Florida 2-15 Insurance License Exam Study online at https://quizlet.com/_6maqpc 1. Accumulation units are converted into annuity units: at the time of annuity payout. 2. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. noncontributory 3. If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again. FALSE 4. Robert had an accident and qualified for Social Security disability. Given the waiting period, when will Robert begin to receive benefits? After 5 months 5. The Insuring Clause includes all of the following EXCEPT the beneficiary 6. Mutualization occurs when a stock company turns to a __________ company. mutual 7. To provide a safeguard for insureds, most major medical policies contain a ____________ feature that limits the insured's out-of-pocket expenses. stop-loss 8. Tom is a newly appointed life, health and variable annuity agent with Acme Insurance Agency. He is writing his first insurance policy on his brother-in-law's life. Who does Tom legally represent in this transaction? Acme Insurance Agency 9. An insurance clause is a distinct article in a formal document that establishes the rules in the contract that _____________________ must adhere to. both the insurer and the insured 10. "ACC" refers to the type of disability that prevents someone from performing the job he was performing prior to the disability. FALSE 1 / 15 Florida 2-15 Insurance License Exam Study online at https://quizlet.com/_6maqpc 11. Which statement is CORRECT about the Department of Financial Services' right to examine an agent's records? An examination can be conducted at any time to discover any unfair trade practices. 12. Bill gives Jim a couple of tickets to a Florida Gators game to thank him for purchasing a policy. This is an example of: rebating 13. ____________ term insurance provides a level amount of protection for a specified period, after which the policy expires. Level 14. Business overhead expense (B.O.E.) insurance does not provide benefits to cover the business owner's salary. TRUE 15. Level, decreasing, and increasing insurance are all basic forms of ____________ insurance. term 16. Hospice services are covered under Medicare Part A. TRUE 17. Under Florida law, group health insurers must offer mental and nervous disorder insurance to policyowners. TRUE 18. Deductibles under a group major medical plan usually run from $250 to $500; whereas individual health plans usually run from: $1,000 plus. 19. Every HMO subscriber must receive a benefits package that includes a copy of the HMO contract and certificate, and: a member's handbook. 20. A life insurance policy will not be reinstated if it has been: surrendered for its cash value. 21. Which of the following is NOT a type of permanent life insurance? Term Life