Florida Law Health and Life 215 Insurance

What type of insurance company is domiciled in England, but conducts business in Florida?

• Domestic

• Foreign

• Alien

• Transatlantic

The minimum age at which a person can sign a life insurance application is

• 16 years

• 15 years

• 17 years

• 18 years

In Florida, monthly-premium health insurance policies must provide a grace period of at least

• 7 days

• 14 days

• 10 days

• 31 days

Under a life insurance policy, the has the authority to name the beneficiary.

• agent

• underwriter

• beneficiary

• owner

In Florida, the underwriting and issuance of a master group health policy requires that all employees

• need to be individually approved or declined during the underwriting process

• must contribute toward the group health policy's premiums

• take a physical examination before the master policy is issued

• are eligible to participate, regardless of their individual health history

W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim?

• The proceeds would be reduced based on whatever the premium would have been if purchased at age 59

• The policy's full death benefit would be paid, due to the expiration of the incontestable period

• The insurer is only obligated to refund all premiums paid

• There would be no death proceeds paid out by the insurer

An example of an unfair trade practice is

• denying payment of a claim within a reasonable time after proof of loss statements were provided

• an agent making a material misrepresentation to the insured

• an agent writing less than 50% of their total sales from controlled business

• replacing an old life insurance policy with a new one

What are adjustable rates for life policy loans in Florida based on?

• National average of other states' variable rate

• 90-day treasury bill rate

• Prime lending rate

• Moody's corporate bond index

K made a fraudulent statement on her health insurance policy application. In the event of a claim on this policy, the insurance company is required to pay

• 50% of the claim

• all of the claim

• nothing

• a figure to be determined by arbitration

What is Florida's definition of Life insurance replacement?

• A transaction in which a new policy is bought and an old policy is terminated

• A transaction in which coverage on an existing policy is increased

• A transaction in which group life coverage is converted to an individual policy

• A transaction in which a policyowner reinstates a lapsed policy