FLA Health, Life and Annuity Practice Exam

These questions are part of the practice quiz. Start practicing

• Which retirement plan is a tax-deferred investment and savings plan that acts as a personal pension fund for employees?
• In a reinsurance arrangement, the insurer that accepts the insurance from the ceding company is called the
• Which option describes a settlement where the dollar amount of each installment depends on the total number of installments?
• In a participating life policy, what term refers to a share of the insurer's profits paid to policyowners?
• Which booklet describes insurance policies and concepts to help an applicant make an informed decision?
• Which retirement plan is commonly described as a tax-deferred retirement savings vehicle for employees?
• Which document provides a summary of the policy's features and elements for the insured?
• Which exception allows penalty-free early withdrawal for higher education expenses?
• What term refers to a policy's savings element or living benefit?
• What term refers to a legal attachment that amends a policy by adding benefits or excluding coverages?
• Which premium structure uses initial overpayments to build a reserve to offset future underpayments?
• What is the name of the agreement that establishes buyout terms among partners to facilitate dissolution?
• Withdrawals before age 59 1/2 from a Traditional IRA incur a 10% penalty, with exceptions for certain circumstances.
• Which section of an Insurance Application summarizes the agent's observations and recommendations?
• The premiums paid by the employer in a business life insurance policy are
• Which contract is typically described as 'take it or leave it' because terms cannot be negotiated?
• Which term describes a misrepresentation in which an agent persuades an insured or policy owner to cancel, lapse, or switch policies to the insured's disadvantage?
• Which program is commonly known as health care for low-income individuals and families?
• Which insurance plan can be purchased to provide benefits when illness or injury prevents employment?
• What group term life feature permits an individual who leaves the group to continue coverage without evidence of insurability?
• Which rider waives premiums after a disability, typically after a waiting period?
• What is the term for evenly distributing benefits among all named living beneficiaries?
• Which definition describes disability as unable to engage in substantial gainful activity due to medical condition lasting at least 12 months or resulting in early death?
• Which term describes life insurance of commercial companies that is not issued on a weekly premium basis and includes subtypes such as term and whole life?
• Which term describes a policy where premiums and death benefits stay the same for the life of the policy?
• What is the insurer's basic promise to pay specified benefits to a designated person in the event of a covered loss? It states the scope and limits of coverage 'We insure to INSURE you for...'?
• An Insurance Application typically consists of how many basic parts, and what are they?
• In reinsurance, the insurer that transfers its loss exposure to another insurer is called the
• What term describes statements guaranteed to be true by the applicant (such as name and date of birth)?
• What is an unincorporated group of people that provide insurance for one another through individual indemnity agreements called?
• Which term is associated with the concept that creates a new risk that did not previously exist?
• A policy that is part insurance and part investment, with cash value you can borrow against the total premiums paid describes which policy?
• A policy that protects a business against the loss of a key employee by making the business the owner, premium payor, and beneficiary describes which type of insurance?
• Which provision allows an employee to convert group term life coverage to an individual policy without evidence of insurability?
• Which statement is true regarding exclusions from coverage?
• Which program offers health insurance to seniors age 65 and older?
• Which party typically has the authority to change the beneficiary designation?
• Which contract requires the insured to accept all terms with no negotiation because it is offered on an 'as is' basis?
• A life insurance policy that provides cash value along with a level face amount is called?
• What is the name of the ethical duty to fit the needs of the client, comprising fact-finding and education?
• What term describes the ability to perform some, but not all, of the duties of the insured's occupation as a result of injury or sickness?
• Insurance paid to named beneficiaries when the insured dies
• What term describes the waiting period between the policy's effective date and when coverage for all or certain conditions begins?
• Which term means waiving the insurer's liability or giving up a legal right?
• Which product is designed to coordinate health insurance with Medicare to cover coverage gaps?
• What term refers to the documentation that must be provided to the insurer to validate that a loss occurred?
• Which rider allows purchasing additional coverage at predetermined times without proof of insurability?
• After paying a loss, an insurer may recover the amount paid from the party responsible. This process is known as what?
• Which annuity's payout varies with mutual fund performance?
• Which section is typically the first part of an Insurance Application, focusing on general information about the applicant?
• Which form of insurance provides cash benefits for injuries sustained on the job and is typically paid by the employer?
