215 FL LICENSE TEST PAPERS 2025/2026 QUESTIONS WITH
ANSWERS GRADED A+
✔✔Current Assumption Whole Life - ✔✔A form of flexible whole life insurance in which
premiums can change over time in response to the insurer's actual mortality, interest,
and expense experience.
✔✔Variable Life Insurance (VLI) - ✔✔- values are invested in investment accounts,
known as subaccounts. seperate from insurers general accts
- cash values are not guaranteed ,may decline as well as increase
-death benefit may increase but is guaranteed to never drop below the face amount at
policy issue
✔✔Adjustable Life Insurance - ✔✔a policy that offers the insured the option to adjust
the policy's face amount, premium, and length of protection without ever having to
complete a new application or have another policy issued
✔✔How is Universal Life Flexible? - ✔✔due to unbundling the premium factors of
mortality, interest, and expenses.
✔✔Variable Universal Life Extra Benefit Option - ✔✔the policy's specified amount plus
greater of total premiums or cash value.
✔✔Equity Indexed Life - ✔✔A flexible premium whole life contract that offers a rate of
return on policy cash accumulation based on selected stock market index or indices
from period to period with guarantee of no threat to principal.
✔✔Survivorship Life Insurance - ✔✔insures both you and your spouse under one
policy, with the proceeds payable after the second death
✔✔Juvenile life insurance - ✔✔This is a type of whole life insurance designed for young
insureds (under age 21) in which the face amount increases x5 upon reaching a
specified age in adulthood.
✔✔Family Income Policies - ✔✔Whole Life + Decreasing Term
• This policy pays the beneficiary a monthly income for the balance of the family income
coverage period.
• The insurer must die prior to the time the selected family income coverage period
ends. Starts when policy is issued.
✔✔Family Maintenance Policies - ✔✔Whole Life + Level Term
• The policy will pay the beneficiary a monthly income for a preselected number of
years.
• The specified income period begins on the date of death.
, ✔✔Family protection policies - ✔✔whole life coverage on one parent and convertible
term life coverage on the spouse and children.
✔✔Advantages of UL insurance - ✔✔decrease or even skip premium payments
- As long as a UL policy's cash value covers the monthly deductions, the policy remains
in force
✔✔UL Death Benefit Options - ✔✔-level death benefit
-increasing death benefit
✔✔VUL Death Benefit Options - ✔✔-level death benefit
-increasing death benefit
-the policy's specified amount plus greater of total premiums or cash value
✔✔Endowment Policies - ✔✔endows at the end of the premium paying period, always
before age 100. Normally for college funding but is taxed every year and is not popular.
✔✔Modified Endowment Contract (MEC) - ✔✔life insurance that is "paid up" in seven
years or less
✔✔Group insurance - ✔✔A type of health insurance in which all those insured have the
same coverage and pay a set premium under employer/union
✔✔noncontributory plan - ✔✔when group insurance premium is paid entirely by
employer
✔✔contributory plan - ✔✔when a portion of group insurance premium is paid py the
employee
✔✔Percentage of Eligible Members needed for noncontributory plan - ✔✔-100% eligible
members needed
✔✔Credit life insurance - ✔✔form of group insurance that uses decreasing term life
insurance
✔✔Insuring Clause - ✔✔states the company's promise to pay the policy's face amount
(death benefit) to the named beneficiary if the insured dies while the policy is in force
✔✔Entire Contract Provision - ✔✔Policy must be delivered w/ original (or copy of same)
application attached.
✔✔Absolute Assignment - ✔✔A permanent and irrevocable transfer
of rights and/or benefits by the policyowner.
ANSWERS GRADED A+
✔✔Current Assumption Whole Life - ✔✔A form of flexible whole life insurance in which
premiums can change over time in response to the insurer's actual mortality, interest,
and expense experience.
✔✔Variable Life Insurance (VLI) - ✔✔- values are invested in investment accounts,
known as subaccounts. seperate from insurers general accts
- cash values are not guaranteed ,may decline as well as increase
-death benefit may increase but is guaranteed to never drop below the face amount at
policy issue
✔✔Adjustable Life Insurance - ✔✔a policy that offers the insured the option to adjust
the policy's face amount, premium, and length of protection without ever having to
complete a new application or have another policy issued
✔✔How is Universal Life Flexible? - ✔✔due to unbundling the premium factors of
mortality, interest, and expenses.
✔✔Variable Universal Life Extra Benefit Option - ✔✔the policy's specified amount plus
greater of total premiums or cash value.
✔✔Equity Indexed Life - ✔✔A flexible premium whole life contract that offers a rate of
return on policy cash accumulation based on selected stock market index or indices
from period to period with guarantee of no threat to principal.
✔✔Survivorship Life Insurance - ✔✔insures both you and your spouse under one
policy, with the proceeds payable after the second death
✔✔Juvenile life insurance - ✔✔This is a type of whole life insurance designed for young
insureds (under age 21) in which the face amount increases x5 upon reaching a
specified age in adulthood.
✔✔Family Income Policies - ✔✔Whole Life + Decreasing Term
• This policy pays the beneficiary a monthly income for the balance of the family income
coverage period.
• The insurer must die prior to the time the selected family income coverage period
ends. Starts when policy is issued.
✔✔Family Maintenance Policies - ✔✔Whole Life + Level Term
• The policy will pay the beneficiary a monthly income for a preselected number of
years.
• The specified income period begins on the date of death.
, ✔✔Family protection policies - ✔✔whole life coverage on one parent and convertible
term life coverage on the spouse and children.
✔✔Advantages of UL insurance - ✔✔decrease or even skip premium payments
- As long as a UL policy's cash value covers the monthly deductions, the policy remains
in force
✔✔UL Death Benefit Options - ✔✔-level death benefit
-increasing death benefit
✔✔VUL Death Benefit Options - ✔✔-level death benefit
-increasing death benefit
-the policy's specified amount plus greater of total premiums or cash value
✔✔Endowment Policies - ✔✔endows at the end of the premium paying period, always
before age 100. Normally for college funding but is taxed every year and is not popular.
✔✔Modified Endowment Contract (MEC) - ✔✔life insurance that is "paid up" in seven
years or less
✔✔Group insurance - ✔✔A type of health insurance in which all those insured have the
same coverage and pay a set premium under employer/union
✔✔noncontributory plan - ✔✔when group insurance premium is paid entirely by
employer
✔✔contributory plan - ✔✔when a portion of group insurance premium is paid py the
employee
✔✔Percentage of Eligible Members needed for noncontributory plan - ✔✔-100% eligible
members needed
✔✔Credit life insurance - ✔✔form of group insurance that uses decreasing term life
insurance
✔✔Insuring Clause - ✔✔states the company's promise to pay the policy's face amount
(death benefit) to the named beneficiary if the insured dies while the policy is in force
✔✔Entire Contract Provision - ✔✔Policy must be delivered w/ original (or copy of same)
application attached.
✔✔Absolute Assignment - ✔✔A permanent and irrevocable transfer
of rights and/or benefits by the policyowner.
