FLORIDA HEALTH AND LIFE INSURANCE EXAM AND PRACTICE
EXAM LATEST 2024 ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
A father who dies within 3 years after purchasing a life insurance policy
on his infant daughter can have the policy premiums waived under
which provision - ANSWER--Payor Provision
Which of the following actions is NOT possible with Universal Life
policy - ANSWER--Premiums may be applied as a credit against income
tax
A life policy with death benefit and cash value that can fluctuate
according to performance of its underlying investment portfolio is
referred to as - ANSWER--Variable life
Which policy requires an agent to register with the National Association
of Securities Dealers (NASD) before selling? - ANSWER--Variable life
P owns a $25,000 Life Policy that pays the face amount to him if he
lives to age 70, or to his beneficiary if he dies before age 70. What kind
of policy does P own. - ANSWER--Endowment at Age 70
All of these are characteristics of Adjustable life policy, EXCEPT: -
ANSWER--face amount can be adjusted using policy dividends
,FLORIDA HEALTH AND LIFE INSURANCE EXAM AND PRACTICE
EXAM LATEST 2024 ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
J is 35-years old and looking to purchase a whole life insurance policy.
Which of the following types of policies will provide the most rapid
growth of cash value? - ANSWER--20- pay life
What kind of life insurance policy pays a specified monthly income to a
beneficiary for 30 years and then pays a lump sum benefit at the end of
that 30 years? - ANSWER--Family maintenance Policy
K age 45, and his wife, age 43, have three children. They purchase a
Family Policy that covers K's wife to age 65. All of these situations will
pay a death benefit EXCEPT: - ANSWER--K's wife dies at age 66
Which statement is correct regarding the premium payment schedule for
whole life policies? - ANSWER--Premiums are payable throughout the
insured's lifetime/coverage lasts until death of the insured.
Under a Graded Premium policy, the premiums - ANSWER--Are lower
during the policy's early years
Term insurance has which of the following characteristics? - ANSWER-
-Expires at the end of the policy period
How long does the coverage normally remain on a limited-pay life
policy? - ANSWER--age 100
,FLORIDA HEALTH AND LIFE INSURANCE EXAM AND PRACTICE
EXAM LATEST 2024 ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
Which of these is an element of a Variable Life policy - ANSWER--A
fixed, level premium
Variable Whole Life insurance can be described as - ANSWER--both an
insurance and securities product
Which of the following features of a group Term Life policy enables an
individual to leave the group and continue his or her insurance without
providing evidence of insurability? - ANSWER--Conversion Privilege
Life insurance immediately creates an estate upon the death of an
insured. Which of the following policies is characterized by a guaranteed
minimum death benefit? - ANSWER--Variable life
What does a Face Amount Plus Cash Value Policy pay upon the
insured's death? - ANSWER--Face amount plus the policy's cash value
N is covered by a Term Life policy and does not make the required
premium payment which was due August 1. N dies September 15. What
action will the insurer take? - ANSWER--Claim will be denied
What provision in a life insurance policy states that the application is
considered part of the contract? - ANSWER--Entire Contract provision
, FLORIDA HEALTH AND LIFE INSURANCE EXAM AND PRACTICE
EXAM LATEST 2024 ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
B recently died and was insured with a life insurance policy for over five
years. During the claims process, the insurer discovered that B had
understated his age by 5 years at the time of application. In this situation,
the insurer will - ANSWER--pay the amount that the premium would
have purchased at the correct age
K's whole life insurance policy lapsed two months ago due to
nonpayment. She would now like to reinstate the policy. All of these
statements are correct about the policy's reinstatement EXCEPT -
ANSWER--K will forfeit the right to use the automatic loan provision
upon reinstatement
Which of the following provisions guarantees that premiums will be
waived if a Juvenile Life policyowner becomes disabled? - ANSWER--
Payor clause
Which of the following is an example of a nonforfeiture option? -
ANSWER--Reduced paid- up option
K owns a Whole Life policy. If K wants an increasing Death Benefit to
protect against inflation, which Divided Option should she chose? -
ANSWER--Paid-Up Additional Insurance
EXAM LATEST 2024 ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
A father who dies within 3 years after purchasing a life insurance policy
on his infant daughter can have the policy premiums waived under
which provision - ANSWER--Payor Provision
Which of the following actions is NOT possible with Universal Life
policy - ANSWER--Premiums may be applied as a credit against income
tax
A life policy with death benefit and cash value that can fluctuate
according to performance of its underlying investment portfolio is
referred to as - ANSWER--Variable life
Which policy requires an agent to register with the National Association
of Securities Dealers (NASD) before selling? - ANSWER--Variable life
P owns a $25,000 Life Policy that pays the face amount to him if he
lives to age 70, or to his beneficiary if he dies before age 70. What kind
of policy does P own. - ANSWER--Endowment at Age 70
All of these are characteristics of Adjustable life policy, EXCEPT: -
ANSWER--face amount can be adjusted using policy dividends
,FLORIDA HEALTH AND LIFE INSURANCE EXAM AND PRACTICE
EXAM LATEST 2024 ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
J is 35-years old and looking to purchase a whole life insurance policy.
