214 Florida License Test 100% Correct Answers Verified Latest 2024 Version
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214 Florida
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214 Florida
214 Florida License Test | 100% Correct
Answers | Verified | Latest 2024 Version
Which of the following describes a participating insurance policy? - Policyowners are entitled to
receive dividends
At what point must a life insurance applicant be informed of their rights that fall under the Fair...
214 Florida License Test | 100% Correct
Answers | Verified | Latest 2024 Version
Which of the following describes a participating insurance policy? - ✔✔Policyowners are entitled to
receive dividends
At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit
Reporting Act? - ✔✔Upon completion of the application
Dividends payable to a policyowner are: - ✔✔Declared by the insurance company.
At what point does an informal agreement become a binding contract? - ✔✔When consideration is
provided by one of the parties to the contract
When third-party ownership is involved, applicants who also happen to be the stated primary
beneficiary are required to have - ✔✔Insurable interest in the proposed insured
Which of the following arrangements allows one to bypass insurable interest laws? - ✔✔(STOLI) or
Investor Originated Life Insurance
Taking receipt of premiums and holding them for the insurance company is an example of - ✔✔Fiduciary
Responsibility
A policy of adhesion can only be modified by whom? - ✔✔The Insurance Company
The exchange of unequal values reflects: - ✔✔Aleatory
Life and health insurance policies are - ✔✔Unilateral Contracts (one makes promise, other can only
accept by performance
, The consideration clause of insurance contract includes - ✔✔The schedule and amount of premium
payments
A life insurance arrangement which circumvents insurable interest values is called - ✔✔Investor
Originated Life Insurance (IOLI)
Who makes the legally enforceable promises in a unilateral contract? - ✔✔The Insurance Company
A life insurance policy would be considered a wagering contract WITHOUT: - ✔✔Insurable Interest
A life insurance policy that provides a policyowner with cash value along with a level face amount is
called: - ✔✔Whole Life Policy
Who benefits in Investor-Originated Life Insurance (IOLI) when the insured dies? - ✔✔the
Policyowner(investor)
K purchased a Life insurance policy in 1986 which paid 10% interest in the early years of the policy.
Twenty years after the purchase, she received a notice from the insurer stating that the policy will soon
terminate unless a much-higher premium is paid because of falling interest rates. This type of policy is
known as: - ✔✔Universal Life Policy
Which of these would be considered a Limited-Pay-Life policy? - ✔✔Life Paid Up at Age 70
K is looking to purchase Renewable Term insurance. Which of these types of Term insurance may be
renewable? - ✔✔Level Term Policy (pays same death benefit if insured dies any time during policy)
A universal life policy is sometimes referred to as an unbundled Life Policy because the owner can see
the interest earned, cost of insurance, and - ✔✔Expense Charges
What type of insurance offers permanent life coverage with premiums that are payable for life? -
✔✔Whole Life Policy
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