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FLORIDA LIFE INSURANCE ACTUAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) AGRADE
RATED
how long does an employee have to convert a group policy to an individual policy without evidence of insurability?
10 31 60 90 - ANSWER ✔31 days if the cash value exceeds the premiums paid in a whole life policy, what are the tax consequences if the policy is surrendered?
the portion that exceeds the premiums paid is taxable the total amount received when the policy is surrendered is taxable the interest earned is taxable the cash value is tax-free - ANSWER ✔the portion that exceeds the premiums paid is taxable betty is the only beneficiary named on bobs policy. they get in an accident and bob dies instantly. betty lives for 29 days. Bob has the common diaster provision. who will recieve the death benefit?
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betty bettys estate bobs children bobs estate - ANSWER ✔bobs estate the legal transfer of all or part of a policy owners rights, title or interest is called a
assignment waiver modification counteroffer - ANSWER ✔assignment what do employees receive under a group contract?
individual policy certificate of insurance master policy buyers guide - ANSWER ✔certificate of insurance an annuity in which investment growth is dependent on the performance of an index such as the S and P 500 is called a
s and p 500 fixed annuity indexed annuity market value adjusted annuity variable universal annuity - ANSWER ✔indexed annuity the premium payment mode can be best described as
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