Which of the following types of policies will provide the most rapid
growth of cash value? - ANSWER--20- pay life
What kind of life insurance policy pays a specified monthly income to a
beneficiary for 30 years and then pays a lump sum benefit at the end of
that 30 years? - ANSWER--Family maintenance Policy
K age 45, and his wife, age 43, have three children. They purchase a
Family Policy that covers K's wife to age 65. All of these situations will
pay a death benefit EXCEPT: - ANSWER--K's wife dies at age 66
Which statement is correct regarding the premium payment schedule for
whole life policies? - ANSWER--Premiums are payable throughout the
insured's lifetime/coverage lasts until death of the insured.
Under a Graded Premium policy, the premiums - ANSWER--Are lower
during the policy's early years
Term insurance has which of the following characteristics? - ANSWER-
-Expires at the end of the policy period
How long does the coverage normally remain on a limited-pay life
policy? - ANSWER--age 100
,FLORIDA HEALTH AND LIFE INSURANCE EXAM AND PRACTICE
EXAM LATEST 2024 ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
Which of these is an element of a Variable Life policy - ANSWER--A
fixed, level premium
Variable Whole Life insurance can be described as - ANSWER--both an
insurance and securities product
Which of the following features of a group Term Life policy enables an
individual to leave the group and continue his or her insurance without
providing evidence of insurability? - ANSWER--Conversion Privilege
Life insurance immediately creates an estate upon the death of an
insured. Which of the following policies is characterized by a guaranteed
minimum death benefit? - ANSWER--Variable life
What does a Face Amount Plus Cash Value Policy pay upon the
insured's death? - ANSWER--Face amount plus the policy's cash value
N is covered by a Term Life policy and does not make the required
premium payment which was due August 1. N dies September 15. What
action will the insurer take? - ANSWER--Claim will be denied
What provision in a life insurance policy states that the application is
considered part of the contract? - ANSWER--Entire Contract provision
, FLORIDA HEALTH AND LIFE INSURANCE EXAM AND PRACTICE
EXAM LATEST 2024 ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+
B recently died and was insured with a life insurance policy for over five
years. During the claims process, the insurer discovered that B had
understated his age by 5 years at the time of application. In this situation,
the insurer will - ANSWER--pay the amount that the premium would
have purchased at the correct age
K's whole life insurance policy lapsed two months ago due to
nonpayment. She would now like to reinstate the policy. All of these
statements are correct about the policy's reinstatement EXCEPT -
ANSWER--K will forfeit the right to use the automatic loan provision
upon reinstatement
Which of the following provisions guarantees that premiums will be
waived if a Juvenile Life policyowner becomes disabled? - ANSWER--
Payor clause
Which of the following is an example of a nonforfeiture option? -
ANSWER--Reduced paid- up option
K owns a Whole Life policy. If K wants an increasing Death Benefit to
protect against inflation, which Divided Option should she chose? -
ANSWER--Paid-Up Additional Insurance
