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2024 FLORIDA LIFE INSURANCE TEST EXAM WITH CORRECT ANSWERS
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2024 FLORIDA LIFE INSURANCE TEST EXAM WITH CORRECT ANSWERS
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2024 FLORIDA LIFE INSURANCETEST EXAM WITH CORRECT
ANSWERS
S buys $100,000 whole life policy in 2003 and pays an annual premium of
$100. S dies five years later in 2008 and the insured pays the beneficiary
$10,500. What kind of writer did S include on the policy? - CORRECT
ANSWERS- A Return of permium rider
All of these statements about the Waiver of Premium provision are correct
EXCEPT - CORRECT ANSWERS- Insured must be eligible for Social Security
disability for claim to be excepted
Which of these provisions require proof of insurability after a policy has
lapsed? - CORRECT ANSWERS- Reinstatement
S would like to use dividends from her life insurance policy to purchase paid-
up additions. All of these would be factors that determine how much
coverage can be purchased EXCEPT - CORRECT ANSWERS- Beneficiary's age
When an insurance application is taken by a producer, which of these
statements is true? - CORRECT ANSWERS- Any changes made on the
application require the applicants initials
Before a life insurance policy is issued, which of these components of the
contract is required? - CORRECT ANSWERS- Applicants signature on
application
From what authority derives the requirement that an insurance application
contains a disclosure stating that an investigative consumer report may be
obtained on an applicant? - CORRECT ANSWERS- Fair Credit Reporting Act
Which of these do NOT constitute policy delivery - CORRECT ANSWERS-
Policy issued with a rating
What does the Medical Information Bureau (MIB) identify? - CORRECT
ANSWERS- Existing life insurance coverage with other carriers
What action can a policyholder take if an application for a bank loan requires
collateral? - CORRECT ANSWERS- Assign policy ownership to the bank
, How do life insurance companies handle cases where the insured commit
suicide with in the contract's stated Contestable period? - CORRECT
ANSWERS- Claims are denied under the Suicide clause of the policy
P is blinded in an industrial accident. Which provision of his life insurance
policy will pay a stated benefit amount? - CORRECT ANSWERS- Accidental
Death and Dismemberment provision
B owns a Whole Life policy with a guaranteed insurability option that allows
him to purchase, without evidence of insurability, stated amounts of -
CORRECT ANSWERS- Additional Whole Life coverage at specified times
How are surrender charges deducted in a life policy with a rear-end loaded
provision? - CORRECT ANSWERS- Deducted when the policy is discontinued
What does the ownership clause in a life insurance policy state? - CORRECT
ANSWERS- Who the policy owner is and what rights the policy owner is
entitled to
A life insurance policy which ensures that the premiums will be paid if the
insured becomes disabled has what kind of rider attached? - CORRECT
ANSWERS- Waiver of premium
A provision in a life insurance policy that pays the policyholder an amount
that does not surpass the guaranteed cash value is called the - CORRECT
ANSWERS- Policy Loan provision
P died five years after purchasing a life policy. While investigating the claim,
the insurer discovered material misrepresentation made by P during the
application process. Which of these actions will be in sure take? - CORRECT
ANSWERS- Beneficiary will be paid the death benefit
All of the statement options involve the systematic liquidation of the death
proceeds in the event of the insured's death EXCEPT - CORRECT ANSWERS-
Interest Only
Which statement is true in the regards to a policy loan? - CORRECT
ANSWERS- Past-due interest on a policy loan is added to the total debt
K has a life insurance policy where her husband is the beneficiary and her
daughter is contingent beneficiary. Under the Common Disaster clause, if K
and her husband are both killed in an automobile accident, where will the
death proceeds be directed? - CORRECT ANSWERS- Daughter
T and S are named co-primary beneficiary on a $500,000 Accidental Death
and Dismemberment policy ensuring their father. Their mother was named
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