FIRE OFFICER 1 PRACTICE
EXAMINATION 2026 QUESTIONS
WITH ANSWERS GRADED A+
◍ life policy provisions - free look provision - life & annuity.
Answer: minimum 14 days
◍ retirement plans - nonqualified plans.
Answer: for executives, taxed later when benefits paid, not tax deductible,
no irs approval
◍ life policy dividend options.
Answer: -cash-reduce premium-accumulate at interest-paid-up
additions-paid-up insurance -one-year term
◍ Signature Requirement in Florida for Minor Purchasing Life Insurance.
Answer: Parent or Legal Guardian
◍ Investments in Variable Annuity Separate Account.
Answer: Common stocks and securities
◍ Medicare Part D.
Answer: Provides prescription drug coverage for Medicare beneficiaries.
◍ life policy provisions - consideration clause.
Answer: insured gives premium and truthful statements, insurer gives the
promise to pay
◍ Disability Insurance Qualification Threshold.
Answer: 20% disabled
◍ whole life insurance - limited-pay.
Answer: pay premiums for limited time (10 pay, 20 pay, pay up to 65 years
old)
,◍ If an annuitant owns 300 annuity units and receives $1,500 monthly, each
annuity unit is valued at:.
Answer: $5
◍ Moral hazard.
Answer: intentional dishonesty
◍ life policy provisions - per stirpes beneficiary designations.
Answer: passes down to beneficiarys children if they die
◍ Life Policy Rider - cost of living rider (cola).
Answer: automatic increases in death benefit to match inflation
◍ Correct Statement about Department of Financial Services' Examination
Right.
Answer: Examination can be conducted at any time to discover unfair trade
practices
◍ life policy settlement options def.
Answer: (how death benefit is paid to beneficiary)
◍ ___________ health insurance is issued to cover a group with changing
composition but similar risks..
Answer: Blanket
◍ Hazard.
Answer: Anything that increases the chance of a loss
◍ application.
Answer: main source of underwriting information, general info and medical
info, signed by applicant and producer
◍ The Deficit Reduction Act gives governors more flexibility to design
benefits that efficiently and affordably meet their states' needs..
Answer: Medicaid
◍ whole life insurance - modified.
Answer: low premiums at first, then increase one time
, ◍ Does Florida law specify actions for an insurer if a variable annuity is the
sole retirement income source?.
Answer: NO
◍ Major medical policy safeguard feature:.
Answer: stop-loss
◍ term life insurance - renewable term.
Answer: can renew without insurability
◍ True or False: The Human Life Value approach is now largely replaced by
the Needs Approach in evaluating client needs for life insurance..
Answer: TRUE
◍ Legal representation in insurance transaction:.
Answer: Acme Insurance Agency
◍ Who should agents check with to verify if the insurer they represent is
properly authorized?.
Answer: the Department of Financial Services
◍ Most Adjustable Life Policies are More Expensive than Conventional Term
Policies or Whole Life Policies..
Answer: TRUE
◍ warranties.
Answer: guaranteed truth
◍ SIMPLE Plans.
Answer: Can be structured as IRA or 401(k) - TRUE
◍ Requirement for Group Health Insurers in Florida Regarding Mental and
Nervous Disorder Insurance.
Answer: TRUE
◍ life policy provisions - irrevocable beneficiary designations.
Answer: owner needs consent to change
◍ life policy provisions - misstatement of age or gender.
EXAMINATION 2026 QUESTIONS
WITH ANSWERS GRADED A+
◍ life policy provisions - free look provision - life & annuity.
Answer: minimum 14 days
◍ retirement plans - nonqualified plans.
Answer: for executives, taxed later when benefits paid, not tax deductible,
no irs approval
◍ life policy dividend options.
Answer: -cash-reduce premium-accumulate at interest-paid-up
additions-paid-up insurance -one-year term
◍ Signature Requirement in Florida for Minor Purchasing Life Insurance.
Answer: Parent or Legal Guardian
◍ Investments in Variable Annuity Separate Account.
Answer: Common stocks and securities
◍ Medicare Part D.
Answer: Provides prescription drug coverage for Medicare beneficiaries.
◍ life policy provisions - consideration clause.
Answer: insured gives premium and truthful statements, insurer gives the
promise to pay
◍ Disability Insurance Qualification Threshold.
Answer: 20% disabled
◍ whole life insurance - limited-pay.
Answer: pay premiums for limited time (10 pay, 20 pay, pay up to 65 years
old)
,◍ If an annuitant owns 300 annuity units and receives $1,500 monthly, each
annuity unit is valued at:.
Answer: $5
◍ Moral hazard.
Answer: intentional dishonesty
◍ life policy provisions - per stirpes beneficiary designations.
Answer: passes down to beneficiarys children if they die
◍ Life Policy Rider - cost of living rider (cola).
Answer: automatic increases in death benefit to match inflation
◍ Correct Statement about Department of Financial Services' Examination
Right.
Answer: Examination can be conducted at any time to discover unfair trade
practices
◍ life policy settlement options def.
Answer: (how death benefit is paid to beneficiary)
◍ ___________ health insurance is issued to cover a group with changing
composition but similar risks..
Answer: Blanket
◍ Hazard.
Answer: Anything that increases the chance of a loss
◍ application.
Answer: main source of underwriting information, general info and medical
info, signed by applicant and producer
◍ The Deficit Reduction Act gives governors more flexibility to design
benefits that efficiently and affordably meet their states' needs..
Answer: Medicaid
◍ whole life insurance - modified.
Answer: low premiums at first, then increase one time
, ◍ Does Florida law specify actions for an insurer if a variable annuity is the
sole retirement income source?.
Answer: NO
◍ Major medical policy safeguard feature:.
Answer: stop-loss
◍ term life insurance - renewable term.
Answer: can renew without insurability
◍ True or False: The Human Life Value approach is now largely replaced by
the Needs Approach in evaluating client needs for life insurance..
Answer: TRUE
◍ Legal representation in insurance transaction:.
Answer: Acme Insurance Agency
◍ Who should agents check with to verify if the insurer they represent is
properly authorized?.
Answer: the Department of Financial Services
◍ Most Adjustable Life Policies are More Expensive than Conventional Term
Policies or Whole Life Policies..
Answer: TRUE
◍ warranties.
Answer: guaranteed truth
◍ SIMPLE Plans.
Answer: Can be structured as IRA or 401(k) - TRUE
◍ Requirement for Group Health Insurers in Florida Regarding Mental and
Nervous Disorder Insurance.
Answer: TRUE
◍ life policy provisions - irrevocable beneficiary designations.
Answer: owner needs consent to change
◍ life policy provisions - misstatement of age or gender.
