Florida Life Insurance Test exam rated A
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? - A Return of permium rider
All of these statements about the Waiver of Premium provision are correct
EXCEPT - Insured 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? -
Reinstatement
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 - Beneficiary's age
What action can a policyholder take if an application for a bank loan requires
collateral? - Assign 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? - Claims are denied under the
Suicide clause of the policy
, Florida Life Insurance Test exam rated A
P is blinded in an industrial accident. Which provision of his life insurance policy
will pay a stated benefit amount? - Accidental 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 - Additional
Whole Life coverage at specified times
How are surrender charges deducted in a life policy with a rear-end loaded
provision? - Deducted when the policy is discontinued
What does the ownership clause in a life insurance policy state? - Who 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? - Waiver of premium
A provision in a life insurance policy that pays the policyholder an amount that
does not surpass the guaranteed cash value is called the - Policy Loan provision
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? - A Return of permium rider
All of these statements about the Waiver of Premium provision are correct
EXCEPT - Insured 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? -
Reinstatement
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 - Beneficiary's age
What action can a policyholder take if an application for a bank loan requires
collateral? - Assign 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? - Claims are denied under the
Suicide clause of the policy
, Florida Life Insurance Test exam rated A
P is blinded in an industrial accident. Which provision of his life insurance policy
will pay a stated benefit amount? - Accidental 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 - Additional
Whole Life coverage at specified times
How are surrender charges deducted in a life policy with a rear-end loaded
provision? - Deducted when the policy is discontinued
What does the ownership clause in a life insurance policy state? - Who 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? - Waiver of premium
A provision in a life insurance policy that pays the policyholder an amount that
does not surpass the guaranteed cash value is called the - Policy Loan provision
