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Florida Life and Health Insurance Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Florida Life and Health Insurance Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 14, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • florida life and health insurance

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  • Insurance
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Florida Life and Health Insurance
The person covered by the insurance policy. - ANS-Insured

A written modification attached to a policy that increases or decreases coverage and/or
premiums. - ANS-Rider

A contract in which only one of the parties is legally bound to fulfill its obligations. - ANS-What is
a unilateral contract?

The Fair Credit Reporting Act. - ANS-What law protects consumers from the circulation of
inaccurate or obsolete information?

Implied, Express, and Apparent. - ANS-What are the three types of agent authority?

An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the
insurer. - ANS-Agent

Underwriting - ANS-What is name of the process that insurance companies use to determine
whether or not an applicant is insurable?

Fiduciary - ANS-The requirement that agents must account for and promptly remit all insurance
funds collected is known as what type of agent responsibility?

An insurance arrangement in which the policy owner and the insured are not the same person. -
ANS-What is a third-party ownership?

Factors that determine if an insurance product is appropriate for a particular customer. -
ANS-Suitability

A payment by the policy owner to the insurance company to keep the policy in force. -
ANS-Premium

Providing sufficient information to help someone make informed decision. - ANS-Disclosure

Rebating - ANS-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?

Authorized - ANS-If an insurer meets the states financial requirements and is approved to
transact business in the state, it is considered what type of insurer?

,Adverse medical information about the applicants or insureds. - ANS-What information are the
members of the medical information bureau required to report?

Revocable - ANS-What type of beneficiary can be changed at any point by the policy owner?

Policy Summary - ANS-What document describes the specific information about a policy?

Peril - ANS-What is the term for the causes of loss insured against in an insurance policy?

Insurance Company - ANS-Whom does an insurance agent represent?

Any fraudulent, deceptive, or dishonest business practice that is prohibited by statutes and
regulations. - ANS-What is an unfair trade practice?

The company that issues an insurance policy. - ANS-Insurer

Cause of loss - ANS-Peril

A contract prepared by one party that must be accepted as written or be rejected by the other
party. - ANS-Contract of Adhesion

Agreement (Offer and Acceptance), consideration, competent parties, and legal purpose. -
ANS-What are the four elements of an insurance contract?

A clause that stipulates the rights and obligations under an insurance contract. - ANS-Policy
Provision

A producer who handles insurer's funds in a trust capacity. - ANS-Fiduciary

An agent who resides and is licensed in another state, but is authorized to transact insurance in
Florida. - ANS-Who is considered a nonresident agent?

The risk selection and classification process. - ANS-What is underwriting?

Return the application to the applicant for completion. - ANS-What is the best way to handle
incomplete insurance applications?

Loss must be:
1. Due to Change
2. Definite and measurable
3. Statistically predictable
4. Not catastrophic
5. Coverage cannot be mandatory. - ANS-What are the five characteristics of an ideally
insurable risk?

, Group Policy - ANS-What type of policy issues certificates of insurance to the insurance?

To allow the insured to return the policy and get a full refund (if done during the free-look period)
- ANS-What is the purpose of a free-look period?

The Agent's - ANS-Whose responsibility is it to determine that all of the questions on an
insurance application are answered?

Agent - ANS-What types of licensee represents the insurance company?

The department of Insurance - ANS-Who must be notified of the producers change of address?

A document issued to insureds under a group plan that states the coverage being issued, and
indicates the coverage type and amounts. - ANS-Certificate of Insurance

Termination of a policy by an insurer on the anniversary or renewal date. - ANS-Nonrenewal

A statement made by the applicant on the insurance application that is believed to be true. -
ANS-Representation

An absolutely true statement that, if breached, may viod an insurance contract. - ANS-What is a
warranty?

When the insurance application is submitted. - ANS-In insurance, when is the offer usually
made on a contract?

Complete a new application or ask the applicant to initial the correction on the original
application. - ANS-When a change needs to be made on the application for insurance, which is
the best method for correcting the information?

Pure Risk - ANS-A situation in which a person can only experience a loss and no gain
represents what type of risk?

The Insurance Company - ANS-Who is responsible for the contents of insurance
advertisements?

The policy with riders and endorsements, plus a copy of the application. - ANS-What is the
entire contract in health insurance underwriting?

To protect the general public. - ANS-What is the main purpose for requiring a person to be
licensed to transact insurance?

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