Free Life Policy Provisions Options and Riders Practice Questions
Florida Life including Variable Annuity (2-14) exam (series 2-14) — 142 practice questions.
Subtopics: Free look and buyer guide, Incontestability, Misstatement of age, Grace period, Reinstatement, Entire contract, Interest on death claims, Creditor exemption, Slayer rule, Assignment, Statutory minimum provisions, Accelerated benefits, HIV and life benefits, Grace period interest, Incontestability exceptions, Policy loan deferral, Excess loan indebtedness, Dividends, Agent authority, Settlement on death, Installment tables, Beneficiary creditors, Proceeds payable to estate, Effect of divorce, Divorce exception, Payment discharges insurer, Sales proposals, Replacing insurer duties, Existing insurer duties, Replacement exemptions, Agent lapse notice, Ownership, Collateral assignment, Suicide clause, Beneficiary primary, Contingent beneficiary, Revocable beneficiary, Irrevocable beneficiary, Per stirpes, Common disaster, Spendthrift clause, Settlement lump sum, Interest only, Life income option, Fixed period option, Fixed amount option, Cash surrender, Reduced paid-up, Extended term, Automatic premium loan, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Waiver of premium, Payor benefit, Accidental death rider, Guaranteed insurability, Cost of living rider, Long-term care rider, Spouse and child riders, Aviation exclusion, War exclusion, Retained asset account, Incontestability clause, Cash surrender value option, Surrender charge, Maturity date provision, Policy loan interest rate, Cash value deferment clause, Change of plan provision, Exchange privilege, One-year term dividend option, Cash dividend option, Per capita designation, Minor beneficiary, Estate as beneficiary, Class designation, Facility-of-payment clause, Uniform Simultaneous Death Act, Survivorship time clause, Changing the beneficiary, Accelerated death benefit rider, Disability income rider, Return of premium rider, Waiver of monthly deduction rider, Critical illness rider, Term insurance rider, Accidental death and dismemberment rider, Hazardous occupation exclusion, Commission-of-a-felony exclusion, Hazardous hobby exclusion, Default nonforfeiture option, Guaranteed policy loan value, Contestable period after reinstatement, Assignment notification, Third-party ownership, Automatic dividend application, Creditor protection of proceeds, Trust as beneficiary, Owner's right to dividends, Contingent owner, Net cash surrender value, Accidental death benefit, Incontestable exception, Incontestable typical period, Grace period standard, Grace period length, Reinstatement window, Reinstatement advantage, Suicide clause period, Misstatement of sex, Free look refund, Change of beneficiary, Primary beneficiaries share, Tertiary beneficiary, No beneficiary living, Settlement interest taxation, Life income period certain, Settlement option choice, Extended term duration, Nonforfeiture purpose, Policy loan unpaid lapse, Automatic premium loan election, Dividend options default, Accelerated benefit effect, Accelerated benefit tax, Chronic illness rider, Waiver of premium waiting, Guaranteed insurability options, ADB time limit, Accidental death exclusions, Other insured rider conversion, Assignment and beneficiary, Payor rider ends
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, instead of before accepting the first 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 be given before the initial premium is accepted unless the policy provides an unconditional refund (free look) for at least 14 days.
2. A Florida life insurance 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 it has been in force during the insured's lifetime for 2 years, except for nonpayment of premium.
3. If the age or sex of a Florida insured is misstated, the insurer will:
Adjust the benefit 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 bought at the correct age or sex rather than voiding the policy.
4. 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 remains in force.
All Life including Variable Annuity (2-14) 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.
