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Florida Life, Health and Variable Annuity Exam Questions with Correct Answers 100% Verified and Graded A+ $8.49   Add to cart
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Florida Life, Health and Variable Annuity Exam Questions with Correct Answers 100% Verified and Graded A+
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Florida Life, Health and Variable Annuity Exam Questions with Correct Answers 100% Verified and Graded A+ Categories of Life Insurance - Correct Answer Ordinary, Industrial and Group Ordinary Life - Correct Answer is individual life insurance that includes many types of TERM and PERMANENT insur...

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  • July 22, 2024
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • Florida Life, Health and Variable Annuity
  • Florida Life, Health and Variable Annuity

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Florida Life, Health and Variable Annuity Exam Questions
with Correct Answers 100% Verified and Graded A+
Categories of Life Insurance - Correct Answer Ordinary, Industrial and Group
Ordinary Life - Correct Answer is 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 - Correct Answer small issue amounts with premiums collected weekly or monthly by agents at policyowner's home. Also known as BURIAL INSURANCE
Group Insurance - Correct Answer written 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 - Correct Answer simplest 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 - Correct Answer level, decreasing and increasing
Level Term Insurance - Correct Answer provides a level amount of protection for a specified period, after which the policy expires. Level premium and level death benefit
Decreasing Term Insurance - Correct Answer characterized 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 - Correct Answer insurance 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 - Correct Answer option to renew an option to convert
Option to Renew - Correct Answer allows policyowner to renew the term policy before its termination date without having to provide evidence of insurability/good health.
Option to Convert - Correct Answer gives 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 - Correct Answer also 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 - Correct Answer when cash value = death benefit
Basic Forms of Whole Life - Correct Answer straight whole life, limited pay whole life and single-premium whole life
Straight Whole Life - Correct Answer whole 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 - Correct Answer have 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 - Correct Answer involves 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 - Correct Answer distinguished 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 - Correct Answer endows 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 - Correct Answer combination or "packaging" of different policy types, designed to serve a variety of needs.
Family Plan Policies - Correct Answer designed 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 - Correct Answer one 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 - Correct Answer also known as "second to die" policy, covers two lives but the benefits are paid upon the death of the last to survive.

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