1. Exam Prep
  2. Florida
  3. Life including Variable Annuity (2-14)
  4. Types of Life Insurance Policies

Free Types of Life Insurance Policies Practice Questions

Florida Life including Variable Annuity (2-14) exam (series 2-14) — 35 practice questions.

Subtopics: Group life conversion, Nonforfeiture values, Term basics, Level term, Decreasing term, Renewable term, Convertible term, Whole life, Limited-pay life, Single premium, Adjustable life, Universal life, UL death benefit options, UL corridor, Variable life, Variable universal life, Indexed universal life, Joint life, Survivorship life, Increasing term, Annual renewable term, Juvenile insurance, Jumping juvenile, Return of premium term, Modified whole life, Index whole life, Continuous premium, Group eligible groups, Group characteristics, Noncontributory plan, Contributory plan, Credit life, Survivorship cost, Interest-sensitive whole life, Conversion timing

Sample questions & answers

1. When a Florida employee's group life coverage terminates, the employee generally has the right to convert to an individual policy within:

31 days

Florida group life policies must allow a terminating insured to convert to an individual policy, without evidence of insurability, within 31 days.

2. Florida's Standard Nonforfeiture Law guarantees that a whole life policyowner who stops paying premiums receives:

A nonforfeiture value such as cash surrender, reduced paid-up, or extended term insurance

The Standard Nonforfeiture Law requires that permanent policies provide guaranteed nonforfeiture options such as cash surrender, reduced paid-up, or extended term insurance.

3. Term life insurance is best described as:

Temporary coverage for a specified period with no cash value

Term provides death protection for a set period and generally builds no cash value.

4. In a level term policy, the death benefit:

Remains constant for the term

Level term keeps the face amount constant throughout the term while the premium for the term is level.

All Life including Variable Annuity (2-14) topics

Practice: Types of Life Insurance Policies

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.