1
FLORIDA LIFE AND HEALTH 2-15 EXAM QUESTIONS
WITH COMPLETE SOLUTIONS GUARANTEED PASS
2025/2026
What are the characteristics of term life insurance? - CORRECT
ANSWER>>1. Gives the greatest amount of coverage for a limited
period of time
2. Is often renewable and convertible
What are the characteristics of level term insurance? - CORRECT
ANSWER>>1. Has a level face amount and level premiums
2. Premiums increase at every renewal
3. Always expires at the end of the policy period
4. Provides a fixed, low premium in exchange for coverage which lasts
for a specified time period
What are the characteristics of decreasing term life insurance? -
CORRECT ANSWER>>1. Annually decreasing face amount over time
with level premiums
2. Usually used for mortgage protection
3. A type of life policy which has a death benefit that adjusts periodically
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What are the characteristics of convertible term insurance? - CORRECT
ANSWER>>Allows policyowners to convert their term insurance into
permanent policies without showing proof of insurability
What are the characteristics of renewable term insurance? - CORRECT
ANSWER>>Guarantees the insured the right to continue term coverage
after expiration of the initial policy period without having to prove
insurability
What are the characteristics of whole life insurance? - CORRECT
ANSWER>>1. Provides death benefits for the entire life of the insured
2. Provides living benefits in the form of cash values
3. Matures at age 100 and normally has a level premium
What is straight whole life insurance? - CORRECT ANSWER>>Is a basic
whole life insurance with a level face amount and fixed premiums
payable over the insured's entire life
What is limited pay whole life insurance? - CORRECT ANSWER>>-Whole
life insurance where premiums are paid for a limited time
-As the premium payment period shortens, cash values increase faster
and the fixed premiums are higher
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What is single premium whole life insurance? - CORRECT
ANSWER>>Allows the insured to pay the entire premium in one lump
sum and have coverage for the entire life of the insured
What is modified whole life? - CORRECT ANSWER>>Low premiums in
the early years and jumps to a higher premium in the later years, then
remains fixed
What is graded whole life? - CORRECT ANSWER>>Premium increases
yearly for a stated # of years, then remains level
What are the characteristics of universal life insurance? - CORRECT
ANSWER>>1. Investment gains go towards cash value
2. Allows its policy owners to determine the amount and frequency of
premium payments which will adjust the policy face amount
3. Cash value accumulations are subject to a minimum interest
guarantee
4. Flexible premiums, flexible benefits, no minimum death benefit, and
cash value withdrawals
FLORIDA LIFE AND HEALTH 2-15 EXAM QUESTIONS
WITH COMPLETE SOLUTIONS GUARANTEED PASS
2025/2026
What are the characteristics of term life insurance? - CORRECT
ANSWER>>1. Gives the greatest amount of coverage for a limited
period of time
2. Is often renewable and convertible
What are the characteristics of level term insurance? - CORRECT
ANSWER>>1. Has a level face amount and level premiums
2. Premiums increase at every renewal
3. Always expires at the end of the policy period
4. Provides a fixed, low premium in exchange for coverage which lasts
for a specified time period
What are the characteristics of decreasing term life insurance? -
CORRECT ANSWER>>1. Annually decreasing face amount over time
with level premiums
2. Usually used for mortgage protection
3. A type of life policy which has a death benefit that adjusts periodically
,2
What are the characteristics of convertible term insurance? - CORRECT
ANSWER>>Allows policyowners to convert their term insurance into
permanent policies without showing proof of insurability
What are the characteristics of renewable term insurance? - CORRECT
ANSWER>>Guarantees the insured the right to continue term coverage
after expiration of the initial policy period without having to prove
insurability
What are the characteristics of whole life insurance? - CORRECT
ANSWER>>1. Provides death benefits for the entire life of the insured
2. Provides living benefits in the form of cash values
3. Matures at age 100 and normally has a level premium
What is straight whole life insurance? - CORRECT ANSWER>>Is a basic
whole life insurance with a level face amount and fixed premiums
payable over the insured's entire life
What is limited pay whole life insurance? - CORRECT ANSWER>>-Whole
life insurance where premiums are paid for a limited time
-As the premium payment period shortens, cash values increase faster
and the fixed premiums are higher
, 3
What is single premium whole life insurance? - CORRECT
ANSWER>>Allows the insured to pay the entire premium in one lump
sum and have coverage for the entire life of the insured
What is modified whole life? - CORRECT ANSWER>>Low premiums in
the early years and jumps to a higher premium in the later years, then
remains fixed
What is graded whole life? - CORRECT ANSWER>>Premium increases
yearly for a stated # of years, then remains level
What are the characteristics of universal life insurance? - CORRECT
ANSWER>>1. Investment gains go towards cash value
2. Allows its policy owners to determine the amount and frequency of
premium payments which will adjust the policy face amount
3. Cash value accumulations are subject to a minimum interest
guarantee
4. Flexible premiums, flexible benefits, no minimum death benefit, and
cash value withdrawals
