Florida Life and Health Insurance License Practice Test

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What type of policy is a Return of Premium life insurance?

  1. Variable life

  2. Whole life and Increasing term

  3. Term life

  4. Universal life

The correct answer is: Whole life and Increasing term

Return of Premium life insurance is a type of combined Whole life and Increasing term policy where the premium paid is returned at the end of the policy term if the insured individual has not passed away. This distinguishes it from Term life insurance, where the premium is not returned. Variable life and Universal life insurance are separate types that do not offer a return of premium.

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