1. Exam Prep
  2. Florida
  3. Life including Variable Annuity (2-14)
  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Florida Life including Variable Annuity (2-14) exam (series 2-14) — 45 practice questions.

Subtopics: Free look, Incontestability, Misstatement of age, Grace period, Reinstatement, Entire contract, Ownership, Assignment, 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

Sample questions & answers

1. The minimum free-look (unconditional refund) period for an individual life insurance policy in Florida is:

14 days

Florida requires a minimum 14-day free-look period during which a life policy may be returned for a full refund.

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

Take a randomized, timed-style practice test. Answer choices are shuffled and your results are scored instantly with an explanation for every question.

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 Pennsylvania Insurance Department and the exam administrator before relying on it.