• Which policy component is commonly described as the policy's savings element or living benefit?
• Policy Summary is a written statement describing the features and elements of the policy being issued. Which choice below reflects this definition?
• Which policy is a plan where premiums are paid for life and includes a guaranteed cash value?
• What is the purpose of the Advertising Code in the insurance industry?
• Pay an income beginning at the insured's death and continuing for a period specified from the date of policy issue describes which policy type?
• The Surrender Cost Index measures the cost of life insurance if you surrender after a period.
• Fact-Finding is the process where the agent understands the client's goals and creates a map that leads to those goals.
• Which rider refunds premiums plus the face value if the insured dies within a specified period and also returns premiums if the insured is alive at the end of the term?
• Which term describes the waiting period before health coverage begins for certain conditions?
• What term best describes life insurance that uses a master policy for a group?
• Which policy provision states that the policy, riders, and the application constitute the entire contract?
• Universal Life Insurance is described as a variation of which base policy?
• Which statement about participating policies is true?
• Which renewal clause may include age limits such as 60, 65, or 70 years or may be renewable for life?
• The period described as 3 months before the month of age 65 is known as what?
• Which annuity option pays a guaranteed income for the annuitant's lifetime and ends upon the annuitant's death?
• Which term expands to 'Accidental Death and Dismemberment' in life insurance terminology?
• Which underwriting approach describes a system where a group of people, such as employees, is underwritten as a group rather than individually?
• An applicant who pays the initial premium at the time of application is typically given a(n)
• Which policy allows investment options and partial surrenders?
• Which function marks the beginning of the client-insurer relationship?
• In a contract for medical and hospital care services, participants are known as what?
• Which form of employer-paid coverage provides cash benefits for on-the-job injuries?
• What term describes the obligation to act in the best interests of another party, including duties of loyalty and prudent management?
• The Common Disaster provision is designed to clarify which of the following?
• Which entity is state mandated to protect consumers from insolvent insurers?
• Which term policy type combines level death benefit with level premiums for the term?
• Disability is defined as a physical or mental condition that limits a person's movement, senses, and activities. Which choice best captures this definition?
• Which policy is a juvenile policy that includes an automatic increase in face amount at a specified age without evidence of insurability?
• Which policy classification is associated with loss of tax advantages?
• Which plan allows employees to contribute pre-tax earnings to a retirement fund?
• Which life policy features a death benefit that is variable and adjustable, with a flexible premium and investment options?
• Representing the applicant that a specific coverage or product is required is an example of what?
• Which coverage is designed to replace earnings when an individual cannot work because of health issues?
• What term describes a managed care organization that provides comprehensive medical services for a predetermined annual fee per enrollee?
• If both the insured and the sole beneficiary die in a common accident, the common disaster clause provides the proceeds be paid to which?
• What is the term for a statement of facts about a loss for which the insured is filing a claim?
• What term describes a government policy aimed at protecting people against the risk of adverse events and redistributing income?
• Which federal program provides retirement, disability, and survivor benefits to eligible individuals?
• What is the term for the process of driving or forcing out?
• Which life insurance type features level premiums with initial overpayments that build a reserve to balance later years?
• Which policy is paid up at age 70?
• Reserving the right to change the beneficiary designation without the beneficiary's consent describes which type of beneficiary?
• Which term describes authority that is inferred from the actions of the principal rather than written?
• The common disaster clause provides that if both the insured and the sole named beneficiary die in a common accident, the proceeds are paid to what?
• In universal life style plans, the savings component may be invested in what type of funds?
• Which concept involves full and accurate disclosure of product benefits and limitations?
• Which clause in a policy is the insurer's promise to pay specified benefits in the event of a covered loss?
• Insurance that covers medical illness or injury.
• Companies owned by the stockholders whose investments provide the capital necessary to establish and operate the insurance company.
• Which term describes a life insurance arrangement where a third party purchases a policy on someone else with the aim of profiting from the insured's death, often illegal?
• Which policy provision restricts the insurer from using certain defenses after the policy has been in force for a specified period?
• Which provision states that the policy and the application form the entire contract?
• What does NAIC stand for?
• What term describes a government program aimed at protecting people against the risk of adverse events and redistributing income?
• Which sequence correctly describes the progression from hazard to insurance?
• Which statement best describes inflation considerations in variable life policies?
