Free Life Policy Provisions Options and Riders Practice Questions
Florida Life, Health & Variable Annuity (2-15) exam (series 2-15) — 98 practice questions.
Subtopics: Free look and buyer guide, Incontestability, Grace period, Misstatement of age, Interest on death claims, Creditor exemption, Slayer rule, Assignment, Accelerated benefits, HIV and life benefits, Grace period interest, Reinstatement, Incontestability exceptions, Entire contract, Policy loan deferral, Dividends, Agent authority, Beneficiary creditors, Effect of divorce, Replacement notice, Sales proposals, Replacing insurer duties, Secondary notice, Standard provisions, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Policy loans, Dividend options, Riders, Incontestable clause, Suicide clause, Primary beneficiary, Irrevocable beneficiary, Minor beneficiary, Per capita, Estate as beneficiary, Dividend option cash, Dividend option reduce premium, Dividend option accumulate at interest, Dividend option one-year term, Joint and survivor settlement, Guaranteed insurability rider, Cost of living rider, Payor benefit rider, Return of premium rider, Child term rider, War exclusion, Aviation and avocation exclusions, Exclusions, Premium modes, Free look, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. A Florida insurer may deliver the life buyer's guide and policy summary with the policy, rather than before accepting the initial premium, if the policy provides an unconditional refund period of at least:
14 days
Under s. 626.99(4)(a), the buyer's guide and policy summary must precede acceptance of the initial premium unless the policy gives an unconditional refund (free look) of at least 14 days.
2. A Florida life policy generally becomes incontestable after it has been in force during the insured's lifetime for:
2 years
Florida requires that a life policy be incontestable after 2 years in force during the insured's lifetime, except for nonpayment of premium.
3. Florida requires individual life policies to provide a premium grace period of at least:
30 days
Florida requires a grace period of at least 30 days for premiums after the first, during which the policy stays in force.
4. If the age or sex of a Florida insured is misstated, the benefit is:
Adjusted to what the premium would have purchased at the correct age or sex
Florida's misstatement of age or sex provision adjusts the benefit to what the premium would have purchased at the correct age or sex.
All Life, Health & Variable Annuity (2-15) topics
Practice: Life Policy Provisions Options and Riders
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
