Florida Life Insurance Practice Test Questions and Correct Answers

Florida Life Insurance Practice Test Questions and Correct Answers The receipt given to a life insurance applicant when the application is completed and the initial premium is recieved is called an Insurable Receipt Conditional receipt Unconditional receipt Ensuring receipt conditional receipt Statements in the app that are believed to be true Warranties Representations Waivers Ambiguties warranties All of the following apply to the waiver of premium EXCEPT The premium is waived only if the insured is permanently disabled. There is a waiting period of 6 months before the premium is waived. The company continues the policy in force as if the premiums were being paid. There is no charge for this rider. there is no charge for this rider An annuity is considered fixed when it does all of the following EXCEPT Guarantees a minimum rate of return Provides level income payments Pays a specified dollar amount for each annuity benefit payment Provides the annuitant with either the guaranteed or current interest rate, whichever is less provides the annuitant with either the guaranteed or current interest rate, whichever is less The most common type of whole life insurance where premiums are payable over the whole life of the insured to age 100 is called Limited payment Life paid-up premium Continuous premium (straight) life Single premium whole life continuous premium (straight) life A beneficary who has a vested interest in the proceeds of a life insurance policy is the Irrevocable beneficary Primary beneficiary Secondary beneficary Contingent beneficiary irrevocable beneficicary If the original application was missing key information and the insured dies what will the company do? Return the premiums paid to the insured's estate Pay the death claim because the insurer waived the right to obtain the missing information Deny the claim Require the beneficary to furnish the missing information pay the death claim because the insurer waived the right to obtain the missing information The policy and a copy of the application, along with any riders and amendements, is called the Whole contract Complete contract Entire contract Primary contract entire contract