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Florida Life & Health Practice Test Questions with Correct Answers 100% Verified
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Florida Life & Health Practice Test Questions with Correct Answers 100% Verified T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and t...

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  • July 24, 2024
  • 16
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • t and s are named co primary beneficiaries on a 5
  • which statement regarding the change of beneficiar
  • what is the underlying concept regarding level pre
  • c is trying to determine whether to convert her

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Florida Life & Health Practice Test Questions
with Correct Answers 100% Verified
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? - Correct Answer $0
Which statement regarding the Change of Beneficiary provision is true? - Correct Answer The policyowner can change the beneficiary
What is the underlying concept regarding level premiums? - Correct Answer The early years are charged more than what is needed
C is trying to determine whether to convert her convertible term life policy to whole life insurance using her original age or attained age. What factor would affect her decision the most? - Correct Answer The cost
If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the Uniform Simultaneous Death Act? - Correct Answer Insured's contingent beneficiary
On a life insurance policy, who is qualified to change the beneficiary designation? - Correct Answer Policyowner
A policyowner is allowed to pay premiums more than once a year under which provision? - Correct Answer Mode of Premium
A life insurance application must be signed by all of these EXCEPT - Correct Answer Beneficiary
Any changes made on an insurance application requires the initials of whom? - Correct Answer Applicant
Which Federal law allows an insurer to obtain an inspection report on a potential insured? - Correct Answer Fair Credit Reporting Act
All of these are considered sources of underwriting information about an applicant EXCEPT - Correct Answer Rating Services
K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved. What kind of receipt was used? - Correct Answer Conditional P is a producer who notices 5 questions on a life application were not answered. What actions should P take? - Correct Answer Set up a meeting with the applicant to answer the remaining questions
An underwriter determines that an applicant's risk should be recategorized due to a health issue. This life insurance policy may be issued with a(n) - Correct Answer extra premium
In order for coverage on a non-medical insurance application to take effect the same day, the producer must collect a signed application and - Correct Answer the initial premium
When does a life insurance contract become effective if the initial premium is not collected during the application process? - Correct Answer When producer delivers policy and collects initial premium
Why is an applicant's signature required on a life insurance application? - Correct Answer To attest that the statements on the application are accurate to the best of the applicant's knowledge
A Disability Income policyowner suffers a disability which was due to the same cause as
a previous disability. Both disabilities occurred within a five-month period. The insurer may cover the second disability without a new elimination period under the - Correct Answer Recurrent Disability provision
Which of these statements is INCORRECT regarding the federal income tax treatment of life insurance? - Correct Answer Entire cash surrender value is taxable
Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of Term coverage on himself under the same policy. What kind of policy should Q purchase? - Correct Answer Whole life policy with other insured rider
What action should a producer take if the initial premium is NOT submitted with the application? - Correct Answer Forward the application to the insurer without the initial premium
What is being delivered during a policy delivery? - Correct Answer Insurance contract to
the proposed insured
Which of these actions should a producer take when submitting an insurance application to an insurer? - Correct Answer Inform insurer of relevant information not included on the application
Before a life insurance policy is issued, which of these components of the contract is required? - Correct Answer Applicant's signature on application Which requirement must be met for an association to be eligible for a group life plan? - Correct Answer Group was formed for a purpose other than acquiring insurance
G purchased a Family Income policy at age 40, The policy has a 20-year rider period. If G were to die at age 50, how long would G's family receive an income? - Correct Answer 10 years
What group term life feature permits an individual to depart from the group and continue
to be covered without providing evidence of insurability? - Correct Answer Conversion
S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish her with a guaranteed income for life. What type of annuity is best suited for her situation? - Correct Answer Single Premium
The annuity that represents the largest possible monthly payment to an individual annuitant is a(n) - Correct Answer Straight Life annuity
An individual who purchases a Life annuity is given protection against - Correct Answer the risk of living longer than expected
What is considered to be a characteristic of an immediate annuity? - Correct Answer Benefit payments start within one payment period of purchase
An immediate annuity consists of a - Correct Answer single premium
What determines the full amount of Social Security retirement benefits a qualified individual is entitled to receive? - Correct Answer Primary Insurance Amount (PIA)
Which of these retirement plans can be started by an employee, even if another plan is in existence? - Correct Answer Individual Retirement Account (IRA)
Which of these is NOT a type of agent authority? - Correct Answer Principal
Which of the following statements is true about most Blue Cross/Blue Shield organizations? - Correct Answer They are nonprofit organizations
When a person returns to work after a period of total disability but cannot earn as much as he or she did before the disability, this situation is called which of the following? - Correct Answer Residual disability
An individual Disability Income insurance applicant may be required to submit all of the following information EXCEPT - Correct Answer spouse's occupation

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