Multiple Choice Questions

Automatic Premium Loan Option An automatic premium loan is not considered a Nonforfeiture Option.
  • A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits?
  • All of the following are Nonforfeiture Options EXCEPT
  • Which of the following situations does NOT apply to the Florida Replacement Rule?
  • A foreign insurance company doing business in Florida
24 A newly licensed agent must complete 24 hours of continuing education every 2 years.
  • An agent selling Medicare Supplement policies must provide every applicant with a(n)
  • In Florida, monthly-premium health insurance policies must provide a grace period of at least
  • How many hours of continuing education must a newly licensed agent complete every two years?
  • A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits?
foreign company An insurance company that is domiciled in New Jersey and licensed to conduct business in Florida is referred to in Florida as a foreign company.
  • In Florida, agents are allowed to engage in rebating if
  • In Florida, monthly-premium health insurance policies must provide a grace period of at least
  • In Florida, which of the following is considered an Unfair Trade Practice?
  • In Florida, an insurer licensed to conduct business in Florida, but domiciled in New Jersey, is called a(n)
the possible tax ramifications as a result of the transaction An agent must disclose the possible tax consequences of replacing or exchanging an existing annuity or life insurance policy.
  • When replacing or exchanging an annuity, the agent must disclose to the annuitant
  • What do families pay that are covered by the Florida Healthy Kids Corporation?
  • Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent
  • Which of the following situations does NOT apply to the Florida Replacement Rule?
An existing policyholder purchases an additional policy from the same insurer Florida's Replacement Rule applies to all of these situations EXCEPT "An existing policyholder purchases an additional policy from the same insurer".
  • What do families pay that are covered by the Florida Healthy Kids Corporation?
  • Which of the following situations does NOT apply to the Florida Replacement Rule?
  • When replacing or exchanging an annuity, the agent must disclose to the annuitant
  • Which action could result in a hearing being ordered by the Department of Financial Services?
$25 An agent is allowed to give advertising gifts to a prospective customer, provided they do not exceed $25.
  • Advertising gifts not to exceed ___ are allowed to be given by an agent to a prospective client.
  • How many hours of continuing education must a newly licensed agent complete every two years?
  • Florida requires that coverage for newborns begins "from the moment of birth" and continues for
  • An agent selling Medicare Supplement policies must provide every applicant with a(n)
Insurance A Multiple Employer Welfare Arrangement (MEWA) provides insurance benefits.
  • A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits?
  • An agent selling Medicare Supplement policies must provide every applicant with a(n)
  • Advertising gifts not to exceed ___ are allowed to be given by an agent to a prospective client.
  • How many hours of continuing education must a newly licensed agent complete every two years?
to an individual policy upon employment termination When an employee covered on a Group Life policy leaves the group, the conversion privilege gives the employee the right to convert to an individual policy upon termination of employment.
  • An insurance company incorporated under the laws of the state in which its home office is located is called a(n) ____ company.
  • T is an employee covered under a Group Life policy. If T's employment is terminated, the conversion privilege gives T the right to convert
  • Which of the following situations does NOT apply to the Florida Replacement Rule?
  • Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent
Coercion Coercion is considered an unfair trade practice under Florida law.
  • In Florida, which of the following is considered an Unfair Trade Practice?
  • In Florida, an insurer licensed to conduct business in Florida, but domiciled in New Jersey, is called a(n)
  • A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits?
  • In Florida, agents are allowed to engage in rebating if
Misrepresentation Making a fraudulent statement on an insurance application would be considered an act of misrepresentation.
  • An insurance company incorporated under the laws of the state in which its home office is located is called a(n) ____ company.
  • What do families pay that are covered by the Florida Healthy Kids Corporation?
  • Which Unfair Trade Practice involves making a false statement on an insurance application in order to receive money from an insurer?
  • Which action could result in a hearing being ordered by the Department of Financial Services?
A portion of the premium Families with children covered by the Florida Healthy Kids Corporation program pay only a portion of the premium.
  • When replacing or exchanging an annuity, the agent must disclose to the annuitant
  • If a policyowner does not pay the premium by the due date, the
  • What do families pay that are covered by the Florida Healthy Kids Corporation?
  • Florida requires that coverage for newborns begins "from the moment of birth" and continues for
is a company that was formed under the laws of another state In Florida, a foreign insurance company is a company that is formed under the laws of a state other than Florida.
  • In Florida, agents are allowed to engage in rebating if
  • Which two entities regulate variable annuities?
  • A foreign insurance company doing business in Florida
  • How can an agent-in-charge have more than one location?
alien An insurance company that is organized or chartered in a country other than the United States is defined as alien.
  • In Florida, most life insurance policies have a contestability period of
  • An agent who makes misleading statements that lead to the termination of an existing insurance policy so that a new policy with another insurer can be taken out has committed
  • Insurance companies that are organized in countries outside the United States are referred to as
  • K is an agent who made an improper sale of an annuity to a client. Which of the following corrective actions would the Department of Financial Services likely order K to take?
offered to all insureds in the same actuarial class Rebating is allowed in Florida if the agent rebates insureds in the same actuarial class.
  • In Florida, an insurer licensed to conduct business in Florida, but domiciled in New Jersey, is called a(n)
  • In Florida, monthly-premium health insurance policies must provide a grace period of at least
  • In Florida, agents are allowed to engage in rebating if
  • How can an agent-in-charge have more than one location?
Full-time employees after the probationary period All of these employees may be excluded from a group life plan except for "Full time employees after the probationary period".
