FLORIDA HEALTH AND LIFE INSURANCE EXAM AND PRACTICE EXAM WITH UPDATED QUESTIONS AND DETAILED CORRECT ANSWERS WITH RATIONALES (ALREADY GRADED A+)

FLORIDA HEALTH AND LIFE INSURANCE
EXAM AND PRACTICE EXAM WITH
UPDATED QUESTIONS AND DETAILED
CORRECT ANSWERS WITH RATIONALES
(ALREADY GRADED A+)
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? - ANSWERClaim will be deniedA life insurance policy which ensures that the premium will be
paid if the insured becomes disabled has what kind of rider
attached - ANSWER-Waiver of PremiumA policy loan is made possible by which of these insurance policy
features? - ANSWER-Cash Value provision+
What provision in a life insurance policy states that the application
is considered part of the contract? - ANSWER-Entire Contract
ProvisionWhen is the face amount of a Whole Life policy paid - ANSWERWhen the insured dies or at the policy's maturity date, whichever
happens first+
A potential client, age 40, would like to purchase a Whole Life
policy that will accumulate cash value at a faster rate in the early
years of the policy. Which of these statements made by the
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producer would be correct? - ANSWER-20-Pay Life accumulates
cash value faster than Straight Life+
What benefits does the Payor clause on a Juvenile Life Policy
provide - ANSWER-Premiums are waived if the payor becomes
disabledA Term Life rider offers the insured - ANSWER-Additional life
converage+
Which statement is TRUE in regards to a policy loan? -
ANSWER-Past-due interest on a policy loan is added to the total
debt+
The purpose of the ______ Period clause is to avoid an
unintentional lapse of a life insurance policy - ANSWER-GraceIn a life insurance policy, which provision states who may select
policy options, designate and name a beneficiary, and be the
recipient of any financial benefits from the policy? - ANSWEROwner's Rights+
Whose life is covered on a life insurance policy that contains a
payor benefit clause? - ANSWER-Child+
Which of these types of policies may NOT have the Automatic
Premium Loan provision attached to it? - ANSWER-Decreasing
TermThe option that provides an additonal death benefit for a limited
amount of time at the lowest possible cost is called a(n): -
ANSWER-accidental Death and dismemberment (AD&D) riderS buys a $50,000 whole life policy with a $50,000 Accidental
Death and Dismemberment rider. S dies 1 year later of natural
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causes. How much will the insurer pay the beneficiary? -
ANSWER-$50,000-
A Whole Life insurance policyowner does NOT have the right to: -
ANSWER-Take out a Policy loan+