Florida 2-15 Life, Health, Insurance Law
Practice Exam 2026 Guide
1. Who elects the governing body of a metal Insur- The Policyholders
ance company?
2. When a policy pays dividends to its policy holders Participating
is said to be?
3. Which of these describe a participating insurance Policy owners are entitled to
policy? receive dividends
4. An insurance applicant MUST be informed of an in- 1970 Fair credit reporting act
vestigation regarding his/her reputation and char-
acter according to the?
5. The Stated amount or percent of liquid assets that Reserves
an insurer must have on hand that will satisfy fu-
ture obligations to its policyholders is called?
6. The Part of a life insurance policy GUARANTEED to Warranty
be true is called?
7. At what point does an informal agreement become When consideration is provid-
a binding contract? ed by one of the parties to the
contract
8. Who makes the legally enforceable promise in a The Insurance Company
unilateral insurance policy?
9. When a third-party ownership is involved, appli- Insurable interest in the pro-
cants who also happen to be the stated the primary posed insured
beneficiary are required to have?
10. A policy of adhesion can only be modified by The insurance company
whom?
, Florida 2-15 Life, Health, Insurance Law
Practice Exam 2026 Guide
11. Insurance policies are considered aleatory con- Performance is conditioned
tracts because? upon a future occurrence
12. Q purchase $500k life insurance policy and pays Aleatory
$900 in premiums over the first six months. Q dies
suddenly and the beneficiary is paid $500,000. This
exchange of unequal values reflects which insur-
ance contract features?
13. What consists of an offer, acceptance, and consid- The Contract
eration?
14. A Principal is NOT a type agent authority? True
15. Taking a receipt of premiums and holding them for Fiduciary responsibility
the insurance company is an example of?
16. A Bilateral typically has characteristics describing False
the nature of an insurance contract.
17. In regards to representation or warranties? If material to the RISK, false
representations will void a pol-
icy
18. Statements made on an insurance application that Representations
are BELIEVED to be true to the best of the appli-
cants knowledge are called?
19. A variable insurance policy? Does NOT guarantee a return
on investment accounts
20. Whole life insurance is sometimes referred to as The duration of premium pay-
"Straight Life". What does the word "Straight" indi- ments
cate when using this phrase?
, Florida 2-15 Life, Health, Insurance Law
Practice Exam 2026 Guide
21. What type of policy would offer a 40- year old the A 20-pay life
quickest accumulation of cash value?
22. Modified Whole Life This life product is NOT consid-
ered interest sensitive?
23. Y Purchased $100,000 worth of permanent protec- Whole life policy with an Other
tion on himself and $50,000 worth of 10-year Term Insured Rider
coverage for his wife on the same policy. What did
Y Purchase?
24. Which of the following types of Term Life policies A 10 year convertibility Term
most likely contains a Renewability feature?
25. Modified Endowment Contract This type of policy is consid-
ered to be overfunded, as stat-
ed by IRS guidelines?
26. A company that owns a life insurance policy on one Change the policy's interest
of its key employees can't? rate
27. Under a Graded Premium policy, The premiums? Are lower during the policy's
early years
28. When a policy owner exchanges a term policy for Conversion Provision
a whole life policy without providing proof of good
health this is applied?
29. This features of a group Term Life policy enables an Conversion Privilege
individual to leave the group and continue his or
her insurance without providing evidence of insur-
ability?
, Florida 2-15 Life, Health, Insurance Law
Practice Exam 2026 Guide
30. What type of policy covers two people and pays Survivorship
upon the death of the last insured?
31. Term insurance has what characteristic? Expires at the end of the policy
period
32. Term Life policies that have the ability to be con- Varies according to the con-
verted to permanent coverage may do so during a tract
specific time period. This conversion period?
33. What type of insurance offers permanent life cov- Whole Life
erage with premiums that are payable for life?
34. What kind of life insurance starts out as temporary Convertible term
coverage but can be later modified to permanent
coverage without evidence of insurability?
35. A life policy that contains a monthly mortality Variable Universal Life policy
charge as well as self-directed investment choice is
called an?
36. K is Shopping for a permanent life insurance policy Straight life
that will offer her the MOST protection per dollar
of annual premium. This policy fits best?
37. This is an element of Variable Life policy? Whole life variables have a
fixed, level premium
38. How Long Does the coverage normally remain on Age 100
a limited-pay life policy?
