Florida Life and Health Insurance questions with correct answers

Insured ans The person covered by the insurance policy. Rider ans A written modification attached to a policy that increases or decreases coverage and/or premiums. What is a unilateral contract? ans 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? ans The Fair Credit Reporting Act. What are the three types of agent authority? ans Implied, Express, and Apparent. Agent ans 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? ans Underwriting The requirement that agents must account for and promptly remit all insurance funds collected is known as what type of agent responsibility? ans Fiduciary