Exam (elaborations)
Florida Life, Health and Variable Annuity Exam questions and answers already graded A+ 2024/2025
- Course
- Institution
Florida Life, Health and Variable Annuity Exam questions and answers already graded A+ 2024/2025
[Show more]
Content preview
Florida Life, Health and Variable AnnuityExam
Categories of Life Insurance - ANSOrdinary, Industrial and Group
Ordinary Life - ANSis individual life insurance that includes many types of TERM and
PERMANENT insurance and is usually paid with monthly premiums. Is the principal type of life
insurance purchased in the United States.
Industrial Insurance - ANSsmall issue amounts with premiums collected weekly or monthly by
agents at policyowner's home. Also known as BURIAL INSURANCE
Group Insurance - ANSwritten for employer-employee groups to provide coverage for a number
of individuals under one contract. Underwriting is based on the group and not the individual.
Premiums are lower but when you leave it gets expensive.
Term Life Insurance - ANSsimplest type of life insurance, provides insurance protection for a
specified period and pays a benefit only if the insured dies during the period. Like renting your
insurance but it's more affordable but as you get older it goes up.(No Equity)
Forms of Term Life Insurance - ANSlevel, decreasing and increasing
Level Term Insurance - ANSprovides a level amount of protection for a specified period, after
which the policy expires. Level premium and level death benefit
Decreasing Term Insurance - ANScharacterized by benefit amounts that decrease gradually
over the term of protection but the premium stays the same throughout. Used to cover LOANS
or MORTGAGES.
Increasing Term Insurance - ANSinsurance that provides a death benefit that increases at
periodic intervals over the policy's term. Usually used to cover a BUY SELL AGREEMENT and
is usually purchased as a COST OF LIVING RIDER.
Features of Term Life - ANSoption to renew an option to convert
Option to Renew - ANSallows policyowner to renew the term policy before its termination date
without having to provide evidence of insurability/good health.
Option to Convert - ANSgives the insured the right to convert or exchange the term policy for a
whole life(or permanent) plan without evidence of insurability.
, Whole Life Insurance - ANSalso known as permanent or cash value insurance, provides
permanent protection for the whole of life and you pay premiums which are locked in for the
entire life as well as the benefit which is also constant throughout the life. Designed to mature at
age 100. Invest in bonds, treasuries and mortgages to guarantee it endows.
Endow - ANSwhen cash value = death benefit
Basic Forms of Whole Life - ANSstraight whole life, limited pay whole life and single-premium
whole life
Straight Whole Life - ANSwhole life insurance providing permanent level protection with level
premiums from the time the policy is issued until the insured's death(or age 100). Most
affordable-longer you pay the more affordable.
Limited Pay Whole Life - ANShave level premiums that are limited to a certain period(less than
life). The period can be of any duration. Ex: 20-pay life, pay premiums for 20 years and then you
are fully covered until your 100.
Single Premium Whole Life - ANSinvolves a large one-time-only premium payment at the
beginning of the policy period and from that point on the policy is completely paid for.
Modified Whole Life - ANSdistinguished by premiums that are lower than typical whole life
premiums during the first few years(usually 5) and then higher than typical thereafter. Designed
to make initial purchase of insurance easier and more attractive with a promise of an improved
financial position in the future.
Endowment Policies - ANSendows at the end of the premium paying period, always before age
100. Normally for college funding but is taxed every year and is not popular.
Special Use Policies - ANScombination or "packaging" of different policy types, designed to
serve a variety of needs.
Family Plan Policies - ANSdesigned to insure all family members under one policy. Coverage is
sold in units. Usually the insurance covering the family head is permanent and that covering the
spouse and children is level or decreasing term. Children who are born later are covered
automatically.
Joint Life Policies - ANSone policy that covers two or more people using some type of
permanent insurance it pays the death benefit when one of the insureds dies.
Last Survivor Policy - ANSalso known as "second to die" policy, covers two lives but the benefits
are paid upon the death of the last to survive.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
63950 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now
Recently viewed by you
Exam (elaborations) ·
HUMN-303 Week 3 Assignment Art Creation & Reflection-Sculpture, Painting, or Drawing (Oil
Exam (elaborations) ·
Western Governors University - CARE OF THE ELDERLY C475 Care of The Older Adult TEST BANK
Exam (elaborations) ·
RN ATI concept-based assessment, proctored exam for level 1 Test BANK with full answers.
Exam (elaborations) ·
California Life, Accident, and Health Insurance Final Exam Questions and Answers Already Passed
Exam (elaborations) ·
NURS 507 WEEK 8 Final exam 2023.ACTUAL QUESTIONS WITH ACCURATE ANSWERS (100% VERIFIED & GRADED)
Package deal ·
Complete Package Deal For Wastewater Exam Updated Questions and Answers 2024 Already Passed!!
Exam (elaborations) ·
MATH534 Final Exam LATEST STUDY GUIDE 2023/2024 With 100% accurate ANSWERS (PRIORITY IN ALL EXAM )
Exam (elaborations) ·
NCLE Test Questions Part 2: Exam Review Questions and answers, rated A+[LATEST EXAM UPDATES]
