Florida Practice Test with Correct Answers 100% Verified and Graded A+

Florida Practice Test with Correct Answers 100% Verified and Graded A+ within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained ? - Correct Answer 3 days If a life policy owner to make periodic additions to the face amount at standard rates, without proving insurability, the policy includes a - Correct Answer guaranteed insurability rider A father purchases a life insurance policy on his teenage daughter and adds the Payor Benefit rider. In which of the following scenarios will the rider waive the payment of premium? - Correct Answer If the father is disabled for more than 6 months In the underwriting process, it was determined that the applicant for life insurance is in poor health and has some dangerous habits. Which of the following is true concerning the policy premium ? - Correct Answer It will likely be higher because the applicant is a substandard risk. An insured purchased a life policy in 2010 and died in 2017. the insurance company discovers at that time that the insured had concealed information during the application process. What can they do ? - Correct Answer pay the death benefit If a change needs to be made to the application for insurance, the agent may do all of the following except ? - Correct Answer Erase the incorrect answer & record the correct answer.e When would a 20-pay whole life policy endow? - Correct Answer when the insured reaches age 100 The rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called? - Correct Answer Waiver of premium. What is the purpose of a conditional receipt? - Correct Answer It is intended to provided coverage on a date prior to the policy issue. An insured has a life insurance policy that requires him to only pay premiums for a specified number of years until the policy is paid up. What kind of policy is it? - Correct Answer limited-pay life Which of the following reports will provide the underwriter with the information about an insurance applicant's credit ? - Correct Answer Consumer Report all of the following are examples of third party ownership of a life insurance policy EXCEPT - Correct Answer An insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan.