Health and Life Insurance Pt.1

Five years

It is required for unclaimed property assets to be held by holders for a set period of time usually:

An alien company

An insurance company formed outside of the United States is known as?

Gives the licensed agent the authority to transact insurance on behalf of an insurer

What does an appointment do?

100,000

The Florida Life and Health Insurance Guaranty Fund’’ aggregate liability with respect to one’s life, is not allowed to exceed what amount?

-their email address

-their name

-the address of their residence

Licensees are required to notify the DFS when they change which of the following?

500,000

For basic hospital expense health insurance policies, basic medical-surgical health insurance policies, or major medical expense health insurance policies, what is FLAHIGA's maximum aggregate liability with respect to one’s life

30 days

When a licensee changes certain information, such as their contract phone number, they are required to notify the DFS within how many days?

At least three years after the payment has been received

Books, accounts, and records that pertain to premium funds must be maintained for?

A felony of the second degree

If a licensee diverted or misappropriated funds of over $20,000 but less than $100,000, what is the penalty?

Yes, premiums collected on controlled persons cannot exceed premiums collected on uncontrolled persons

Sylvia has sold 200000 dollars of business to persons considered controlled, and sold 150000 dollars of business to those not considered controlled persons. Has Sylvia committed a legal offense?

Three years

Every licensee must preserve these books, accounts, and records pertaining to premium payments for at least how many years after payment?

10,000

If an insurance agency is required to be licensed, but fails to file the appropriate application for licensure, the DFS will impose an administrative penalty of up to what amount?

For five years after the policy has expired

Agencies must maintain policy records other than premium payment records for how long?

A statement that dividends are based on the current dividend scale and are guaranteed

Which of the following is not one of the elements described in the policy summary?

Debtor group

Trustee group

Association group

What are the eligible groups for life insurance?

-Financial counseling

-Financial provider

-Investment advisor

Terms that can be used in a way that implies the life insurance agent is generally engaged in an advisory business where compensation is unrelated to sales?

30 days

In a standard grace period provision in an individual contract, every insurance contract must provide that the insured is entitled to a grace period of not less than how many days? within which payment of any premium after the first may be made?

5,000

Any person who non-willfully engages in unfair methods of competition is subject to a fine of up to what amount?

-Administrative charges

-Premium expense charges

-The full surrender charge, year by year

What is included in the Policy Earning Disclosure?

14 days

Regarding a free look period provision in an individual contract, there must be an unconditional refund period for premiums specifically for life insurance for at least how many days?

-Tax status

-Financial objectives

-Liquidity needs

What are the information that would meet “suitability information?’’

250,000

Administrative fines for twisting, churning, or submitting fraudulent signatures are not allowed to exceed an aggregate amount of how much for willful violation?

75,000

If someone were to willfully engage in the act of twisting, what is the maximum administrative fine they may incur?

Certificate of Insurance

The proof of coverage received by an employee in a group plan is called a?

Prevent over insurance by coordinating the benefits available under all the current insurance policies that cover the same loss

The Other Insurance in This Insurer and the Insurance With Other Insurers provisions are intended to:

During the six months prior to application

In applying a pre existing conditions exclusion, insurers may only consider treatments that have occurred:

Insurers are prohibited from considering domestic violence when underwriting or renewing a policy

Florida Law regarding domestic violence and insurance policy issuance and renewal?

Grandfathered or nongrandfathered plans

Under the Affordable Care Act, insurance plans may be which of the following?

Within 20 days, or as soon as reasonably possible given the insured’s physical condition

An insured must provide notice of a claim to the insurer within what period of time?

A fine of up to 5,000 dollars for non willful violations and a fine of up to 75,000 dollars for willful violations

Penalties for twisting, and churning violations can result in which of the following sanctions?

If a term policy renews, the premium will increase:

Step-rate increase to the premium

Refrerred to as an “Unbundled Contract”

Universal Life

If a person has a convertible term policy, which of these statements would be correct?

Conversion without proof of health, and the policy changes to a permanent policy

Covers a person for specified period of time

Term Insurance

Cash value in life insurance policies and annuities grows on a:

Tax-deferred basis

A life insurance policy cannot endow before WHAT age and maintain its tax benefits?

95

Term insurance premiums are based on the insured’s

Attained age

An immediate annuity begins payment to the annuitant:

After one payment cycle has elapsed since funding the annuity

Universal Life Insurance combines:

One year term insurance with a cash value account

Candice buys a policy that insured her and her Husband, but will not pay the death benefit until they both die. What policy did Candice buy?

A survivorship, or Joint and Survivor policy

People buy life insurance for?

Survivor protection

Cash accumulation and creation of an estate

Estate conservation and liquidity

If a person wants to know the scope and nature of a credit inquiry, the information must be provided within HOW many days of the request?

Five days

An applicant hid some medical information from an insurance agent when filling out an application. This would be considered:

CONCEALMENT

What is the contract element that provides an exchange of values?

CONSIDERATION

What rule states that any ambiguities in a contract of adhesion are ruled against the party that had the contract drawn up?

RULES OF STRICT CONSTRICTION

When must an insurable interest exist in a health insurance policy?

At the time of purchase

An insurance policy is a contract between:

The insurance company and the policyowner

Which receipt provides coverage either on the date of application or at completion of any medical exam if the insured is subsequently insurable?

The insurability receipt, which is a conditional receipt

A contact that is not subject to bargaining or negotiation

Contracts of adhesion

An insurer waived its right to a policy condition, and now it wants to reclaim that right. What legal principle would prevent the insurer from doing this?

Waiver and estoppel

Source of information that is used by insurers to check medical issues and to prevent fraud?

The Medical Information Bureau

An aleatory contract is a contract that is:

Subject to chance event, and therefore the consideration is unequal.

Power or duty of the OFR

-power to issue orders and declaratory statements

-General supervision over all Florida financial institutions

-Access to all books and records of those supervised by the OFR

Who owns a stock company?

Its stockholders

Regarding market conduct examinations, the OIR is required to examine each domestic insurer at least every…

Five years

An incorporated supreme lodge would fall under the definition of which of the following terms?

Fraternal benefit society

Which of the following is power shared by both the DFS and OIR?

-Power to employ actuaries as at-will employees

-Power to enforce the provisions of the Insurance Code

-The power to perform investigations of insurance matters

The term “agent” includes which of the following?

A life insurance provider

A general lines insurance provider

A health insurance producer

Who owns a mutual company?

Its policyholders

A general lines agent transacts which of the following lines of insurance

-Property insurance

-Automobile insurance

-Marine insurance