly disability benefits payable under social security? - ANSWER - The THE AMOUNT OF BENEFITS AVAILABLE from other sources Which of the following provisions specifies how long a policy owner's health coverage will remain in effect if the policy owner does not pay the premium when it is due? - ANSWER - Grace period As a condition for a loan, a bank requires the borrower to purchase credit insurance from a specific company. What is the bank guilty of? - ANSWER - Coercion the USA Patriot Act was enacted in - ANSWER - 2001 What type of rider would be added to an Accident and Health Policy if the policy owner wants to ensure the policy will continue if he/she ever becomes totally disabled? - ANSWER - Waiver of Premium Rider A Disability Income policyowner suffers a disability which was due to the same cause as a previous disability. Both disabilities occurred within a five-month period. The insurer may cover the second disability without a new elimination period under the: - ANSWER - Recurrent disability provision What is the purpose of the Life and Health Insurance Guaranty Association? - ANSWER - Protect policy owners against insolvent insurance companies health insurance policies? - ANSWER - Naturopaths S would like to use dividends from her life insurance policy to purchase paid -up additions. All of these would be factors that determine how much coverage can be purchased EXCEPT - ANSWER - S's attained age ANSWER - if materialto the Risk, false representation will void the policy Which of these action should be a producer take went to submitting and insurance application to an insurer? - ANSWER - Inform insure relevant information not included on the application An immediate annuity consist of a: - ANSWER - Single premium A life insurance application must be signed by all of these except - ANSWER - The beneficiary (kid) Additional coverage can be added to a whole life policy by adding a(n): - ANSWER - Decreasing term rider Under what system do a group of doctors and hospitals in a designated area contact with an insurer to provide any service to a prearrange cost to the insured - ANSWER - PPO In Florida, which of the following practitioners normally do NOT receive payment from In regards to representations or warranties which of these statements is true -
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