Comprehensive Florida Life and Health Insurance Practice Exam

Vocabulary terms and definitions regarding Florida-specific insurance laws, policy provisions, and health/life insurance concepts based on the provided lecture transcript.

Controlled Business

Insurance business that is written on the agent's own life, property, or interests.

Noncontributory Group Policy Coverage

A policy that must cover $100\%$ of eligible persons.

Monthly-premium Health Insurance Grace Period

In Florida, these policies must provide a grace period of at least $7$ days.

Variable Annuity Value Notification

The requirement in Florida that a policyowner must be notified of the accumulated value of the contract once each year.

Adjustable Loan Rate Basis

In Florida, adjustable rates for life policy loans are based on Moody's corporate bond index.

Entire Contract Provision

A health policy provision stating that the agent does not have the authority to change the policy or waive any of its provisions.

Medicare Supplement Pre-existing Condition Waiting Period

A period that may NOT go beyond $6$ months.

Coercion

An unfair practice where a bank requires a borrower to purchase credit insurance from a specific company as a condition for a loan.

Dread Disease Policies

Insurance policies that cover a specific disease or illness.

Florida Office of Financial Regulation (OFR)

An entity created in the year $2003$.

Concealment

The act of omitting information that affects the issuance or the rate of an insurance contract.

Viatical Settlement Provider

An entity to which a life insurance policyowner may sell their policy in order to receive a percentage of the policy's face value.

Domestic Company

An insurer domiciled and incorporated in the state where it is conducting business (e.g., Florida).

Mutual Insurance Company

A type of insurance company that allows its policyowners to elect a governing body.

Fixed Life Policy Loan Interest Rate

A rate in Florida that cannot be higher than $8\%$. circle

Change of Address Notification

The requirement that a licensee notify the Department of Financial Services of a change in address within $30$ days.

Continuing Education (< 6 Years Licensed)

The requirement for agents licensed for less than six years to complete $24$ hours of continuing education every two years.

Multiple Employer Welfare Arrangement (MEWA)

An arrangement that provides insurance benefits to employees.

Florida Healthy Kids Corporation Eligibility

A requirement for a family to be within $200\%$ of the federal poverty level.

Buy-Sell Agreement Funding

In a business worth $\$1000000$ owned by two equal partners, the arrangement where each partner owns a $\$500000$ policy on their partner's life.

Universal Life Insurance

A type of life insurance that incorporates flexible premiums and an adjustable death benefit.

PPO (Preferred Provider Organization)

A provider arrangement characterized by discounted fees for the patient.

Unilateral Contract

An insurance contract where the insurer is the only party who makes a legally enforceable promise.

Endowment Policy Maturity

The point at which the cash value equals the death benefit.

Credit Life Insurance Limit

Coverage issued in an amount not to exceed the amount of the loan.

Roth IRA Contributions

Investments made with post-tax dollar contributions.

Automatic Policy Loan

A provision designed to avoid a policy lapse by using adequate cash value to pay the premium.

Medical Information Bureau (MIB)

The entity whose sole purpose is sharing medical data among its member companies.

Contributory Plan

A plan where an employee is required to pay a portion of the premium for an employer/employee group health plan.

Recurrent Disability

A second period of disability regarding the same condition after a worker initially returned to work for a short period.

Single Premium Annuity

An annuity kind that is purchased with one lump-sum payment.

Tax Sheltered Annuity (TSA)

A type of annuity available to public school employees where contributions are tax-deductible.

HMO (Health Maintenance Organization)

A type of provider known for stressing preventative medical care.

HIPAA Portability Rules

Rules that limit the ability of a new employer plan to exclude coverage for preexisting conditions.