Exam (elaborations)
2024 FLORIDA HEALTH AND LIFE INSURANCE EXAM WITH 100% CORRECT ANSWERS
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2024 FLORIDA HEALTH AND LIFE INSURANCE EXAM WITH 100% CORRECT ANSWERS
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2024 FLORIDA HEALTH AND LIFEINSURANCE EXAM WITH 100%
CORRECT ANSWERS
Whole Life Policies - CORRECT ANSWERS- - Ordinary (Straight) Life
- Limited-pay Life
- Single-Premium Life
- Adjustable Life
Permanent Life Insurance - CORRECT ANSWERS- - whole life insurance
- effective for entire life, up to age 100
- permanent protection
- cash value
Term Life Insurance - CORRECT ANSWERS- - Effective for temporary period
of time
- no cash value
Participating Life Insurance Policies - CORRECT ANSWERS- - pay dividends to
policyholders
- ex: Mutual Insurance companies
Interest/Market-Sensitive Policies - CORRECT ANSWERS- - Universal Life
- Variable Whole Life
- Variable Universal Life
- Interest-sensitive Whole Life
- Equity-Indexed Life
Level Term Policy - CORRECT ANSWERS- - Provides level face amount
throughout the policy
- two types
1) annual renewable term
2) Level premium term
Term Life Policies - CORRECT ANSWERS- - level term life
- Decreasing Life
- Return of premium policy
- Annually renewable policy
- Increasing term policy
Combination Plans - CORRECT ANSWERS- - Joint Life (first to die)
, - Survivor Ship Life (second to die)
Individual Policy characteristics - CORRECT ANSWERS- - individual is issued
the policy, selects the plan
- individual applies
- More expensive
- More restrictive
Group Policy Characteristics - CORRECT ANSWERS- - Master policy-owner is
issued for the group
- Group selects plans to pick from
- Eligible employees apply
- Less expensive
- Less restrictive
Waiver of Premium Rider - CORRECT ANSWERS- - allows policy owner to not
pay premium during disability
- disability must be permitted and total
- doesn't apply if insured is of certain age (60 or 65)
Guaranteed insurability - CORRECT ANSWERS- allows insured to buy/add
additional insurance at given times without providing proof of insurability
Payor benefit - CORRECT ANSWERS- - if individual who is paying insurance
on a minor dies, the minor's insurance stay in affect until the child reaches
certain age and premiums don't have to be paid
Accidental death and dismemberment - CORRECT ANSWERS- - rider that can
be added to life insurance policies
- pay benefits for dismemberment and accidental death
- Pays principal sum for loss of both of any limbs or complete blindness
term riders - CORRECT ANSWERS- rider that add term coverage to an
existing life insurance coverage
Ways of policyholders receiving dividends from participating life insurance
policies - CORRECT ANSWERS- -- In cash
- Accumulate interest
- Purchase more coverage
- Use to reduce future premium prices
- Pay up the entire policy
- Purchase 1-year term insurance
Nonparticipating Life Insurance Policies - CORRECT ANSWERS- - Pay
dividends to shareholders (not policyholders)
- ex: stock companies
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