Florida Life Insurance Test
S buys $100,000 whole life policy in 2003 and pays an annual premium of
$100. S dies five years later in 2008 and the insured pays the beneficiary
$10,500. What kind of writer did S include on the policy? correct answersA
Return of permium rider
All of these statements about the Waiver of Premium provision are
correct EXCEPT correct answersInsured must be eligible for Social
Security disability for claim to be excepted
Which of these provisions require proof of insurability after a policy has
lapsed? correct answersReinstatement
S would like to use dividends from her life insurance policy to purchase
paid-up additions. All of these would be factors that determine how
much coverage can be purchased EXCEPT correct answersBeneficiary's
age
What action can a policyholder take if an application for a bank loan requires
collateral? correct answersAssign policy ownership to the bank
How do life insurance companies handle cases where the insured commit
suicide with in the contract's stated Contestable period? correct
answersClaims are denied under the Suicide clause of the policy
P is blinded in an industrial accident. Which provision of his life insurance
policy will pay a stated benefit amount? correct answersAccidental Death
and Dismemberment provision
B owns a Whole Life policy with a guaranteed insurability option that allows
him to purchase, without evidence of insurability, stated amounts of correct
answersAdditional Whole Life coverage at specified times
How are surrender charges deducted in a life policy with a rear-end loaded
provision? correct answersDeducted when the policy is discontinued
What does the ownership clause in a life insurance policy state? correct
answersWho the policy owner is and what rights the policy owner is
entitled to
A life insurance policy which ensures that the premiums will be paid if the
insured becomes disabled has what kind of rider attached? correct
answersWaiver of premium
S buys $100,000 whole life policy in 2003 and pays an annual premium of
$100. S dies five years later in 2008 and the insured pays the beneficiary
$10,500. What kind of writer did S include on the policy? correct answersA
Return of permium rider
All of these statements about the Waiver of Premium provision are
correct EXCEPT correct answersInsured must be eligible for Social
Security disability for claim to be excepted
Which of these provisions require proof of insurability after a policy has
lapsed? correct answersReinstatement
S would like to use dividends from her life insurance policy to purchase
paid-up additions. All of these would be factors that determine how
much coverage can be purchased EXCEPT correct answersBeneficiary's
age
What action can a policyholder take if an application for a bank loan requires
collateral? correct answersAssign policy ownership to the bank
How do life insurance companies handle cases where the insured commit
suicide with in the contract's stated Contestable period? correct
answersClaims are denied under the Suicide clause of the policy
P is blinded in an industrial accident. Which provision of his life insurance
policy will pay a stated benefit amount? correct answersAccidental Death
and Dismemberment provision
B owns a Whole Life policy with a guaranteed insurability option that allows
him to purchase, without evidence of insurability, stated amounts of correct
answersAdditional Whole Life coverage at specified times
How are surrender charges deducted in a life policy with a rear-end loaded
provision? correct answersDeducted when the policy is discontinued
What does the ownership clause in a life insurance policy state? correct
answersWho the policy owner is and what rights the policy owner is
entitled to
A life insurance policy which ensures that the premiums will be paid if the
insured becomes disabled has what kind of rider attached? correct
answersWaiver of premium