• Which feature of disability coverage waives the premium and pays a monthly income?
• A group-owned liability insurer which assumes and spreads product liability and other forms of commercial liability risks among its members
• For a Florida individual disability policy, what is the minimum payout time?
• Mortality rates in Variable Universal Life are described as current with a guaranteed maximum.
• Which type of term insurance pays an increasing death benefit and has increasing premiums as the policyholder ages?
• Which term describes the portion of premium that has not yet been earned?
• Which insurance policy pays a lump sum after a specified term or if the insured dies before the end of the term?
• The suicide provision is designed to do what?
• A company that issues both participating and nonparticipating policies is known as what?
• What term refers to illness or disease within a population?
• A corporation's distribution of its own stock to its stockholders without the receipt of any payment is called a
• Which policy provision states that the application and the policy contain all provisions and constitute the entire contract?
• Which statement best defines Level Premium?
• Which policy provides payments to replace income when the insured is unable to work?
• The cash value of a life insurance policy is called what?
• Which policy type gives the insurer the option to terminate on a date specified in the contract and may increase premiums upon renewal?
• Which policy is designed to supplement Medicare by paying costs not covered by Medicare such as deductibles and coinsurance?
• Which federal program provides health insurance to persons 65 years of age and older?
• Which policy type provides a cash value component along with a level face amount?
• A retirement savings plan approved by the Internal Revenue Service that provides individuals with a tax benefit is called what?
• Which term refers to the portion of insurance premiums that covers operating costs and profit for the insurer?
• What type of managed care plan provides benefits to subscribers if they receive services from network providers?
• Which term refers to the apparent authority that arises from the principal's actions or circumstances, creating the impression that the agent has authority?
• Which policy type gives the insurer the option to terminate the policy on a date specified in the contract, and if renewed may increase the premiums on the anniversary date?
• Which policy type offers pure protection for a set term without a savings component?
• Which item is not required on every insurance contract application?
• A beneficiary group designation (for example, all of my children) opposed to specifying one or more beneficiaries by name is called what?
• Which law establishes minimum standards for voluntary pension and health plans offered by employers?
• Which health insurance arrangement makes it easier to see out-of-network doctors?
• Which provision sets the allowed timeframe for initiating legal actions against the insurer after a claim?
• Which provision pays back all premiums paid into the policy in addition to the face amount if the insured dies within a specified period, and may also return premiums if the insured is living at the end of the period?
• Which policy type, typically issued by stock companies, does not allow policyowners to participate in dividends?
• A policy that pays the face amount on total loss is known as what?
• A pension plan that establishes the basis on which an employer will contribute to the pension fund
• Mutual life insurance companies are owned by policyowners. What term describes these owners?
• Which provision waives future premiums for a juvenile life policy if the person paying the premiums dies or becomes disabled?
• Which item is NOT relevant when determining the amount of personal life insurance needed?
• Which policy helps cover expenses not paid by Medicare?
• Which type of coverage can be purchased to provide benefits when illness or injury prevents employment?
• In group life insurance, what document does each eligible group member receive?
• In addition to stand-alone forms, AD&D coverage can be added as a rider to which policies?
• Which policy type is defined as having a specific period of years with a level premium?
• Under guaranteed renewable policies, what may occur at renewal?
• Which plan is federally approved tax-deferred savings plan for self-employed people to set money aside for retirement?
• Which life insurance sales structure features a branch manager who supervises agents, with agents who can be employees or independent contractors?
• In Lloyd's of London, underwriting groups are called what?
• In a life insurance transaction, which party typically represents the buyer?
• A payor rider is commonly used to keep which type of policy in force?
• Which policy type is non-renewable and typically for a year or less?
• Who typically controls a juvenile insurance policy?
• Which plan is an insurance policy where the policyholder pays a specified premium each year for as long as he or she lives; also called a straight life policy, cash-value life policy, or ordinary life policy?
• A method of determining how much life insurance you need based on funds your family would require to maintain their lifestyle after your death
• Which term describes an assessment mutual where losses are shared and members are assessed after losses occur?
• Which provision is the term used for the provision that waives premiums while the insured is disabled?
• Which policy allows flexible premiums, where payments above the cost of insurance are added to cash value and earn interest?
• Endowment policies are often used as a long-term saving vehicle.
• Which type of life insurance remains in force for the insured's entire life and pays a benefit upon death?
