Florida 215 Life, Health, Insurance Law Practice Verified Multiple Choice and Conceptual
Actual Emended Exam Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
Who elects the governing body of a met-
The Policyholders
al Insurance company?
When a policy pays dividends to its poli-
Participating
cy holders is said to be?
Which of these describe a participating Policy owners are entitled to receive div-
insurance policy? idends
An insurance applicant MUST be in-
formed of an investigation regarding
1970 Fair credit reporting act
his/her reputation and character accord-
ing to the?
The Stated amount or percent of liquid
assets that an insurer must have on hand
Reserves
that will satisfy future obligations to its
policyholders is called?
The Part of a life insurance policy GUAR-
Warranty
ANTEED to be true is called?
At what point does an informal agree- When consideration is provided by one
ment become a binding contract? of the parties to the contract
Who makes the legally enforceable
The Insurance Company
promise in a unilateral insurance policy?
When a third-party ownership is in-
volved, applicants who also happen to Insurable interest in the proposed in-
be the stated the primary beneficiary are sured
required to have?
A policy of adhesion can only be modi-
The insurance company
fied by whom?
Insurance policies are considered Performance is conditioned upon a fu-
aleatory contracts because? ture occurrence
Q purchase $500k life insurance policy
and pays $900 in premiums over the first
six months. Q dies suddenly and the ben-
Aleatory
eficiary is paid $500,000. This exchange
of unequal values reflects which insur-
ance contract features?
, Florida 215 Life, Health, Insurance Law Practice Verified Multiple Choice and Conceptual
Actual Emended Exam Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
What consists of an offer, acceptance,
The Contract
and consideration?
A Principal is NOT a type agent authori-
True
ty?
Taking a receipt of premiums and holding
them for the insurance company is an Fiduciary responsibility
example of?
A Bilateral typically has characteristics
describing the nature of an insurance False
contract.
In regards to representation or war- If material to the RISK, false representa-
ranties? tions will void a policy
Statements made on an insurance appli-
cation that are BELIEVED to be true to
Representations
the best of the applicants knowledge are
called?
Does NOT guarantee a return on invest-
A variable insurance policy?
ment accounts
Whole life insurance is sometimes re-
ferred to as "Straight Life". What does the
The duration of premium payments
word "Straight" indicate when using this
phrase?
What type of policy would offer a 40- year
old the quickest accumulation of cash A 20-pay life
value?
This life product is NOT considered inter-
Modified Whole Life
est sensitive?
Y Purchased $100,000 worth of perma-
nent protection on himself and $50,000
Whole life policy with an Other Insured
worth of 10-year Term coverage for his
Rider
wife on the same policy. What did Y Pur-
chase?
Which of the following types of Term Life
policies most likely contains a Renewa- A 10 year convertibility Term
bility feature?
, Florida 215 Life, Health, Insurance Law Practice Verified Multiple Choice and Conceptual
Actual Emended Exam Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
This type of policy is considered to be
Modified Endowment Contract
overfunded, as stated by IRS guidelines?
A company that owns a life insurance
Change the policy's interest rate
policy on one of its key employees can't?
Under a Graded Premium policy, The
Are lower during the policy's early years
premiums?
When a policy owner exchanges a term
policy for a whole life policy without pro-
Conversion Provision
viding proof of good health this is ap-
plied?
This features of a group Term Life policy
enables an individual to leave the group
Conversion Privilege
and continue his or her insurance without
providing evidence of insurability?
What type of policy covers two people
and pays upon the death of the last in- Survivorship
sured?
Term insurance has what characteristic? Expires at the end of the policy period
Term Life policies that have the ability
to be converted to permanent coverage
Varies according to the contract
may do so during a specific time period.
This conversion period?
What type of insurance offers perma-
nent life coverage with premiums that are Whole Life
payable for life?
What kind of life insurance starts out
as temporary coverage but can be later
Convertible term
modified to permanent coverage without
evidence of insurability?
A life policy that contains a monthly mor-
tality charge as well as self-directed in- Variable Universal Life policy
vestment choice is called an?
