Florida Life Insurance Test 100% Correct Answers

Florida Life Insurance Test 100% Correct Answers 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? - Correct Answer ️️ -A Return of permium rider All of these statements about the Waiver of Premium provision are correct EXCEPT - Correct Answer ️️ -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? - Correct Answer ️️ -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 - Correct Answer ️️ -Beneficiary's age What action can a policyholder take if an application for a bank loan requires collateral? - Correct Answer ️️ -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? - Correct Answer ️️ -Claims are denied under the Suicide clause of the policy P is blinded in an industrial accident. Which provision of his life insurance policy will pay a stated benefit amount? - Correct Answer ️️ -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 - Correct Answer ️️ - Additional Whole Life coverage at specified times How are surrender charges deducted in a life policy with a rear-end loaded provision? - Correct Answer ️️ -Deducted when the policy is discontinued What does the ownership clause in a life insurance policy state? - Correct Answer ️️ - 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? - Correct Answer ️️ -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 - Correct Answer ️️ -Policy Loan provision P died five years after purchasing a life policy. While investigating the claim, the insurer discovered material misrepresentation made by P during the application process. Which of these actions will be in sure take? - Correct Answer ️️ -Beneficiary will be paid the death benefit All of the statement options involve the systematic liquidation of the death proceeds in the event of the insured's death EXCEPT - Correct Answer ️️ -Interest Only Which statement is true in the regards to a policy loan? - Correct Answer ️️ -Past-due interest on a policy loan is added to the total debt K has a life insurance policy where her husband is the beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where will the death proceeds be