• Which program is a joint federal and state program for people who cannot afford health care?
• Which statement correctly reflects the hazard-peril-loss-insurance sequence?
• Which provision relieves the policyholder of the obligation to pay future premiums under certain conditions?
• Which policy feature waives premiums when the insured is totally disabled?
• Which type of assessment mutual operates on loss-sharing with no premium in advance, and members are assessed for actual losses as they occur?
• Which type of beneficiary cannot be changed without the beneficiary's consent?
• Which term describes an insurer that is owned by policyholders and formed as a corporation to serve their insurance needs?
• Credit Policies are typically purchased using which type of life insurance policy to match the declining loan balance?
• Which premium concept describes a premium that does not change throughout the life of a policy?
• In insurance, the entity that issues policies and assumes the risk is the
• If neither primary nor contingent beneficiaries survive the insured, which beneficiary would receive the proceeds?
• Which term describes the mechanism by which risk is transferred from the insured to the insurer?
• Which form of insurance is paid by the employer and provides cash benefits to workers injured or disabled in the course of employment?
• A waiver of premium provision may be included with which kind of policy?
• Which clause dictates the method used to calculate the return premium if a policy is canceled before its expiration?
• Which term policy feature refunds all premiums paid if the insured survives to the end of the term, often with a higher initial premium than standard term?
• What is the term for the number of deaths from a disease in relation to the population in a given time?
• An insurer that writes multiple lines of insurance would be categorized as which?
• Which type of insurance protects professionals against negligence or failure to perform as a competent professional?
• Which term refers to a health, life, or property insurer that is a mutual organization owned by its policyholders?
• What does IOLI stand for?
• What term describes marketing products and promotions to large groups?
• Which type of policy is designed to pay policy dividends to policyowners?
• Which term describes the rate of deaths per population in a given time?
• AD&D coverage pays benefits for which events?
• Which provision allows the named insured to cancel by returning the policy or providing written notice?
• Where are the policy values for variable life insurance invested?
• The term for a life insurance policy originated by investors to profit from the death benefit, typically involving brokers with no personal connection to the insured, is:
• Which statement best describes the cash values in a variable life policy?
• What term describes the act of driving or forcing out?
• What term describes a deliberate deception intended to obtain an unfair or unlawful gain?
• Which provision permits the policyowner to change the beneficiary designated in the policy?
• Which professional specializes in determining policy rates, premiums, and conducting statistical studies in insurance?
• Which premium concept averages the total single premium over periodic payments, with more payments leading to a higher total premium?
• Which type of term insurance can be renewed for an agreed-on period or up to a specified age, regardless of health?
• Which term describes a retirement plan that is IRS-approved and offers tax benefits to participants?
• Which policy feature describes a contract that may be terminated by either party in the middle of the term?
• Which policy type is described as a permanent policy with level premiums that is paid up after a specified time, such as 30 pay life?
• Which entity regulates insurance agents in this jurisdiction?
• Which term describes persuading someone to buy insurance by using force or threats?
• Which life insurance policy is described as a variation of whole life that includes a death benefit and a savings component with premium flexibility?
• Which statement about beneficiary designations is true?
• Which premium type is described as an initial lower premium that increases after an introductory period?
• In a Group Life Insurance policy, the insured is typically considered to be which of the following?
• Which policy provides payments to replace income when an insured person is unable to work?
• In the insurance industry, the person who represents the insurer is the
• Which term describes a disability that is permanent and partial, allowing some tasks but not all?
• Which life policy has benefits that are a function of the investment returns selected by the policyholder?
• Which financial instrument is designed to provide regular payments to a recipient, typically for retirement?
• Which buy-sell arrangement involves each owner purchasing a life insurance policy on each of the other owners?
• Which form of coverage is commonly provided through employers to cover injuries sustained at work?
• Which settlement option pays installments only while the beneficiary is alive and ceases at death?
• An insurer owned by policyholders and formed as a corporation to provide insurance to them is called what?
• Which clause prevents the debtors of a beneficiary from collecting the benefits before the beneficiary receives them?
• Which program allows Medicare Part A and Part B enrollees to obtain coverage through an HMO or PPO that provides additional services at a higher cost?
• Which policy combines most of the features of traditional life insurance with potential interest based on an equity index?
• How many basic parts does an Insurance Application have?
