An agent must be appointed for property and casualty insurance separately. All of the following statements concerning Medicaid are correct EXCEPT A. Life insurance creates an immediate estate. Survivorship life policy is lower How does the cost for a survivorship life policy compare to the cost of combining two separate life insurance policies? 19. When will the producer's license need to be renewed? Cash surrender is possible Evidence of insurability is always necessary when there is a change in premium Combines term and permanent insurance into a single plan Cash value loans are allowable Evidence of insurability is always necessary when there is a change in premium The revised illustration must be signed by applicant and agent no later than: 14. 45. Which of the following statement is true? An aleatory contract is based on what kind of exchange? Policy indicates how much of each premium is used toward company expenses. - The tendency of people with greater than average exposure to loss to purchase insurance. According to the Fair Credit Reporting Act, all of the following statements are true EXCEPT, If an applicant is declined for an insurance policy, he or she has not right to know what was in the report. A producer's license has been suspended due to non-renewal. - The seller in the life settlement by finding a buyer for the existing policy. =============================================. A policy owner has just borrowed from a life insurance policy's cash value. What is this concept called? The purpose of the Fair Credit Reporting Act is to: Protect consumers against the circulation of inaccurate or obsolete personal of financial information. Joe is a military retiree after having served 20 years of active duty. $10,000 B. - Jail time up to 1 year and $50,000 fine. 14.Which of these statements is FALSE regarding insurance in, construction contracts? 65. policy can alternate between form of term and whole life insurance. An agency must have a licensed and appointed full-time agent in charge. ______________ Involves the exchange of a premium for a promise, which means that the insurer is the only party making a legally enforceable. Premiums may be taxable as income C. Premiums are not deductible in any case D. Excessive benefits may be taxable, Under which of the following employer-provided plans are the benefits taxable to an employee in proportion to the amount of premium paid by the employer? Which of the following is not considered a loss under errors and omissions? A. Who is required to notify the producer in the event of appointment termination? Balancing poor risk with preferred risk, with the average or standard risk being in the middle is known as what? What amount, if any, would be paid by the secondary insurer? - Acting as a representative of an insurance company in soliciting and servicing policyholders in this state. 16. Plan A B. A. Nonrenewable B. Noncancellable C. Guaranteed renewable D. Conditionally renewable, In which of the following situations would Social Security Disability benefits NOT cease? See answer Advertisement lilaipo The incorrect s tatements regarding the federal income tax treatment of life insurance is Entire cash surrender value is taxable. True False Question 4 1.55 / 1.55 pts Like modern thanatologists, Puritans felt an awareness of death could improve the quality of life. The death proceeds of a credit life insurance policy are typically paid to the. A life policy that cover the life of a minor Which statement concerning an adjustable life insurance policy is false? 2. A general lines agent can finance insurance premiums and charge service charges up to______ per installment. Prescriptions might be covered, unlike Medicare. - a total of 24 hours per license term of continuing education courses. Benefits may be taxable as ordinary income B. Send the applicant to a doctor for a physical. Which of these is NOT considered a form of limited payment whole life insurance? If an agent follows the rules and terms of his agent contact, he is exercising his: 52. Which of the following is correct concerning illustrations? A. A. There are 3 provisions that the code protects people with group life and disability which is not one? A social security disability must be expected to last for at least how many months in order for the person to quality the disability benefits? Peter, age 50, surrenders his modified endowment contract (MEC). A company has how many days to send an appointment for a new licensed agent to department of insurance? This report must contain all of the following EXCEPT the: Which of the following terms refers to the nontaxable portion of each annuity benefit payment? Which one of the following is a classification upon which risk and insurability are present? 9. Term insurance . Universal life insurance normally has a minimum guaranteed cash value for duration of the policy. If the Commissioner disapproves a form used by an insurer, the use of the form must be discontinued within the maximum of how many days? Quarterly C. Semi-annual D. Annual, A woman's health insurance policy dictates which doctors she is allowed to see. A deliberate lie by an insured to the insurer to obtain a lower premium is an example of. Notify the insured within 60 days of acquiring that information. Comprehensive health C. Major medical D. Group health, Disability income policies can provide coverage for a loss of income when returning to work only part-time after recovering from total disability. Learn Test Match Created by braygan_lippencott Terms in this set (21) An Insurable Risk requires That the chance of loss be calculable. Which of the following is considered to be a prosthodontic dental procedure? Health providers are compensated by a preferred provider organization (PPO) for normal dental procedures by what means? a life policy that covers the life of a minor, All of these statements concerning group credit life insurance are false EXCEPT, the face amount is based on the outstanding loan balance. An agent who knowingly misrepresents material information for the purpose of inducing