FLORIDA LIFE ALL SET ANSWERS AND QUESTIONS
SET A+
✔✔Am agents license can be suspended or revoked by - ✔✔Writing primarily controlled
business
✔✔What is the purpose of the insurance guaranty fund association - ✔✔
✔✔ What type of insurance incorporates flexible premiums and adjustable death
benefits - ✔✔Universal Life
✔✔What type of life policy has a death benefit that adjust periodically and is written for
a specific period of time - ✔✔Decreasing Term
✔✔Which of the following features of a group term life policy enables an individual to
leave the group and continue his or her insurance without providing evidence of
insurability - ✔✔Conversion Privilege
✔✔Which provision allows, the policy owner to change a termite policy to a permanent
one without providing proof of good health - ✔✔Conversion
✔✔In order to sell an___ Life policy, A producer is required to register with the financial
industry regulatory Authority (FINRA) - ✔✔Variable
✔✔K pays on a $20,000.20 year endowment policy for 10 years and dies of an
automobile accident. How much will the insurance company pay the beneficiary? -
✔✔$20,000 death benefit
✔✔S is close to retiring and would like to purchase a policy that will yield greater gains
than bonds, but we'll still protect the principal with a minimum level or risk. Which
Product would be advised to purchase? - ✔✔Equity index insurance
, ✔✔Stranger-Owned life insurance (STOLI) Is when a Person purchases life insurance
on to sell an - ✔✔Third-party with no insurable interest
✔✔P is looking to purchase a life insurance that will pay a stated monthly income to his
beneficiary for 20 years after he dies and lump sum of $28,000 at the end of that 20
Year period. What type of policy should P purchased? - ✔✔Family maintenance policy
✔✔What type of life insurance gives the greatest amount of coverage for limited period
of time - ✔✔Term life
✔✔Which of these life products is not considered interest sensitive - ✔✔Modified whole
life
✔✔An___ Life policy offers the owner investment and products such as money market
funds, long-term bonds, and equities - ✔✔Variable
✔✔Which policy requires an agent to register with the national Association of Security
Dealers (NASD) Before selling - ✔✔Variable life
✔✔What type of life Policy covers two people and pays upon the death of the last
insured - ✔✔Survivorship
✔✔A potential client, age, 40, would like to purchase a whole life policy that will
accumulate cash value at a faster rate in the early years of the policy. Which of these
statements made by the producer would be correct? - ✔✔20- Pay life, accumulates,
cash, values, fashion, and straight life.
✔✔An architecture firm would stand to lose a lot of money in the event of the death of
its project manager. Which type of policy should the firm purchase on its project
manager? - ✔✔Key person insurance
✔✔When is the face amount of a whole life policy paid? - ✔✔When ensure dies or at
the policy's maturity date, which ever happens first
✔✔S is covered by a whole life policy. Which Insurance product can cover his Children?
- ✔✔Child term rider
✔✔What kind of premium does a whole life policy have? - ✔✔Level
✔✔Which provision prevents ensure from changing the terms of the contract with the
policyowner By referring to documents, not found within the policy itself? - ✔✔Entire
contract provision
SET A+
✔✔Am agents license can be suspended or revoked by - ✔✔Writing primarily controlled
business
✔✔What is the purpose of the insurance guaranty fund association - ✔✔
✔✔ What type of insurance incorporates flexible premiums and adjustable death
benefits - ✔✔Universal Life
✔✔What type of life policy has a death benefit that adjust periodically and is written for
a specific period of time - ✔✔Decreasing Term
✔✔Which of the following features of a group term life policy enables an individual to
leave the group and continue his or her insurance without providing evidence of
insurability - ✔✔Conversion Privilege
✔✔Which provision allows, the policy owner to change a termite policy to a permanent
one without providing proof of good health - ✔✔Conversion
✔✔In order to sell an___ Life policy, A producer is required to register with the financial
industry regulatory Authority (FINRA) - ✔✔Variable
✔✔K pays on a $20,000.20 year endowment policy for 10 years and dies of an
automobile accident. How much will the insurance company pay the beneficiary? -
✔✔$20,000 death benefit
✔✔S is close to retiring and would like to purchase a policy that will yield greater gains
than bonds, but we'll still protect the principal with a minimum level or risk. Which
Product would be advised to purchase? - ✔✔Equity index insurance
, ✔✔Stranger-Owned life insurance (STOLI) Is when a Person purchases life insurance
on to sell an - ✔✔Third-party with no insurable interest
✔✔P is looking to purchase a life insurance that will pay a stated monthly income to his
beneficiary for 20 years after he dies and lump sum of $28,000 at the end of that 20
Year period. What type of policy should P purchased? - ✔✔Family maintenance policy
✔✔What type of life insurance gives the greatest amount of coverage for limited period
of time - ✔✔Term life
✔✔Which of these life products is not considered interest sensitive - ✔✔Modified whole
life
✔✔An___ Life policy offers the owner investment and products such as money market
funds, long-term bonds, and equities - ✔✔Variable
✔✔Which policy requires an agent to register with the national Association of Security
Dealers (NASD) Before selling - ✔✔Variable life
✔✔What type of life Policy covers two people and pays upon the death of the last
insured - ✔✔Survivorship
✔✔A potential client, age, 40, would like to purchase a whole life policy that will
accumulate cash value at a faster rate in the early years of the policy. Which of these
statements made by the producer would be correct? - ✔✔20- Pay life, accumulates,
cash, values, fashion, and straight life.
✔✔An architecture firm would stand to lose a lot of money in the event of the death of
its project manager. Which type of policy should the firm purchase on its project
manager? - ✔✔Key person insurance
✔✔When is the face amount of a whole life policy paid? - ✔✔When ensure dies or at
the policy's maturity date, which ever happens first
✔✔S is covered by a whole life policy. Which Insurance product can cover his Children?
- ✔✔Child term rider
✔✔What kind of premium does a whole life policy have? - ✔✔Level
✔✔Which provision prevents ensure from changing the terms of the contract with the
policyowner By referring to documents, not found within the policy itself? - ✔✔Entire
contract provision
