Florida Life Insurance Test Study Guide Questions And Correct Answers

What does the ownership clause in a life insurance policy state? {Ans: Who the policy owner is and what rights the policy owner is entitled to}A provision in a life insurance policy that pays the policyholder an amount that does not surpass the guaranteed cash value is called the {Ans: Policy Loan provision}K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true? {Ans: Proceeds will be paid to P's estate}How do life insurance companies handle cases where the insured commit suicide with in the contract's stated Contestable period? {Ans: Claims are denied under the Suicide clause of the policy}P is blinded in an industrial accident. Which provision of his life insurance policy will pay a stated benefit amount? {Ans: Accidental Death and Dismemberment provision}A life insurance policy which ensures that the premiums will be paid if the insured becomes disabled has what kind of rider attached? {Ans: Waiver of premium}