Florida Life, Health and Variable Annuity Exam/ 173 Q&A/ .
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Florida Life, Health
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Florida Life, Health
Florida Life, Health and Variable Annuity Exam/ 173 Q&A/ . Terms like:
Special Use Policies - Answer: combination or "packaging" of different policy types, designed to serve a variety of needs.
Family Plan Policies - Answer: designed to insure all family members under one policy. Coverage is...
Florida Life, Health and Variable Annuity
Exam/ 173 Q&A/ 2024-2025.
Special Use Policies - Answer: combination or "packaging" of different policy types, designed to
serve a variety of needs.
Family Plan Policies - 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 - 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 - 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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,Juvenile Insurance - Answer: insurance written on the lives of children(usually one day old to
fourteen or fifteen), application for insurance and ownership rest with an adult.
Payor Provision - Answer: typically attached to Juvenile Insurance Policies, provides that in the
event of death or disability of the adult premium-payor, the premiums will be waived until the
insured child reaches a specified age or until the maturity date of the contract which ever
comes first.
Credit Life Insurance - Answer: a decreasing term policy designed to cover the life of a debtor
and pay the amount due on a loan if the debtor dies before the loan is repaid. Beneficiary is
normally the lender.
Non-Traditional Life Policies - Answer: interest sensitive whole life, adjustable life, universal life,
variable life, and variable universal life
Adjustable Life - Answer: distinguished by their flexibility that comes from combining term and
permanent insurance into a single plan. Can make adjustments such as (1)increasing or
decreasing the premium, the premium-paying period, or both; or (2)increasing or decreasing
the face amount, the period of protection, or both.
Universal Life - Answer: a variation of whole life insurance characterized by considerable
flexibility, allows it policyowners to determine the amount and frequency of premium payments
and to adjust the policy face amount up or down to reflect changes in needs. Term insurance
with an investment fund, buying term and investinf the difference for you.
Equity Indexed Universal Life (EIUL) - Answer: indexed universal life insurance policy offering an
equity index feature that offers the potential for cash value accumulation and basic interest
guarantees.
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, Variable Insurance Products - Answer: opportunity for policy owners to achieve higher than
usual investment returns on their policy cash values by accepting the risk of the policy's
performance. No guarantees, money invested in stocks, mutual funds, equity investments. Buy
these to keep up with inflation and agents must be dually licensed to sell these.
Variable Universal Life - Answer: product that blends many features of whole life, universal life,
and variable life. Key features are premium flexibility, cash value investment control, and death
benefit flexibility.
Prospectus - Answer: contains information about the nature and purpose of the insurance plan,
the separate account and the risk involved. By law a variable insurance sales presentation
cannot be conducted unless it's preceded or accompanied by...
Variable Whole Life Insurance - Answer: permanent life insurance with many of the same
characteristics of traditional whole life insurance but instead of the insurer's money being kept
in general accounts and invested in conservative investments with contractual guarantees it is
invested in separate accounts which house common stock, bond, money-market and other
securities investment options with no guarantees. There is a minimum guaranteed death
benefit.
Rights of Policy Ownership - Answer: to designate and change the beneficiary of the policy
proceeds, select how the death proceeds will be paid to the beneficiary, cancel the policy and
select non-forfeiture option, take out a policy loan, receive policy dividends and select dividend
payment option, and to assign ownership of the policy to someone else.
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