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Guide for FLA Life and Annuity (incl. Variable Contracts) (0214)

Quiz FLA Life and Annuity (incl. Variable Contracts) (0214)

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/ 10

Quiz

1/10
Life Insurance Basics
What is the primary purpose of life insurance?
Select the answer
1 correct answer
A.
To provide financial support to beneficiaries after the policyholder's death
B.
To accumulate cash value over time
C.
To cover expenses related to long-term care
D.
To provide a retirement income

Quiz

2/10
Types of Life Insurance Policies
What type of life insurance policy provides coverage for a specific term and pays a benefit only if the insured dies during that term?
Select the answer
1 correct answer
A.
Whole Life Insurance
B.
Term Life Insurance
C.
Universal Life Insurance
D.
Variable Life Insurance

Quiz

3/10
Underwriting and Risk Assessment
What is the primary purpose of underwriting in life insurance?
Select the answer
1 correct answer
A.
To determine the risk associated with an applicant
B.
To set the premium rates for all applicants
C.
To approve all insurance applications without review
D.
To sell insurance policies directly to consumers

Quiz

4/10
Life Insurance Riders
What is a common purpose of adding a waiver of premium rider to a life insurance policy?
Select the answer
1 correct answer
A.
To allow the insured to stop paying premiums if they become disabled
B.
To increase the death benefit payout
C.
To provide coverage for accidental death only
D.
To extend the policy's term without additional cost

Quiz

5/10
Endorsements
Which endorsement would typically be added to a life insurance policy to provide coverage for an additional insured person?
Select the answer
1 correct answer
A.
Additional Insured Endorsement
B.
Accidental Death Rider
C.
Child Term Rider
D.
Guaranteed Insurability Rider

Quiz

6/10
Policy Provisions and Options
What is the purpose of the incontestability clause in a life insurance policy?
Select the answer
1 correct answer
A.
It allows the insurer to contest a claim at any time.
B.
It prevents the insurer from contesting a claim after a specified period.
C.
It guarantees payment of the policy's face value upon death.
D.
It allows the insured to change beneficiaries without consent.

Quiz

7/10
Florida-Specific Insurance Laws
What is the minimum age requirement to obtain a life insurance license in Florida?
Select the answer
1 correct answer
A.
18 years old
B.
21 years old
C.
25 years old
D.
16 years old

Quiz

8/10
Beneficiaries and Claims Process
What is the primary role of a beneficiary in a life insurance policy?
Select the answer
1 correct answer
A.
To receive the death benefit upon the insured's passing
B.
To pay premiums to keep the policy active
C.
To manage the policyholder's account
D.
To provide medical information about the insured

Quiz

9/10
Tax Implications of Life Insurance
Which of the following statements best describes the tax treatment of life insurance death benefits?
Select the answer
1 correct answer
A.
Death benefits are generally excluded from the beneficiary's gross income.
B.
Death benefits are taxable as ordinary income.
C.
Death benefits are partially taxed based on the amount of premiums paid.
D.
Death benefits are entirely taxable if the policy had a cash value.

Quiz

10/10
Life Insurance Riders and Endorsements
Which rider provides additional death benefit protection specifically in the event of an accidental death, supplementing the policy's standard death benefit?
Select the answer
1 correct answer
A.
Accidental Death Benefit Rider
B.
Waiver of Premium Rider
C.
Term Conversion Rider
D.
Accelerated Death Benefit Rider
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Info quiz:

  • Quiz name:FLA Life and Annuity (incl. Variable Contracts) (0214)
  • Total number of questions:490
  • Number of questions for the test:50
  • Pass score:80%

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