Florida Life & Health Practice Test (Questions and Answers, 100% Correct) Updated 2023/2024
Florida Life & Health Practice Test
(Questions and Answers,
... [Show More] 100% Correct)
Updated 2023/2024
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and
Dismemberment policy insuring their father. Their mother was named contingent
beneficiary. Five years later, S dies of natural causes and the father is killed in a
scuba accident shortly afterwards. How much of the death benefit will the mother
receive?
$0
Which statement regarding the Change of Beneficiary provision is true?
The policyowner can change the beneficiary
What is the underlying concept regarding level premiums?
The early years are charged more than what is needed
C is trying to determine whether to convert her convertible term life policy to
whole life insurance using her original age or attained age. What factor would
affect her decision the most?
The cost
If the insured and primary beneficiary are both killed in the same accident and it
cannot be determined who died first, where are the death proceeds to be directed
under the Uniform Simultaneous Death Act?
Insured's contingent beneficiary
On a life insurance policy, who is qualified to change the beneficiary designation?
Policyowner
A policyowner is allowed to pay premiums more than once a year under which
provision?
Mode of Premium
A life insurance application must be signed by all of these EXCEPT
Beneficiary
Any changes made on an insurance application requires the initials of whom?
Applicant
Which Federal law allows an insurer to obtain an inspection report on a potential
insured?
Fair Credit Reporting Act
All of these are considered sources of underwriting information about an applicant
EXCEPT
Rating Services
K applies for a life insurance policy on herself and submits the initial premium
with the application. She is given a receipt by the agent stating that coverage
begins immediately if the application is approved. What kind of receipt was used?
Conditional
P is a producer who notices 5 questions on a life application were not answered.
What actions should P take?
Set up a meeting with the applicant to answer the remaining questions
An underwriter determines that an applicant's risk should be recategorized due to a
health issue. This life insurance policy may be issued with a(n)
extra premium
In order for coverage on a non-medical insurance application to take effect the
same day, the producer must collect a signed application and
the initial premium
When does a life insurance contract become effective if the initial premium is not
collected during the application process?
When producer delivers policy and collects initial premium
Why is an applicant's signature required on a life insurance application? [Show Less]