{"id":121173,"date":"2023-10-11T10:09:54","date_gmt":"2023-10-11T10:09:54","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=121173"},"modified":"2023-10-11T10:09:56","modified_gmt":"2023-10-11T10:09:56","slug":"florida-health-and-life-insurance-exam-2023","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/10\/11\/florida-health-and-life-insurance-exam-2023\/","title":{"rendered":"Florida Health and Life Insurance Exam 2023"},"content":{"rendered":"\n<p>Whole Life Policies Answer- &#8211; Ordinary (Straight) Life<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Limited-pay Life<\/li>\n\n\n\n<li>Single-Premium Life<\/li>\n\n\n\n<li>Adjustable Life<br>Interest\/Market-Sensitive Policies Answer- &#8211; Universal Life<\/li>\n\n\n\n<li>Variable Whole Life<\/li>\n\n\n\n<li>Variable Universal Life<\/li>\n\n\n\n<li>Interest-sensitive Whole Life<\/li>\n\n\n\n<li>Equity-Indexed Life<br>Term Life Policies Answer- &#8211; level term life<\/li>\n\n\n\n<li>Decreasing Life<\/li>\n\n\n\n<li>Return of premium policy<\/li>\n\n\n\n<li>Annually renewable policy<\/li>\n\n\n\n<li>Increasing term policy<br>Combination Plans Answer- &#8211; Joint Life (first to die)<\/li>\n\n\n\n<li>Survivor Ship Life (second to die)<br>Individual Policy characteristics Answer- &#8211; individual is issued the policy, selects the<br>plan<\/li>\n\n\n\n<li>individual applies<\/li>\n\n\n\n<li>More expensive<\/li>\n\n\n\n<li>More restrictive<br>Group Policy Characteristics Answer- &#8211; Master policy-owner is issued for the group<\/li>\n\n\n\n<li>Group selects plans to pick from<\/li>\n\n\n\n<li>Eligible employees apply<\/li>\n\n\n\n<li>Less expensive<\/li>\n\n\n\n<li>Less restrictive<br>Permanent Life Insurance Answer- &#8211; whole life insurance<\/li>\n\n\n\n<li>effective for entire life, up to age 100<\/li>\n\n\n\n<li>permanent protection<\/li>\n\n\n\n<li>cash value<br>Term Life Insurance Answer- &#8211; Effective for temporary period of time<\/li>\n\n\n\n<li>no cash value<br>Participating Life Insurance Policies Answer- &#8211; pay dividends to policyholders<\/li>\n\n\n\n<li>ex: Mutual Insurance companies<br><br>Ways of policyholders receiving dividends from participating life insurance policies<br>Answer- &#8212; In cash<\/li>\n\n\n\n<li>Accumulate interest<\/li>\n\n\n\n<li>Purchase more coverage<\/li>\n\n\n\n<li>Use to reduce future premium prices<\/li>\n\n\n\n<li>Pay up the entire policy<\/li>\n\n\n\n<li>Purchase 1-year term insurance<br>Nonparticipating Life Insurance Policies Answer- &#8211; Pay dividends to shareholders<br>(not policyholders)<\/li>\n\n\n\n<li>ex: stock companies<br>Fixed Life Insurance Answer- &#8211; Earn constant rate of interest<\/li>\n\n\n\n<li>Guarantee minimum of benefits<br>Variable Life Insurance Answer- &#8211; Earn fluctuating rate of interest<\/li>\n\n\n\n<li>Do not guarantee certain cash value<br>Whole Life Insurance Characteristics Answer- &#8211; Provide protection for insured&#8217;s<br>entire life<\/li>\n\n\n\n<li>Provides living benefits<\/li>\n\n\n\n<li>Provides cash value (value of policy) that is non-forfeiture value that policy owner is<br>guaranteed<br>Ordinary (straight) life policy Answer- &#8211; basic whole life policy<\/li>\n\n\n\n<li>Level cash value<\/li>\n\n\n\n<li>Level premiums over<\/li>\n\n\n\n<li>Value and payments into policy stay the same throughout<\/li>\n\n\n\n<li>Cash value is a<br>nonforfeiture value<br>and is guaranteed<br>Limited-Pay Whole Life Policies Answer- &#8211; Insured is covered for his entire life<\/li>\n\n\n\n<li>Premiums are paid for a limited time<\/li>\n\n\n\n<li>Face amount and premiums stay the same<\/li>\n\n\n\n<li>Cash value is a<br>nonforfeiture value<br>and is guaranteed<br>Single Premium Whole Life Policy Answer- &#8211; premium is paid upfront in one whole<br>lump-sum<\/li>\n\n\n\n<li>Coverage is for entire life<\/li>\n\n\n\n<li>Cash (face) value is the same throughout<\/li>\n\n\n\n<li>Cash value is a<br>nonforfeiture value<br>and is guaranteed<br>Adjustable Life Answer- &#8211; mix of whole and term life insurance<\/li>\n\n\n\n<li>Premiums can be changed<\/li>\n<\/ul>\n\n\n\n<p>Download the full pdf here <a href=\"https:\/\/learnexams.com\/search\/study?query=\" target=\"_blank\" rel=\"noopener\">https:\/\/learnexams.com\/search\/study?query=<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whole Life Policies Answer- &#8211; Ordinary (Straight) Life Download the full pdf here https:\/\/learnexams.com\/search\/study?query=<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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