• Which term describes a practitioner who is not a conventional medical doctor?
• Which term describes a premium that does not change throughout the life of a policy?
• An insurer writing more than one line of insurance.
• The suicide provision in a life insurance policy serves to do what?
• An financial interest in life or property such that the insured would suffer financially if loss occurs describes what concept?
• Which program provides supplemental security income to individuals with limited income and resources, regardless of work history?
• Which arrangement allows the policyowner to sell their existing life insurance policy to a third party for compensation?
• Which contract involves payments or values that depend on an uncertain event and may not be equal?
• In a cross-purchase arrangement, which description best fits the structure?
• Which term describes a person who benefits from something or is named to receive money from a policy?
• Which term refers to the practice that allows the policyowner to sell an existing life insurance policy to a third party for compensation?
• Which life insurance policy is paid in a limited number of payments but remains in force for life?
• Which provision requires the insured to notify the insurer of a loss within a specified time after a claim occurs?
• Which provision requires the insured to provide documentation (proof of loss) to substantiate a claim?
• In reinsurance, the company that assumes the risk is the
• Morbidity and mortality are terms used to describe which two health concepts?
• Which settlement option pays policy proceeds for a fixed period of time?
• A long-term care rider pays a daily benefit when the insured cannot perform more than how many Activities of Daily Living (ADLs)?
• Who is the owner of the insurance policy?
• An insured purchases a life policy and dies years later; the insurer discovers at the time of death that the applicant concealed information during the application process. What action is allowed?
• The amount of money a whole life policyholder would receive if the policy is surrendered before death or maturity is called?
• Which term describes a disability that covers a permanent partial impairment, allowing some tasks but not all?
• Which type of retirement plan guarantees a specific retirement benefit amount based on a formula, regardless of investment performance?
• The term for a life insurance policy where the policy owner is a stranger or investor seeking to profit from the insured's death is:
• Which federal program provides disability benefits to workers and certain dependents if they have sufficient work history and disability?
• For loss of sight in one eye or loss of one limb, how is the benefit calculated under AD&D?
• What term best describes a policy that cannot be canceled by the insurer and may be renewed at the insured's option?
• What is the maximum deductible IRA contribution allowable?
• Which beneficiary is named to be the first to receive policy proceeds?
• Which term denotes the portion of the premium that has not yet provided protection?
• Which term corresponds to the regulatory acts associated with the NAIC?
• What term refers to the guidelines for behavior that help carry out an organization's mission, vision, and values?
• Which statement best describes the effect of the AD&D double indemnity feature?
• Which contract is described as a one-sided promise to pay only after the completion of a task by the offeree?
• What policy feature guarantees renewal as long as premiums are paid, with the possibility of rate changes by class rather than individually?
• In universal life policies, what does COI stand for?
• Which statement best describes juvenile insurance?
• Which process is used to determine eligibility and premium rates?
• The sale of a life insurance policy by a terminally ill insured to investors who hope to profit from the insured's death is called a:
• Which corporate action involves distributing the corporation's own stock to shareholders without cash payments?
• Which policy type starts with lower premiums for a designated timeframe and then rises?
• Which component of an Insurance Application collects the applicant's health information?
• AD&D coverage is designed to pay benefits in which circumstances?
• A clause in a title policy that allows the title company to assume the rights of a buyer with respect to any claim against a seller if the company has paid the claim is called what?
• Which term policy type has a fixed premium and a level death benefit for the entire term?
• What is the term for a policy that is written on a noncancellable basis with the right to renew?
• Which statement best describes the ownership of an insurance policy?
• Which practice involves documenting each client meeting and transaction?
• Which option lists the correct definition of disability for Social Security benefits?
• Which policy is kept in force for a person's entire life and pays a benefit upon death, whenever that may be?
• Which policy type features a variable death benefit and investment options, with flexible premiums and potential partial surrenders?
• What does UCR stand for in insurance terminology?
• In insurance terminology, liquidity refers to which of the following?
• In key person insurance, who is typically the beneficiary?
• A pension plan that guarantees a specified level of retirement income is known as which of the following?
• Which policy provides coverage for specific diseases such as cancer or leukemia?
• Which type of coverage is AD&D insurance?
• The tax-deferred retirement account designed for self-employed individuals and employees of very small businesses is called:
• Which provision defines that a recurrence of a disability is considered a continuation of the prior disability period?
