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2024 FLORIDA 215 LIFE, HEALTH, INSURANCE LAW PRACTICE EXAM WITH CORRECT ANSWERS
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2024 FLORIDA 215 LIFE, HEALTH, INSURANCE LAW PRACTICE EXAM WITH CORRECT ANSWERS
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Florida 215 Life, Health, Insurance Law Practice ExamStudy online at https://quizlet.com/_d0gudx
1. Who elects the governing body of a metal Insur- The Policyholders
ance company?
2. When a policy pays dividends to its policy holders Participating
is said to be?
3. Which of these describe a participating insurance Policy owners are en-
policy? titled to receive divi-
dends
4. An insurance applicant MUST be informed of an in- 1970 Fair credit re-
vestigation regarding his/her reputation and char- porting act
acter according to the?
5. The Stated amount or percent of liquid assets that Reserves
an insurer must have on hand that will satisfy
future obligations to its policyholders is called?
6. The Part of a life insurance policy GUARANTEED Warranty
to be true is called?
7. At what point does an informal agreement become When consideration
a binding contract? is provided by one of
the parties to the con-
tract
8. Who makes the legally enforceable promise in a The Insurance Com-
unilateral insurance policy? pany
9. When a third-party ownership is involved, appli- Insurable interest in
cants who also happen to be the stated the primary the proposed insured
beneficiary are required to have?
10. A policy of adhesion can only be modified by The insurance com-
whom? pany
11. Insurance policies are considered aleatory con- Performance is con-
tracts because? ditioned upon a future
occurrence
, Florida 215 Life, Health, Insurance Law Practice Exam
Study online at https://quizlet.com/_d0gudx
12. Q purchase $500k life insurance policy and pays Aleatory
$900 in premiums over the first six months. Q dies
suddenly and the beneficiary is paid $500,000. This
exchange of unequal values reflects which insur-
ance contract features?
13. What consists of an offer, acceptance, and consid- The Contract
eration?
14. A Principal is NOT a type agent authority? True
15. Taking a receipt of premiums and holding them for Fiduciary responsibil-
the insurance company is an example of? ity
16. A Bilateral typically has characteristics describing False
the nature of an insurance contract.
17. In regards to representation or warranties? If material to the
RISK, false represen-
tations will void a pol-
icy
18. Statements made on an insurance application that Representations
are BELIEVED to be true to the best of the appli-
cants knowledge are called?
19. A variable insurance policy? Does NOT guarantee
a return on invest-
ment accounts
20. Whole life insurance is sometimes referred to as The duration of pre-
"Straight Life". What does the word "Straight" in- mium payments
dicate when using this phrase?
21. What type of policy would offer a 40- year old the A 20-pay life
quickest accumulation of cash value?
22. Modified Whole Life This life product is
NOT considered in-
terest sensitive?
, Florida 215 Life, Health, Insurance Law Practice Exam
Study online at https://quizlet.com/_d0gudx
23. Y Purchased $100,000 worth of permanent protec- Whole life policy with
tion on himself and $50,000 worth of 10-year Term an Other Insured Rid-
coverage for his wife on the same policy. What did er
Y Purchase?
24. Which of the following types of Term Life policies A 10 year convertibil-
most likely contains a Renewability feature? ity Term
25. Modified Endowment Contract This type of policy
is considered to be
overfunded, as stated
by IRS guidelines?
26. A company that owns a life insurance policy on Change the policy's
one of its key employees can't? interest rate
27. Under a Graded Premium policy, The premiums? Are lower during the
policy's early years
28. When a policy owner exchanges a term policy for Conversion Provision
a whole life policy without providing proof of good
health this is applied?
29. This features of a group Term Life policy enables Conversion Privilege
an individual to leave the group and continue his
or her insurance without providing evidence of
insurability?
30. What type of policy covers two people and pays Survivorship
upon the death of the last insured?
31. Term insurance has what characteristic? Expires at the end of
the policy period
32. Term Life policies that have the ability to be con- Varies according to
verted to permanent coverage may do so during a the contract
specific time period. This conversion period?
33. What type of insurance offers permanent life cov- Whole Life
erage with premiums that are payable for life?
, Florida 215 Life, Health, Insurance Law Practice Exam
Study online at https://quizlet.com/_d0gudx
34. What kind of life insurance starts out as temporary Convertible term
coverage but can be later modified to permanent
coverage without evidence of insurability?
35. A life policy that contains a monthly mortality Variable Universal
charge as well as self-directed investment choice Life policy
is called an?
36. K is Shopping for a permanent life insurance poli- Straight life
cy that will offer her the MOST protection per dollar
of annual premium. This policy fits best?
37. This is an element of Variable Life policy? Whole life variables
have a fixed, level
premium
38. How Long Does the coverage normally remain on Age 100
a limited-pay life policy?
39. S buys a $10,000 Whole life policy in 2003 and pays A return of Premium
an annual premium of $100. S dies 5 years later in Rider
2008 and the insurer pays the beneficiary $10,500.
What kind of rider did S include on the policy?
40. How do life insurance companies handle cases Claims are denied
where the insured commits suicide within the con- under the Suicide
tracts stated contestable period? clause of the policy
41. L takes out a life insurance policy and dies 10 Adjust the death ben-
years later. During the claim process, the insurer efit to a reduced
discovers that L had understated her age on the amount
application. Under the Misstatement of Age Provi-
sion, the insurer will:
42. This statement is true in regards to a policy loan? Past-due interest on
a policy loan is added
to the total debt
43.
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