A Foreign Insurance Company Doing Business In Florida

Question: Insurance companies that are organized in countries outside the United States are referred to as?

Alien.

(An insurance company that is organized or chartered in a country other than the United States is defined as alien.)

Answer:

Question: A life insurance policyowner may sell their policy to a(n) _____ in order to receive a percentage of the policy’s face value.?

Answer: Viatical settlement provider.

(To receive a percentage of the policy face value, an owner of a life policy may sell the policy to a viatical settlement provider.)

Question: Agents that have been licensed for less than six years must complete __ hours of continuing education every two years.?

Answer: 24.

(Florida agents licensed less than six years are required to complete 24 hours of continuing education.)

Question: T is an employee covered under a Group Life policy. If T’s employment is terminated, the conversion privilege gives T the right to convert?

Answer: To an individual policy upon employment termination.

(When an employee covered on a Group Life policy leaves the group, the conversion privilege gives the employee the right to convert to an individual policy upon termination of employment.

Question: Which of the following activities will NOT result in the suspension of an agent’s license?

Answer: Working for a foreign insurer.

(Working for a foreign insurance company does not result in the revocation or suspension of an agent’s license.)

Question: In Florida, which of the following practitioners normally do NOT receive payment from health insurance policies?

Answer: Naturopaths.

(Health insurance policies in Florida must cover payment to all of these practitioners EXCEPT naturopaths.)

Question: An example of sliding would be?

Answer: Charging for an additional product without the applicant’s consent”.

(Sliding involves selling additional coverage to an insurance applicant who doesn’t want or need it. An agent will often “slide” this additional coverage in without the customer’s knowledge or consent.)

Question: Under Florida law, which of the following provisions is NOT required in a Medicare Supplement policy?

Answer: Limitation on pre-existing conditions for up to 12 months.

(There is only a 6-month limitation on pre-existing conditions for Medicare Supplements.)

Question: Which of the following situations are NOT subject to Florida life insurance laws?

Answer: Insurance companies’ day-to-day operations .

( Florida life insurance laws apply to all of these situations EXCEPT “Insurance companies’ day-to-day operations”.)

Question: The Bureau of Unclaimed Property is overseen by the

Chief Financial Officer

Answer: The Chief Financial Officer oversees the Bureau of Unclaimed Property.