• In long-term care coverage, the threshold for eligibility is typically the inability to perform how many ADLs?
• Which term represents the portion of the premium for which policy protection has not yet been provided?
• A corporation owned by stockholders is best described as which term?
• Which term correctly identifies a policy that pays dividends to the policyowner?
• What term describes term insurance where the face value remains level from issue to expiration?
• Which policy provision allows reinstatement of a policy after it has lapsed due to nonpayment?
• The most common type of whole life insurance sold, with a level face amount and level premiums payable over the insured's lifetime, is known as what?
• Which exception allows penalty-free early withdrawal for a first home purchase up to $10,000?
• Which provision requires the insurer to provide claim forms for filing a claim?
• Education is the ethical principle that demonstrates how insurance can be an effective financial tool and ensures client understanding of the application, underwriting process, policy and any attached rider.
• Is the premium in Variable Universal Life flexible?
• The portion of corporate profits paid out to stockholders is called?
• Which page lists the insurer's name and address, the policyholder, the coverage dates, and the contracted coverage amounts?
• Standing plans that indicate the general course of action that should be taken in response to a particular event are called
• In disability insurance, which provision typically limits benefits to the insured's current income level prior to disability?
• Rebating is an unfair trade practice and is regulated by law. All of the following would be considered rebating EXCEPT
• Which entity operates mutual life insurance companies without capital stock?
• An insurer owned by policyholders and formed as a corporation to provide insurance to them is known as what?
• Annuity that has a varying rate of return based on the mutual funds in which one has invested?
• Which policy has lower premiums for a designated timeframe (typically 5-10 years), with payments rising annually thereafter until leveling off?
• Which coverage provides payments to replace income when the insured is unable to work?
• Which feature provides continued life insurance coverage if the insured becomes totally disabled and cannot pay premiums?
• A federal health insurance program for persons 65 years of age and older is known as what?
• A typical reinsurance contract between two insurance companies is called treaty reinsurance, which involves automatic sharing of the risks.
• Which term describes a network where costs are covered inside the network but not outside?
• The recommended amount that should be paid on a policy to cover the cost of insurance protection and to keep the policy in force throughout its lifetime is called:
• A company that operates as both a participating and nonparticipating insurer is called what?
• Which term refers to a measure of what it costs an insurance company to operate?
• Mutual life insurance companies are owned by whom?
• Which optional rider enables the policyowner to purchase additional amounts of coverage at predetermined times without proof of insurability?
• Which organization is not an insurer but a society of members underwriting in syndicates?
• Under a group term life plan, what document does each employee receive as evidence of coverage?
• Which policy pays a stated monthly income to beneficiaries for 20 years after death and a lump sum of $20,000 at the end of that period?
• Which term describes an entity that offers benefits to subscribers in return for the payment of a premium, with plans varying for subscribers?
• What is the minimum free-look period for standard life insurance policies that allows a policyowner to return the contract for a full refund?
• Which policy pays a death benefit and also accumulates a cash value?
• What term describes an insurer that writes more than one line of insurance?
• Which disability income policy provides benefits for loss of income when a person returns to work after a total disability but is still not able to perform at the same level as before becoming disabled?
• Which statement best describes a nonparticipating policy?
• In disability insurance, what provision limits the benefits payable to the insured's income level?
• Which option best describes a policy that provides benefits due to disability from a medical condition limiting movement, senses, and activities?
• Which annuity pays benefits based on units rather than specific dollar amounts?
• What does COB stand for in group health insurance?
• What statement best defines insurable interest?
• Credit Policies are typically purchased using which type of life insurance policy, with term matched to loan period and decreasing amount matched to loan balance?
• The insurer's promise to indemnify a specific loss in exchange for premium is described by which term?
• What term describes the third in line to receive life insurance policy proceeds?
• What is misrepresentation?
• Home Healthcare provides benefits for which type of care?
• What term refers to life insurance that requires the payment of premiums until the face value is reached or the insured is deceased; also called ordinary life or whole life?
• At what age must required withdrawals begin from a Traditional IRA according to the material?
• Which policy type is typically issued by stock companies and does not allow policyowners to participate in dividends or electing the board of directors?
• Which term describes employer-provided coverage such as medical, disability, retirement, and death benefits?
