FLORIDA HEALTH AND LIFE INSURANCE EXAM AND PRACTICE EXAM LATEST 2024 ACTUAL EXAM 400 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+

FLORIDA HEALTH AND LIFE INSURANCE EXAM

AND PRACTICE EXAM LATEST 2024 ACTUAL EXAM

400 QUESTIONS AND CORRECT DETAILED ANSWERS

WITH RATIONALES (VERIFIED ANSWERS)

|ALREADY GRADED A+

FLORIDA HEALTH AND LIFE INSURANCE EXAM

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 denied

What provision in a life insurance policy states that the

application is considered part of the contract? - ANSWEREntire Contract provision

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

A 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 premium

A cost of living rider gives the insured - ANSWER- additional

death benefits

B receives yearly dividends and interest from a participating life

insurance policy. Which of these should B include as gross

income for federal income tax purposes? - ANSWER- Interest

only

All of these statements about the waiver of premium provision

are correct, EXCEPT: - ANSWER- Insured must be eligible for

social security disability of claim to be accepted.

Whose life is covered on a life insurance policy that contains a

payor benefit clause - ANSWER- Child

D owns a whole life policy that was purchased 10 years ago. If

the premium payments suddenly stop and D takes no additional

action, which Nonforfeiture option will the insurer likely

proceed with? - ANSWER- Extended Term

What action can a policyowner take if an application for a bank

loan requires collateral? - ANSWER- Assign policy ownership

to bank

M has an insurance policy that also has an outstanding policy

loan at the time of M's death. The insurer will deduct the

outstanding loan balance from the - ANSWER- policy proceeds

An insured's inability to perform two or more activities of daily

living may trigger which type of life policy rider? - ANSWERLong term care

Variable whole life insurance can be described as - ANSWERboth an insurance and securities product

The Accidental Death and Dismemberment (AD&D) provisions

in a life insurance policy would pay additional benefits in the

insured - ANSWER- is blinded in an accident

N is a student pilot with a large life insurance policy. Which of

these features would limit the insurer's obligation in the event N

was killed while flying as a student pilot? - ANSWERExclusion

S buys a $50,000 whole life policy with a $50,000 Accidental

Death and Dismemberment rider. S dies 1 year later of natural

causes. How much will the insurer pay the beneficiary? -

ANSWER- $50,000

Which of the following best describes a contingent beneficiary -

ANSWER- Person designated by the insured to receive policy

proceeds in the event that the primary beneficiary dies before the

insured.