39. S buys a $10,000 Whole life policy in 2003 and pays A return of Premium Rider
an annual premium of $100. S dies 5 years later in
Practice Exam 2026 Guide
1. Who elects the governing body of a metal Insur- The Policyholders
ance company?
2. When a policy pays dividends to its policy holders Participating
is said to be?
3. Which of these describe a participating insurance Policy owners are entitled to
policy? receive dividends
4. An insurance applicant MUST be informed of an in- 1970 Fair credit reporting act
vestigation regarding his/her reputation and char-
acter according to the?
5. The Stated amount or percent of liquid assets that Reserves
an insurer must have on hand that will satisfy fu-
ture obligations to its policyholders is called?
6. The Part of a life insurance policy GUARANTEED to Warranty
be true is called?
7. At what point does an informal agreement become When consideration is provid-
a binding contract? ed by one of the parties to the
contract
8. Who makes the legally enforceable promise in a The Insurance Company
unilateral insurance policy?
9. When a third-party ownership is involved, appli- Insurable interest in the pro-
cants who also happen to be the stated the primary posed insured
beneficiary are required to have?
10. A policy of adhesion can only be modified by The insurance company
whom?
, Florida 2-15 Life, Health, Insurance Law
Practice Exam 2026 Guide
11. Insurance policies are considered aleatory con- Performance is conditioned
tracts because? upon a future occurrence
12. Q purchase $500k life insurance policy and pays Aleatory
$900 in premiums over the first six months. Q dies
suddenly and the beneficiary is paid $500,000. This
exchange of unequal values reflects which insur-
ance contract features?
13. What consists of an offer, acceptance, and consid- The Contract
eration?
14. A Principal is NOT a type agent authority? True
15. Taking a receipt of premiums and holding them for Fiduciary responsibility
the insurance company is an example of?
16. A Bilateral typically has characteristics describing False
the nature of an insurance contract.
17. In regards to representation or warranties? If material to the RISK, false
representations will void a pol-
icy
18. Statements made on an insurance application that Representations
are BELIEVED to be true to the best of the appli-
cants knowledge are called?
19. A variable insurance policy? Does NOT guarantee a return
on investment accounts
20. Whole life insurance is sometimes referred to as The duration of premium pay-
"Straight Life". What does the word "Straight" indi- ments
cate when using this phrase?
, Florida 2-15 Life, Health, Insurance Law
Practice Exam 2026 Guide
21. What type of policy would offer a 40- year old the A 20-pay life
quickest accumulation of cash value?
22. Modified Whole Life This life product is NOT consid-
ered interest sensitive?
23. Y Purchased $100,000 worth of permanent protec- Whole life policy with an Other
tion on himself and $50,000 worth of 10-year Term Insured Rider
coverage for his wife on the same policy. What did
Y Purchase?
24. Which of the following types of Term Life policies A 10 year convertibility Term
most likely contains a Renewability feature?
25. Modified Endowment Contract This type of policy is consid-
ered to be overfunded, as stat-
ed by IRS guidelines?
26. A company that owns a life insurance policy on one Change the policy's interest
of its key employees can't? rate
27. Under a Graded Premium policy, The premiums? Are lower during the policy's
early years
28. When a policy owner exchanges a term policy for Conversion Provision
a whole life policy without providing proof of good
health this is applied?
29. This features of a group Term Life policy enables an Conversion Privilege
individual to leave the group and continue his or
her insurance without providing evidence of insur-
ability?
, Florida 2-15 Life, Health, Insurance Law
Practice Exam 2026 Guide
30. What type of policy covers two people and pays Survivorship
upon the death of the last insured?
31. Term insurance has what characteristic? Expires at the end of the policy
period
32. Term Life policies that have the ability to be con- Varies according to the con-
verted to permanent coverage may do so during a tract
specific time period. This conversion period?
33. What type of insurance offers permanent life cov- Whole Life
erage with premiums that are payable for life?
34. What kind of life insurance starts out as temporary Convertible term
coverage but can be later modified to permanent
coverage without evidence of insurability?
35. A life policy that contains a monthly mortality Variable Universal Life policy
charge as well as self-directed investment choice is
called an?
36. K is Shopping for a permanent life insurance policy Straight life
that will offer her the MOST protection per dollar
of annual premium. This policy fits best?
37. This is an element of Variable Life policy? Whole life variables have a
fixed, level premium
38. How Long Does the coverage normally remain on Age 100
a limited-pay life policy?
39. S buys a $10,000 Whole life policy in 2003 and pays A return of Premium Rider
an annual premium of $100. S dies 5 years later in
