How can an agent in charge have more than one location?
How can an agent-in-charge have more than one location ? Multiple locations are allowed as long as the agent-in-charge is present when insurance activity occurs. Making a fraudulent statement on an insurance application would be considered an act of misrepresentation.
Which entity approves the insurance policy forms used in Florida?
The Life and Health Product Review ensures that all Life and Health policy forms and rates are in compliance with Florida Statutes and regulation. Chapters 627 and 641 are the principal statutes within the Insurance Code that govern the Unit’s reviews.
Which unfair trade practice involves an agent suggesting that an insurance?
Which Unfair Trade Practice involves an agent telling a prospective client that a policy’s dividends are guaranteed? The correct answer is “Misrepresentation”. An agent who tells a client that dividends are guaranteed may be guilty of misrepresentation.
Which of the following is a standard provision of the conversion privileges in a group life policy?
Which of the following is a standard provision of the conversion privileges in a Group Life policy ? (Correct.) Conversion at regular rates on an attained-age basis without a medical exam is a standard provision for conversion privileges in Group Life policies .
Which of the following is an example of an unfair trade practice?
Some examples of unfair trade methods are: the false representation of a good or service; false free gift or prize offers; non -compliance with manufacturing standards; false advertising; or deceptive pricing.
What is the required minimum percentage of employee participation for a noncontributory?
What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida law?
Typically, noncontributory plans require 100% employee participation ; contributory plans usually require approximately 75% participation . (However, under Florida law there is no specific minimum percentage participation for employees covered by employee group health insurance .)
What statement is true regarding a minor beneficiary?
Which statement is true regarding a minor beneficiary ? In most cases, insurers require that a guardian be appointed in the Beneficiary clause of the policy or that a guardian be designated in the will.
Which is considered a mandatory provision?
Payment of Claims is considered a mandatory provision and directs where the claim benefits will go. The others are considered optional provisions . n an Accident & Health policy, the insuring clause states the amount of benefits to be paid.
What is an example of an unfair claims settlement practice?
Sign 1) Refusal to Pay a Claim Without a Reasonable Basis. Sign 2) Refusal to Properly Investigate Your Claim In A Timely Manner. Sign 3) The Insurance Company Tries to Settle for Less than You Deserve. Sign 4) Your Insurer Demands a Stupid Amount of Paperwork or Evidence.
Which of the following employees may not be excluded from a group life plan?
Which of the following employees may NOT be excluded from a group life plan ? Full-time employees after the probationary period. (All of these employees may be excluded from a group life plan except for “Full time employees after the probationary period”).
Which of the following situations does not apply to the Florida replacement?
Which of the following situations does NOT apply to the Florida Replacement Rule? Florida’s Replacement Rule applies to all of these situations EXCEPT “An existing policyholder purchases an additional policy from the same insurer”. You just studied 50 terms!
What is Florida Employee Health Access Act requirements?
The Florida Health Care Access Act allows small businesses to provide group health insurance coverage for its employees on a guarantee-issue basis regardless of health circumstances, preexisting conditions, or claims history.
What is an example of rebating?
An example of rebating is when the prospective insurance buyer receives a refund of all or part of the commission for the insurance sale. Rebates can be made in the form of cash, gifts, services, payment of premiums, employment, or almost any other thing of value.
Which Nonforfeiture option has the highest amount of insurance protection?
Which nonforfeiture option has the highest amount of insurance protection ? The Extended Term nonforfeiture option has the same face amount as the original policy, but for a shorter period of time.