Florida 2-15 Final Exam
Florida 2-15 Final Exam
When life insurance proceeds are used to pay inheritance taxes and federal estate
taxes, it is known
... [Show More] as
Estate conservation
In group insurance, the primary purpose of the Coordination of Benefits provision
is to
Prevent overinsurance
Which of the following statements is NOT true regarding health insurance policy
provisions?
All additional provisions written by insurers are cataloged by their respective
states.
The policyowner has an option to pledge the life insurance policy as collateral for a
bank loan. This is called
A collateral assignment
A whole life policy is surrendered for a reduced-paid up policy. The cash value in
the new policy will
Continue to increase
When filling out an application for insurance, the applicant makes a mistake. If a
fresh application were not available, what could the applicant do to properly
correct the mistake?
Cross the incorrect answer out, write the correct one beside it, and initial the
answer.
Which of the following riders pays a beneficiary a death benefit that is double or
triple the face amount if the insured's death was caused by an accident as defined in
the policy?
An Accidental Death Rider
All of the following are consideration in an insurance policy EXCEPT
The cash value in the policy.
An individual has a $200,000 convertible term life insurance policy. If he chooses,
he can
Convert to a whole life policy for the same face amount without proof of
insurability.
Which of the following is NOT true regarding a deferred annuity?
Income payments begin within 1 year from the date of purchase.
A retail shop owner is insured under a business overhead expense policy that pays
a maximum monthly benefit of $2,500. His actual monthly expenses are $3,000. If
the owner becomes disabled, the monthly benefit payable under his policy will be
$2,500
Which federal act defines rules pertaining to protected health information?
HIPAA
The "stop-loss" feature on a major medical policy is intended to
Establish a maximum amount of out-of-pocket expense that an insured will have to
pay for medical expense in a calendar year.
If a business wants to make sure it will be able to cover losses due to the disability
of its top employee, the business should get which type of insurance?
Key person disability income
Life insurance creates an immediate estate. Which of the following best explains
this statement?
The face value of the policy is payable to the beneficiary upon the death of the
insured.
What is the maximum age that a disabled insured worker may receive Social
Security disability benefits?
65
Whose responsibility is it to ensure that the application for health insurance is
complete and accurate?
The agent's
Which of the following policies would NOT offer a policy loan option?
Term Life
Regarding the consideration clause, which of the following is NOT correct?
Consideration of the insurer and insured must be equal.
The guaranteed purchase option is also referred to as the
Future increase option.
When an insured terminates membership in the insured group, the insured can
convert to
Whole life without proof of insurability.
Which dividend option will increase the death benefit? [Show Less]