K is Shopping for a permanent life insur-
Straight life
ance policy that will offer her the MOST
Actual Emended Exam Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
Who elects the governing body of a met-
The Policyholders
al Insurance company?
When a policy pays dividends to its poli-
Participating
cy holders is said to be?
Which of these describe a participating Policy owners are entitled to receive div-
insurance policy? idends
An insurance applicant MUST be in-
formed of an investigation regarding
1970 Fair credit reporting act
his/her reputation and character accord-
ing to the?
The Stated amount or percent of liquid
assets that an insurer must have on hand
Reserves
that will satisfy future obligations to its
policyholders is called?
The Part of a life insurance policy GUAR-
Warranty
ANTEED to be true is called?
At what point does an informal agree- When consideration is provided by one
ment become a binding contract? of the parties to the contract
Who makes the legally enforceable
The Insurance Company
promise in a unilateral insurance policy?
When a third-party ownership is in-
volved, applicants who also happen to Insurable interest in the proposed in-
be the stated the primary beneficiary are sured
required to have?
A policy of adhesion can only be modi-
The insurance company
fied by whom?
Insurance policies are considered Performance is conditioned upon a fu-
aleatory contracts because? ture occurrence
Q purchase $500k life insurance policy
and pays $900 in premiums over the first
six months. Q dies suddenly and the ben-
Aleatory
eficiary is paid $500,000. This exchange
of unequal values reflects which insur-
ance contract features?
, Florida 215 Life, Health, Insurance Law Practice Verified Multiple Choice and Conceptual
Actual Emended Exam Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
What consists of an offer, acceptance,
The Contract
and consideration?
A Principal is NOT a type agent authori-
True
ty?
Taking a receipt of premiums and holding
them for the insurance company is an Fiduciary responsibility
example of?
A Bilateral typically has characteristics
describing the nature of an insurance False
contract.
In regards to representation or war- If material to the RISK, false representa-
ranties? tions will void a policy
Statements made on an insurance appli-
cation that are BELIEVED to be true to
Representations
the best of the applicants knowledge are
called?
Does NOT guarantee a return on invest-
A variable insurance policy?
ment accounts
Whole life insurance is sometimes re-
ferred to as "Straight Life". What does the
The duration of premium payments
word "Straight" indicate when using this
phrase?
What type of policy would offer a 40- year
old the quickest accumulation of cash A 20-pay life
value?
This life product is NOT considered inter-
Modified Whole Life
est sensitive?
Y Purchased $100,000 worth of perma-
nent protection on himself and $50,000
Whole life policy with an Other Insured
worth of 10-year Term coverage for his
Rider
wife on the same policy. What did Y Pur-
chase?
Which of the following types of Term Life
policies most likely contains a Renewa- A 10 year convertibility Term
bility feature?
, Florida 215 Life, Health, Insurance Law Practice Verified Multiple Choice and Conceptual
Actual Emended Exam Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
This type of policy is considered to be
Modified Endowment Contract
overfunded, as stated by IRS guidelines?
A company that owns a life insurance
Change the policy's interest rate
policy on one of its key employees can't?
Under a Graded Premium policy, The
Are lower during the policy's early years
premiums?
When a policy owner exchanges a term
policy for a whole life policy without pro-
Conversion Provision
viding proof of good health this is ap-
plied?
This features of a group Term Life policy
enables an individual to leave the group
Conversion Privilege
and continue his or her insurance without
providing evidence of insurability?
What type of policy covers two people
and pays upon the death of the last in- Survivorship
sured?
Term insurance has what characteristic? Expires at the end of the policy period
Term Life policies that have the ability
to be converted to permanent coverage
Varies according to the contract
may do so during a specific time period.
This conversion period?
What type of insurance offers perma-
nent life coverage with premiums that are Whole Life
payable for life?
What kind of life insurance starts out
as temporary coverage but can be later
Convertible term
modified to permanent coverage without
evidence of insurability?
A life policy that contains a monthly mor-
tality charge as well as self-directed in- Variable Universal Life policy
vestment choice is called an?
K is Shopping for a permanent life insur-
Straight life
ance policy that will offer her the MOST