  • What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida Law?
  • What are adjustable rates for life policy loans in Florida based on?
  • Which of the following employees may NOT be excluded from a group life plan?
  • When is a Group Health policy required to provide coverage for a newborn child?
18 months Florida requires that newborn coverage begins "from the moment of birth" and continues for eighteen (18) months.
  • Advertising gifts not to exceed ___ are allowed to be given by an agent to a prospective client.
  • An insurance company incorporated under the laws of the state in which its home office is located is called a(n) ____ company.
  • Florida requires that coverage for newborns begins "from the moment of birth" and continues for
  • How many hours of continuing education must a newly licensed agent complete every two years?
the policyowner The replacement of existing life insurance policies with new contracts of life insurance requires a written Comparison and Summary Statement at the policyowner's request.
  • According to Florida's life insurance replacement laws, a policyowner must be provided with a written Comparison and Summary Statement when it's requested by
  • Insurance companies that are organized in countries outside the United States are referred to as
  • An agent who makes misleading statements that lead to the termination of an existing insurance policy so that a new policy with another insurer can be taken out has committed
  • K is an agent who made an improper sale of an annuity to a client. Which of the following corrective actions would the Department of Financial Services likely order K to take?
Twenty Written notice of a claim must be given to the insurer within 20 days.
  • A person insured under a health policy is required to give the insurance company a Notice of Claim within how many days after a covered loss?
  • In Florida, when agents recommend changes be made for existing coverage, the agent must follow established procedures. The name of this rule is called the
  • What are adjustable rates for life policy loans in Florida based on?
  • K is an agent who made an improper sale of an annuity to a client. Which of the following corrective actions would the Department of Financial Services likely order K to take?
policyowner can make the premium payment during the grace period If a policyowner does not pay the premium by the due date, the premium may be paid during the grace period.
  • If a policyowner does not pay the premium by the due date, the
  • A foreign insurance company doing business in Florida
  • How can an agent-in-charge have more than one location?
  • In Florida, agents are allowed to engage in rebating if
domestic A domestic insurance company is domiciled and incorporated under the laws of the state in which its home office is located.
  • An insurance company incorporated under the laws of the state in which its home office is located is called a(n) ____ company.
  • Which Unfair Trade Practice involves making a false statement on an insurance application in order to receive money from an insurer?
  • In Florida, an insurer licensed to conduct business in Florida, but domiciled in New Jersey, is called a(n)
  • Florida requires that coverage for newborns begins "from the moment of birth" and continues for
date of delivery In Florida, the free-look period for life insurance contracts is 14 days from policy delivery.
  • Which of the following employees may NOT be excluded from a group life plan?
  • When is a Group Health policy required to provide coverage for a newborn child?
  • In Florida, most life insurance policies have a contestability period of
  • Florida's 14-day free-look period for life insurance policies begins at the
Department of Financial Services; and Securities Exchange Commission Variable annuities are regulated by both the Department of Financial Services and the Securities Exchange Commission.
  • An example of an unfair claims practice would be
  • Which action could result in a hearing being ordered by the Department of Financial Services?
  • Which two entities regulate variable annuities?
  • How can an agent-in-charge have more than one location?
to an individual policy for a stated period of time In Florida, Group Life policies must contain a conversion privilege that allows for conversion to an individual policy for a specified period of time.
  • The Bureau of Unclaimed Property is overseen by the
  • Group Life policies in Florida are required to contain a conversion privilege that allows for conversion
  • When is a Group Health policy required to provide coverage for a newborn child?
  • What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida Law?
0% Most noncontributory group health plans require 100% participation by eligible members. Under Florida law, there is no specific minimum percentage participation for employees covered by employee group health insurance.
  • When is a Group Health policy required to provide coverage for a newborn child?
  • Group Life policies in Florida are required to contain a conversion privilege that allows for conversion
  • The Bureau of Unclaimed Property is overseen by the
  • What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida Law?
Pay monetary restitution to the client The Department of Financial Services may order the agent to pay monetary restitution to the client.
  • What are adjustable rates for life policy loans in Florida based on?
  • In Florida, when agents recommend changes be made for existing coverage, the agent must follow established procedures. The name of this rule is called the
  • In Florida, most life insurance policies have a contestability period of
  • K is an agent who made an improper sale of an annuity to a client. Which of the following corrective actions would the Department of Financial Services likely order K to take?
10 daysIn Florida, monthly-premium health insurance policies must provide a grace period of at least 10 days.
  • How many hours of continuing education must a newly licensed agent complete every two years?
  • In Florida, which of the following is considered an Unfair Trade Practice?
  • In Florida, monthly-premium health insurance policies must provide a grace period of at least
  • Advertising gifts not to exceed ___ are allowed to be given by an agent to a prospective client.
Chief Financial Officer The Chief Financial Officer oversees the Bureau of Unclaimed Property.
  • The Bureau of Unclaimed Property is overseen by the
  • In Florida, most life insurance policies have a contestability period of
  • Group Life policies in Florida are required to contain a conversion privilege that allows for conversion
  • When is a Group Health policy required to provide coverage for a newborn child?
offering different terms of coverage for different policyowners having the same risk classification Providing different terms of coverage for different policyowners in the same risk classification would be an example of unfair discrimination.
  • An example of unfair discrimination would be
  • An example of an unfair trade practice is
  • An example of an unfair claims practice would be
  • Which two entities regulate variable annuities?
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Multiple Choice Questions
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