1
FLORIDA 2-15 INSURANCE LICENSE ACTUAL EXAM
QUESTIONS AND ANSWERS ALREADY GRADED A
Life Insurance Basics
Accumulation units are converted into annuity units: CORRECT ANSWER
✔✔: : at the time of annuity payout.
A group life insurance plan in which the employer pays the entire premium is
known as a ________________ plan. CORRECT ANSWER ✔✔: :
noncontributory
____________ term insurance provides a level amount of protection for a specified
period, after which the policy expires. CORRECT ANSWER ✔✔: : Level
Level, decreasing, and increasing insurance are all basic forms of ____________
insurance. CORRECT ANSWER ✔✔: : term
Which of the following is NOT a type of permanent life insurance? CORRECT
ANSWER ✔✔: : Term Life
A life insurance policy will not be reinstated if it has been: CORRECT ANSWER
✔✔: : surrendered for its cash value.
pg. 1
,2
In Florida, a ______________ must sign for and on behalf of a minor purchasing
life insurance. CORRECT ANSWER ✔✔: : parent or legal guardian
In Florida, a child must be at least ____ years of age to sign a life insurance
application. CORRECT ANSWER ✔✔: : 15
What type of insurance is most frequently used in group life plans? CORRECT
ANSWER ✔✔: : Annual Renewable Term
Which type of life insurance is sold by home service insurers? CORRECT
ANSWER ✔✔: : Industrial life insurance
_______________ policies are commonly used as a hedge against inflation to ward
off decreased purchasing power. CORRECT ANSWER ✔✔: : Increasing
term
A term life insurance policy's cash value builds during a specifically limited period
of time. CORRECT ANSWER ✔✔: : FALSE
Most adjustable life policies are more expensive than conventional term policies or
whole life policies. CORRECT ANSWER ✔✔: : TRUE
pg. 2
, 3
Which of the following is TRUE about a Limited Pay Whole Life policy?
CORRECT ANSWER ✔✔: : Provides level premiums limited to certain time
period, less than life
Insurable interest must exist at: CORRECT ANSWER ✔✔: : the time of
application.
All statements made on an application are considered ________________ because
there can be no guarantee that they are true. CORRECT ANSWER ✔✔: :
representations
Which of the following is NOT a typical permanent exclusion in life insurance
policies? CORRECT ANSWER ✔✔: : Suicide
A man commits suicide 30 months after purchasing a life insurance policy and his
wife is the named beneficiary. What amount will his wife receive? CORRECT
ANSWER ✔✔: : The face amount of the policy
In general, the standard life insurance Incontestable Clause means that a policy is
incontestable after: CORRECT ANSWER ✔✔: : two years.
pg. 3
FLORIDA 2-15 INSURANCE LICENSE ACTUAL EXAM
QUESTIONS AND ANSWERS ALREADY GRADED A
Life Insurance Basics
Accumulation units are converted into annuity units: CORRECT ANSWER
✔✔: : at the time of annuity payout.
A group life insurance plan in which the employer pays the entire premium is
known as a ________________ plan. CORRECT ANSWER ✔✔: :
noncontributory
____________ term insurance provides a level amount of protection for a specified
period, after which the policy expires. CORRECT ANSWER ✔✔: : Level
Level, decreasing, and increasing insurance are all basic forms of ____________
insurance. CORRECT ANSWER ✔✔: : term
Which of the following is NOT a type of permanent life insurance? CORRECT
ANSWER ✔✔: : Term Life
A life insurance policy will not be reinstated if it has been: CORRECT ANSWER
✔✔: : surrendered for its cash value.
pg. 1
,2
In Florida, a ______________ must sign for and on behalf of a minor purchasing
life insurance. CORRECT ANSWER ✔✔: : parent or legal guardian
In Florida, a child must be at least ____ years of age to sign a life insurance
application. CORRECT ANSWER ✔✔: : 15
What type of insurance is most frequently used in group life plans? CORRECT
ANSWER ✔✔: : Annual Renewable Term
Which type of life insurance is sold by home service insurers? CORRECT
ANSWER ✔✔: : Industrial life insurance
_______________ policies are commonly used as a hedge against inflation to ward
off decreased purchasing power. CORRECT ANSWER ✔✔: : Increasing
term
A term life insurance policy's cash value builds during a specifically limited period
of time. CORRECT ANSWER ✔✔: : FALSE
Most adjustable life policies are more expensive than conventional term policies or
whole life policies. CORRECT ANSWER ✔✔: : TRUE
pg. 2
, 3
Which of the following is TRUE about a Limited Pay Whole Life policy?
CORRECT ANSWER ✔✔: : Provides level premiums limited to certain time
period, less than life
Insurable interest must exist at: CORRECT ANSWER ✔✔: : the time of
application.
All statements made on an application are considered ________________ because
there can be no guarantee that they are true. CORRECT ANSWER ✔✔: :
representations
Which of the following is NOT a typical permanent exclusion in life insurance
policies? CORRECT ANSWER ✔✔: : Suicide
A man commits suicide 30 months after purchasing a life insurance policy and his
wife is the named beneficiary. What amount will his wife receive? CORRECT
ANSWER ✔✔: : The face amount of the policy
In general, the standard life insurance Incontestable Clause means that a policy is
incontestable after: CORRECT ANSWER ✔✔: : two years.
pg. 3
