214 Florida Insurance Study Guide Questions And Correct Answers

Extended term option {Ans: Linda now owns a $120,000 term life policy after she forfeited her whole life policy and reinvested its cash value. As described by her actions, which nonforfeiture option did Linda exercise?}Her insurer will issue a paid-up term life policy with the same face value as the original whole life policy and a term length based on the amount of cash value that the forfeited whole life policy can purchase. {Ans: Susan has been paying premiums on her whole life policy for the past 14 years. Recently, she decided to stop making payments, but did not select a nonforfeiture option. Since she did not select such option, what actions will her insurer take?}This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? {Ans: United States v. Southeastern Underwriters Association (1944)}Consideration Clause {Ans: Which provision or clause below will illustrate the frequency and amount of policy premiums?}Per stiripes rule {Ans: Benefits that are passed to a beneficiary's child or children in equal shares in the event that the beneficiary dies is known as the:}William, age 67, has owned