Florida Insurance Licensing Practice Exam

All of the following are true for Medicare Supplement Insurance EXCEPT:

1. Offered to people over 65 and certain disability receivers

2. Covers some expenses not paid by Medicare

3. Policy must contain a 180 day 'free look'

4. Pre-existing conditions may not be excluded for more than 180 days

The correct answer is: Policy must contain a 180 day 'free look'

Medicare Supplement Insurance is available to people over 65 and certain disability receivers (choice A). It also covers some expenses not paid by Medicare (choice B). Pre-existing conditions may also not be excluded for more than 180 days (choice D). However, a policy may not contain a 180 day 'free look' period (choice C). This means that a person cannot cancel their policy and get a full refund within the first 180 days of purchasing it. This is a unique exception for Medicare Supplement Insurance compared to other types of insurance policies. The other options are incorrect because they are all true statements about Medicare Supplement Insurance, but choice C is the exception.