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Florida Life Insurance Test
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Florida Life Insurance Test
- 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?
Answer: A Return of premium rider
- All of these statements about the Waiver of Premium provision are correct EXCEPT
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?
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
Answer: Beneficiary's age
- What action can a policyholder take if an application for a bank loan requires collateral?
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?
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?
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
Answer: Additional Whole Life coverage at specified times
- How are surrender charges deducted in a life policy with a rear-end loaded provision?
Answer: Deducted when the policy is discontinued
- What does the ownership clause in a life insurance policy state?
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?
Answer: Waiver of premium
- A provision in a life insurance policy that pays the policyholder an amount that does not
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surpass the guaranteed cash value is called the
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