• Which policy is described as paying out the face amount at the end of a specified period if the insured is alive?
• Which policy is described as a level-premium product with cash value and lifetime protection through age 121, also known as ordinary life?
• The net single premium is defined as the amount that funds future benefits with a single payment, considering mortality and interest.
• Which valid contract can be avoided at the option of one or both parties?
• What term means waiving the insurer's liability or giving up a legal right?
• N is a 40-year-old applicant who wants a life policy with level premiums, permanent protection, and paid-up at retirement. Which option should N purchase?
• Which term denotes the portion of the premium that has already provided protection for the policy year?
• Variable Universal Life insurance typically provides how many death benefit options?
• Which statement about premiums in variable life is correct?
• What term refers to a code governing advertising practices?
• Which statement describes the disability definition as inability to engage in any gainful work that exists in the national economy?
• Which term describes a policy issued on the life of a child but owned and paid for by an adult?
• Which distribution method pays benefits evenly to named living beneficiaries?
• Which life insurance policy has a cash value tied to investment performance?
• What classification applies to the offense of doing business with an unauthorized insurer?
• Which term describes the authority of an agent that is stated in the document or agreement creating the agency?
• In Florida, which type of agent is commonly described as functioning as a broker?
• Which term concerns unfair or deceptive business practices?
• Which of the following describes a Guaranty Association?
• In Florida, which party is described as representing the insurers?
• In life insurance settlement options, which option pays a fixed amount periodically to the beneficiary?
• A medical condition diagnosed or treated before you join a new insurance plan is called a
• In AD&D coverage, dismemberment includes the loss or loss of use of what?
• Assessment mutual companies are classified by the way they charge premiums. Which term is used for this classification?
• A policy that pays a fixed amount regardless of the actual loss is known as what?
• A company that provides insurance coverage through a policy to cover certain risks or contingencies is called what?
• Which provision allows the insurer to cancel the policy at any time or at the end of a policy period with no guarantees of continuation?
• In life insurance, who is the owner of the policy with rights to assign the policy, name beneficiaries, and surrender the policy?
• In juvenile life insurance, who typically pays the premiums?
• Which assessment mutual charges a premium in advance at the beginning of the policy period?
• Which policy provision allows a policyowner to return a newly issued policy for a full refund within a specified period?
• What term describes the main contract of insurance detailing the terms and conditions?
• What type of life insurance provides a master policy for a group and issues a certificate of insurance to each eligible group member?
• Which policy is a level-premium plan that accumulates cash values and provides lifetime protection to age 121?
• AD&D coverage can be added as a rider to which type of policy?
• Life insurance of commercial companies not issued on the weekly premium basis, including forms such as temporary (term) and permanent (whole), is called what?
• Regarding AD&D riders, which statement is true?
• Identify the premium calculation used to determine an insurer's policy reserves factoring in interest and mortality.
• If a policy pays the death benefit only during a 20-year premium-paying period, what type of policy is this?
• Which type of life insurance pays a death benefit only if the insured dies within a specified period and has no cash value at the end?
• Which policy provision provides a grace period during which the policyholder may pay an overdue premium without lapse?
• Which policy features a death benefit that is variable and adjustable, with a flexible premium and investment options?
• Which life insurance product is designed to provide both a death benefit and a savings component that grows over time?
• Medicare initial enrollment period begins 3 months before the month of age 65. What is the term for that period?
• Which document evidences coverage under a group life plan?
• In corporate planning, which term describes guidelines for responses to various events?
• Which term refers to statements guaranteed to be true by the applicant?
• Which policy can replace income when a person cannot work due to illness or injury and is not a government program?
• If a life insurance policy lapses due to nonpayment, the policyholder may reinstate coverage under which provision?
• The AD&D rider is commonly referred to as what?
• Which settlement option pays both principal and interest to the beneficiary over a fixed period?
• Company XYZ offers a group Term Life insurance plan to its employees. What does each employee covered under this plan receive?
• What term describes the period at the beginning of an insurance policy during which coverage is not yet effective?
• 100% of eligible employees must be included, and the participants do not pay part of the premium. The employer pays the entire premium. This is known as what type of plan?
• What document must be filed with the insurer to initiate a claim after a loss?
• Which category provides benefits for services performed in the insured's home as part of long-term care coverage?
• Which contract requires performance only under certain conditions?
