FLORIDA 2 15 INSURANCE LICENSE EXAM 2
CLOSING SCRIPT UPDATED QUESTIONS
AND ANSWERS VIEW AHEAD PREP
MATERIAL SOLVED
⩥ Peril.
Answer: actual cause of loss
⩥ Hazard.
Answer: increases likelihood of loss
⩥ Law of large numbers.
Answer: predicts risk
⩥ Adverse Selection.
Answer: high-risk individuals seek insurance more
⩥ Term Life.
Answer: A life insurance policy that provides coverage for a specific
period and pays a death benefit only if the insured dies during that term.
Pure insurance, no cash value
, ⩥ Whole Life.
Answer: A permanent life insurance policy that stays in effect for the
insured's entire lifetime, fixed premiums, a guaranteed death benefit, and
a cash value component that grows over time at a guaranteed rate
⩥ Universal Life.
Answer: A flexible permanent life insurance policy that combines life
coverage with a cash value account that earns interest. Policyholders can
adjust premium payments and death benefit amounts
⩥ Variable Life.
Answer: A permanent life insurance policy with a death benefit and cash
value that is invested in subaccounts, similar to mutual funds. The
policy's performance/cash value is tied to the stock market
⩥ Beneficiary Types.
Answer: primary, contingent, revocable, irrevocable
⩥ Riders.
Answer: add benefits to a policy or amend the terms of an existing one:
waiver of premium, accidental death, guaranteed insurability
⩥ Fixed Annuity.
CLOSING SCRIPT UPDATED QUESTIONS
AND ANSWERS VIEW AHEAD PREP
MATERIAL SOLVED
⩥ Peril.
Answer: actual cause of loss
⩥ Hazard.
Answer: increases likelihood of loss
⩥ Law of large numbers.
Answer: predicts risk
⩥ Adverse Selection.
Answer: high-risk individuals seek insurance more
⩥ Term Life.
Answer: A life insurance policy that provides coverage for a specific
period and pays a death benefit only if the insured dies during that term.
Pure insurance, no cash value
, ⩥ Whole Life.
Answer: A permanent life insurance policy that stays in effect for the
insured's entire lifetime, fixed premiums, a guaranteed death benefit, and
a cash value component that grows over time at a guaranteed rate
⩥ Universal Life.
Answer: A flexible permanent life insurance policy that combines life
coverage with a cash value account that earns interest. Policyholders can
adjust premium payments and death benefit amounts
⩥ Variable Life.
Answer: A permanent life insurance policy with a death benefit and cash
value that is invested in subaccounts, similar to mutual funds. The
policy's performance/cash value is tied to the stock market
⩥ Beneficiary Types.
Answer: primary, contingent, revocable, irrevocable
⩥ Riders.
Answer: add benefits to a policy or amend the terms of an existing one:
waiver of premium, accidental death, guaranteed insurability
⩥ Fixed Annuity.
