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Life and Health Insurance Producer Exam

Policy provisions (FL): practice questions

Our Life & Health Insurance bank has 8 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Florida

What happens under Florida's misstatement of age or sex provision?

  1. The policy is void and the premiums are kept by the insurer as a penalty
  2. All premiums are refunded
  3. The beneficiary is changed
  4. Benefits are adjusted to what the premium would have bought at the correct age or sex
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D. Benefits are adjusted to what the premium would have bought at the correct age or sex — Calculations use the insurer's rates at issue.

Question 2 · Florida

Under Florida's entire contract provision, how are statements in the application treated, absent fraud?

  1. As binding only on the agent
  2. As irrelevant to the contract
  3. As representations, not warranties
  4. As warranties that void the policy if wrong
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C. As representations, not warranties — The policy and attached application form the entire contract.

Question 3 · Florida

What interest may a Florida insurer charge on a premium paid during the grace period?

  1. None at all
  2. Up to 8% a year for the days of grace used
  3. Up to 25% a year
  4. A flat fee
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B. Up to 8% a year for the days of grace used — If the insured dies in the grace period, the overdue premium may be deducted.

Question 4 · Florida

What grace period must a Florida life insurance policy give for premiums after the first?

  1. At least 7 days
  2. At least 60 days
  3. None
  4. At least 30 days
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D. At least 30 days — The insurer may charge interest of up to 8% a year on the late premium.

Question 5 · Florida

Within how long after a premium default may a Florida life policy be reinstated?

  1. 30 days only
  2. 3 years, with evidence of insurability and payment of overdue premiums
  3. 10 years
  4. It can never be reinstated
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B. 3 years, with evidence of insurability and payment of overdue premiums — Not if the policy was surrendered for cash.

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