• Which policy provision guarantees premiums remain level and the insurer cannot cancel the policy?
• The death benefit in a variable life policy includes a guaranteed minimum that can fluctuate with account performance. True or false?
• Which term describes a medical condition diagnosed or treated before joining an insurance plan?
• Which type of insurance is paid to an individual if they are injured and unable to work for a specified length of time?
• Which term means to compensate for loss, damage, or injury?
• What term describes the group of policy provisions that are required by law to be included in life insurance contracts?
• In a Jumping Juvenile policy, the usual increase in the face amount is how many times the issue amount?
• Industrial insurance is also known as what?
• Which term best describes the amount of premium for which the policy protection has been provided?
• What term describes the arrangement that allows an agent to represent multiple insurance companies?
• Does Variable Universal Life offer investment options and allow partial surrenders?
• The three basic parts of an Insurance Application are:
• In Variable Universal Life, the cash value is described as variable and not guaranteed.
• Which plan makes it easier to see out-of-network doctors?
• Plans through which employers offer employees benefits such as coverage for medical expenses, disability, retirement, and death are called
• Which retirement plan is funded by employee contributions and investment performance, with benefits based on the accumulated value?
• Which provision allows the policy owner to replace an existing policy with a new policy before expiration, with premiums based on either attained age or original age?
• What is a signature or stamp on the back of a check transferring ownership?
• The investment options in a variable life policy's separate accounts typically include which of the following?
• Who determines premium rates and reserves for insurance companies?
• Medicare Supplement is designed to help cover gaps in Medicare coverage.
• If the primary beneficiary dies before the insured, which beneficiary is entitled to the proceeds?
• A statement believed to be true to the best of one's knowledge is called what?
• What term describes a broker or independent agent who may represent multiple insurance companies under separate contracts?
• The Common Disaster provision addresses
• In an AD&D policy, which payment is made for loss of one eye or one limb?
• Which term describes life insurance that maintains a fixed death benefit with no cash value accumulation?
• A lapse notice for a life insurance policy must be delivered to both the policyowner and which other party?
• Which statement describes the death benefit in variable life?
• In reinsurance, which term describes the portion of risk retained by the ceding company?
• Which statement describes Traditional IRA contributions with respect to tax deductibility?
• In which term insurance does the annual premium remain level while the face amount declines each year?
• Which rider allows the policyowner to purchase additional amounts of coverage at predetermined times without proof of insurability?
• Which document evidences coverage for participants in a group term life plan?
• Which of the following describes an unfair trade practice involving an agent claiming dividends are guaranteed?
• Which term describes authority that is not written but inferred from the actions of the principal rather than from the contract creating the agency?
• A federal and state assistance program that pays for health care services for people who cannot afford them is called?
• What provision requires the insurer to send claim forms to the insured within a specified time after notice of a claim?
• In reinsurance, the portion of the risk that the ceding insurer retains is called the net retention.
• Which term refers to guidelines for behavior that help carry out an organization's mission, vision, and values?
• If a withdrawal is taken without meeting the above criteria and the amount exceeds the total contributed, the earnings become taxable. What type of withdrawal is this?
• What term describes a policy arrangement where unconnected investors and brokers induce the purchase of a life insurance policy with the intent of selling it to institutional investors for less than the death benefit but more than the cash value?
• The principal sum in an AD&D policy is best described as:
• Which two organizations are professional associations for life and health insurance agents?
• Which settlement option is described by the dollar amount of each installment depending on the total number of installments?
• Dismemberment benefits are commonly associated with which type of coverage?
• Which statement matches inability to engage in any gainful work in the national economy?
• In traditional whole life, cash values are kept in the insurer's general account and invested in conservative investments. Which statement is accurate?
• Which type of organization is owned by policyowners and has no capital stock?
• Which qualified employer plan allows small employers to set up tax-favored retirement savings plans for employees?
• Which provision allows for the insured to be examined or an autopsy performed as part of a claim investigation when permitted by law?
• Which of the following does social security not provide benefits for?
• The life insurance policy that has a savings component and builds cash value is known as?
• Which program provides health care coverage for individuals who cannot afford medical services, supported by federal and state resources?
• Which settlement option pays only the interest earned to the named beneficiary and guarantees interest payments at least annually?
• Which feature of disability coverage waives premiums and provides a monthly income when the insured is disabled?