FLORIDA INSURANCE PACKAGE DEAL ALL EXAMS COMPILED AND SOLVED CORRECTLY 100% 2024.

Accident - Answer An unplanned, unforeseen event which occurs suddenly and at an unspecified place Accident Insurance - Answer A type of insurance that protects the insured against loss due to accidental bodily injury Accidental Bodily Injury - Answer Unplanned, unforeseen traumatic i...

Which action will the insurance company most likely NOT take if the applicant has Diabetes and applies for a Disabiility Income policy? - Answer Issue the policy with an altered Time of Payment of Claims Which is NOT a legal entity for selling life insurance in Florida? - Answer Risk Manageme...

Post-tax dollar contributions are found in - Answer Roth IRA investments N purchases an annuity by making payments in an amount no less than $100 quarterly. This describes which of the following annuities? - Answer Flexible installment deferred Q applied for life insurance and submitted th...

When a policy pays dividends to its policyholders , it is said to be - Answer participating What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained ? - Answer Fair Credit Reporting Act What is the name of the law...

Insurance is based on these two fundamental principles - Answer Spreading or Pooling of risks (loss sharing) and Theory of probability (law of large numbers) A principle based on the theory of probability and the experience of death or sickness statistics is known as the - Answer Law of larg...

Rules of Construction - Answer Help to identify and establish the intent of the parties to the contract Utmost good faith - Answer Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith with...

A medical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as -Answer Usual, customary...

insurance - Answer ________________ is a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies. casualty - Answer ______________ insurance is insurance which pays on behalf of the insured's legal li...

Transferring the risk to an insurance company is known as what? - Answer Insurance When the insured request to have the company change a condition or provision in an insurance policy the document attach to the policy is referred to as what? - Answer Endorsement George and Sandy only home...

Insurance companies that are organized in countries outside the United States are referred to as? Alien. (An insurance company that is organized or chartered in a country other than the United States is defined as alien.) - Answer A life insurance policyowner may sell their policy to a(n) __...

In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - Answer C. The concept of insurance developed from the need to minimize th...

What is the main advantage of converting from group life insurance to individual coverage? - Answer Evidence of insurability is not required What is the general taxation rule for death benefits payable to the beneficiary of a life insurance policy? - Answer Death benefits are generally not ...

The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: - Answer Reserves An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the: - Answ...

Which mode of payment is NOT used by health insurance policies? - Answer Single Premium The Coordination of Benefits provision - Answer prevents an insured covered by two health plans from making a profit on a covered loss After an insured gives notice of loss, what must he/she do if the...

Solicitation Negotiations Sale Advising individual on coverage/claims Answer What four things does insurance transaction mean? Insurance Contract Answer This is an agreement between a policyowner (often an insured) and an insurer, where the insurer agrees, for consideration, to idemni...

A Supplementary Medical Expense policy combines the benefits of what two types of plans? - Answer Basic Medical and Major Medical Which of the following is not correct concerning Health Maintenance Organizations? - Answer They mandate enrollment for groups of 25 or more. Which is not true ...

FIELD UNDERWRITING PROCEDURES - Answer AGENT/PRODUCER Insurable Interest - Answer policy owner who faces losing something of value in the event of a loss Insurer - Answer principle Contract Law - Answer Elements of a Contract Agreement - Answer Acceptance & Offer Offer - Ans...

What Medicare part provides a prescription drugs benefit? - Answer Part D An insured with Medicare Part D has reached the initial benefit limit and must now pay a portion of prescription drugs cost. What is the term for this gap in coverage? - Answer The donut hole What is another name for...

Categories of Life Insurance - Answer Ordinary, Industrial and Group Ordinary Life - Answer is individual life insurance that includes many types of TERM and PERMANENT insurance and is usually paid with monthly premiums. Is the principal type of life insurance purchased in the United States. ...

Commercial Insurers - Answer Also known as "Private" Insurance, and they are in the business of selling for a profit. Sotck Companies - Answer Incorporated infer state laws for the purpose of making a profit for its stockholders (shareholders) They are nonparticipating insurers Multi-l...

Which of the following provisions is NOT required in HMO contracts/certificates? Enrollment Rates shall not be excessive No pre-existing exclusions for children Seven-day grace period -Answer Seven-day grace period Florida requires that an insurance agent must complete __ hours of c...