Florida Life and Health Insurance/ 228 Quizzes & Correct Ans.
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Course
Florida Life and Health Insurance
Institution
Florida Life And Health Insurance
Florida Life and Health Insurance/ 228 Quizzes & Correct Ans. Terms like:
Insured - Answer: The person covered by the insurance policy.
Rider - Answer: A written modification attached to a policy that increases or decreases coverage and/or premiums.
What is a unilateral contract? - Answer...
Florida Life and Health Insurance/ 228 Quizzes
& Correct Ans.
Insured - Answer: The person covered by the insurance policy.
Rider - Answer: A written modification attached to a policy that increases or
decreases coverage and/or premiums.
What is a unilateral contract? - Answer: A contract in which only one of the
parties is legally bound to fulfill its obligations.
What law protects consumers from the circulation of inaccurate or obsolete
information? - Answer: The Fair Credit Reporting Act.
What are the three types of agent authority? - Answer: Implied, Express, and
Apparent.
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,Agent - Answer: An individual who is licensed to sell, negotiate, or effect
insurance contracts on behalf of the insurer.
What is name of the process that insurance companies use to determine whether
or not an applicant is insurable? - Answer: Underwriting
The requirement that agents must account for and promptly remit all insurance
funds collected is known as what type of agent responsibility? - Answer: Fiduciary
What is a third-party ownership? - Answer: An insurance arrangement in which
the policy owner and the insured are not the same person.
Suitability - Answer: Factors that determine if an insurance product is appropriate
for a particular customer.
Premium - Answer: A payment by the policy owner to the insurance company to
keep the policy in force.
Disclosure - Answer: Providing sufficient information to help someone make
informed decision.
An agent offer a client free tickets to a sporting event in exchange for the
purchase of an insurance policy. What is the agent guilty of? - Answer: Rebating
If an insurer meets the states financial requirements and is approved to transact
business in the state, it is considered what type of insurer? - Answer: Authorized
What information are the members of the medical information bureau required to
report? - Answer: Adverse medical information about the applicants or insureds.
What type of beneficiary can be changed at any point by the policy owner? -
Answer: Revocable
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, What document describes the specific information about a policy? - Answer:
Policy Summary
What is the term for the causes of loss insured against in an insurance policy? -
Answer: Peril
Whom does an insurance agent represent? - Answer: Insurance Company
What is an unfair trade practice? - Answer: Any fraudulent, deceptive, or
dishonest business practice that is prohibited by statutes and regulations.
Insurer - Answer: The company that issues an insurance policy.
Peril - Answer: Cause of loss
Contract of Adhesion - Answer: A contract prepared by one party that must be
accepted as written or be rejected by the other party.
What are the four elements of an insurance contract? - Answer: Agreement (Offer
and Acceptance), consideration, competent parties, and legal purpose.
Policy Provision - Answer: A clause that stipulates the rights and obligations under
an insurance contract.
Fiduciary - Answer: A producer who handles insurer's funds in a trust capacity.
Who is considered a nonresident agent? - Answer: An agent who resides and is
licensed in another state, but is authorized to transact insurance in Florida.
What is underwriting? - Answer: The risk selection and classification process.
What is the best way to handle incomplete insurance applications? - Answer:
Return the application to the applicant for completion.
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