an insured to lapse, forfeit, change of surrender a life insurance policy of annuity has committed an illegal practice known as: 51. A. The initial premium is lower compared to the same amount of whole life coverage, The insurance coverage in a variable life insurance policy may fluctuate according to. Dental expense B. Coverage options and conditions are developed for average individuals C. All providers will have the same coverage options and conditions for each plan D. Coverage options and conditions comply with the law, but will vary from provider to provider, C. All providers will have the same coverage options and conditions for each plan, All of the following are true of the Key Person Disability income policy EXCEPT A. An agent misrepresents the insurer, making ridiculous claims and offering policy rebates. Agents represent insurers in which of the following: Transacting without a license would result in which of the following penalties? All the following are true concerning life and health guarantee association except, - $250,000 max paid for a single health policy, An insured's consent to receive offers, notices, or disclosures by electronic transmission may be acquired, - The business can set the plan up with a 3rd party, Any carrier that provides replacement coverage for hospital, medical or surgical benefits within 60 days of discontinuance of a prior policy must. All the following are examples of fair discrimination except. Which of the following is NOT a personal use of life insurance? What did he buy? Which statement regarding whole life insurance is accurate? 57. How long does one premium payment cover in a single premium whole life policy? What happens to the face amount of a whole life policy if the insured reaches the age of 100? 20% of covered charges above the deductible, Which of the following statements is NOT correct? A hazard that deals with attitudes, behavior, and habits is an example of: The principle used as the basis for establishing probability of losses occurring in the insurance industry is: For an insurance contract, utmost good faith means: - Each party relies upon the truthfulness of the other. Annual increases in premium for a stated number of years then levels off for the remainder of the contract Any person who acts as an insurer, transacts insurance, or otherwise engages in insurance activities in this state without a Certificate of Authority commits a misdemeanor. What does an annuity protect the contract owner against? A. How is the gain treated for federal income tax purposes? If he chooses, he can: Convert to a whole life policy for the same face amount without proof of insurability. The Department of Commerce Division of Unclaimed Funds. A college student will graduate next year. A person must maintain proof of financial responsibility if physically present within Florida for more than how many days during the preceding 365 days? 59. Disability and long-term care insurance B. Every insurer authorized to transact property insurance in Florida must provide coverage for a catastrophic ground cover collapse. A viatical settlement is a transaction outside of the life insurance company where the owner sells the life insurance policy for which of the follow? Automatic enrollment B. Under $50,000 initially, but increases over time. $16,000 was received tax-free and $4,000 as ordinary income. 5%; Prior to issuing a personal lines residential property insurance policy, the insurer must offer alternative deductible amounts applicable to hurricane losses equal to $500, 2%, 5%, or 10% of the policy dwelling limits. in the event of death, the loan amount is deducted from the policy proceeds. Which of the following individuals would be a likely candidate to purchase a deferred annuity? A. Which of the following best depicts the law of large numbers? The records that agents are required to maintain must be maintained for: Which of the following handles unclaimed property? The principle of immunity in cancellation or insurance policies applies to which of the following? Which statement regarding an adjustable life insurance policy is NOT true? The correct answer is "shareholders". Agency law does not encompass which of the following? 2003-2023 Chegg Inc. All rights reserved. An annuitant pays the annuity premium on the 14th of each month. What percentage of the $50,000 distribution was taxable as ordinary income. Because of this illustration, the insurer will be required to provide the policyowner with an annual report on the status of the policy. A life, health, or disability insurer can discriminate based upon: Which of the following Is incorrect regarding any written notice required to be given or mailed to a person by an insurer relating to any insurance in this state may do so by electronic transmission. A. Fixed annuities do not provide protection against inflation. Offer the supplement policy on a guaranteed issue basis, Which of the following is NOT an enrollment period for Medicare Part A applicants? Which is the most important reason? Every insurer must pay the claim within what time period after all the parties are in agreement of the amount of the claim? Additional premiums may be charged under certain conditions, An insurance policy that can also be classified as a securities product is called. - to protect business in case of death of employee, Concerning fraud the false statement would be. Face amount decreases over the policy period. The maximum annual billing for any insurer cannot exceed what percentage of net premiums earned? Which of the following is NOT a general duty and power of the Office of Financial Regulation. 28. Which statement regarding universal life insurance is correct? Whether the claimant is insurable on the private market B. Age 65, regardless of his employment status C. As soon as he retires at age 68 D. Age 70, if still employed, B. In a replacement situation, all of the following are prohibited practices EXCEPT: Borrowing 50% of a policy's cash value to fund a new life insurance contract.
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