Florida life Study guides, Class notes & Summaries

Disability Buy-Out plans feature: - ANSWER Long elimination plans up to two years (A disability buy-out plan funded with disability insurance has a long elimination period of generally two years. The elimination period begins the day of the disability. Then the disability policy will provide a lump sum to buy the disabled partner out. They want to make sure that the partner is not going to recover and come back to work) When MUST the Office of Insurance Regulation conduct a market conduct exa...

peril - ANSWER the immdeiate specific event causing loss and giving rise to risk hazard - ANSWER any factor that gives rise to a peril physical hazard - ANSWER individual characteristics that increase chance of peril *physical condition, past medical history, condition at birth moral hazard - ANSWER tendencies that people may have that increase risk and chance of loss *drug addiction and alcholism morale hazard - ANSWER individual tendencies that arise from an attitude or state of m...

FLORIDA HEALTH AND LIFE INSURANCE EXAM AND PRACTICE EXAM LATEST 2024 ACTUAL EXAM 400 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+

214 FLORIDA INSURANCE LIFE AND VARIABLE ANNUITY ACTUAL EXAM UPDATED variable annuity - CORRECT ANSWER-there is no guarantee of the dollar amount of the payments, they fluctuate according to the value of an account vest primarly in common stocks join and survivor annuity - CORRECT ANSWER-covers two or more lives and contiunes in force so long as any one of them survives period certain annuity - CORRECT ANSWER-annuity imcome option that guarantees a definite minimum peroid of paymen...

Which Unfair Trade Practice involves making a false statement on an insurance application in order to receive money from an insurer? - Answer-Misrepresentation Who owns a stock company? - Answer-A stock insurance company is owned by its stockholders. In Florida, which of the following is considered an Unfair Trade Practice? - Answer-Coercion Which of these options can an individual use their medical flexible spending account to pay for? - Answer-Prescription drugs are an allowable expen...

Florida 2-15 Insurance License Exam-Actual Exam Questions and Answers, 100% Verified-Updated 2023/2024 Florida 2-15 Insurance License Exam-Actual Exam Questions and Answers, 100% Verified-Updated 2023/2024 Accumulation units are converted into annuity units: at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. noncontributory If a disabled worker covered under Social Security disability benefits ...

Florida Life and Health Insurance State Exam Review (2-15) Questions and Answers Under Florida Law, which of the following provisions is NOT required in a medicare supplement policy? - Ans: -limitation on pre-existing conditions for up to 12 months M's insurance company denied a reinstatement application for her lapsed health insurance policy. The company did not notify M of this denial. How many days from the reinstatement application date does the insurance company have to notify M of the...

Florida Health and Life Insurance Exam (2023 2-15 Final Exam) Questions With Complete Solutions.

Within how many days must a licensee notify the Department of Financial Services of a change in address? - Answer-30 All of the following entries are classified under the four principal areas of Florida insurance law EXCEPT... - Answer-An agent's commission Which of the following factors is NOT considered when the Department of Financial Services determines if an agent's home is an insurance agency? - Answer-The amount of premium collected at this location Florida requires that an ins...

Insured - Answer-The person covered by the insurance policy. Rider - Answer-A written modification attached to a policy that increases or decreases coverage and/or premiums. What is a unilateral contract? - Answer-A contract in which only one of the parties is legally bound to fulfill its obligations. What law protects consumers from the circulation of inaccurate or obsolete information? - Answer-The Fair Credit Reporting Act. What are the three types of agent authority? - Answer-Imp...