Florida Life and Health Insurance

Florida Life and Health Insurance Insured - (correct answer)The person covered by the insurance policy. Rider - (correct answer)A written modification attached to a policy that increases or decreases coverage and/or premiums. What is a unilateral contract? - (correct 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? - (correct answer)The Fair Credit Reporting Act. What are the three types of agent authority? - (correct answer)Implied, Express, and Apparent. Agent - (correct 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? - (correct answer)Underwriting The requirement that agents must account for and promptly remit all insurance funds collected is known as what type of agent responsibility? - (correct answer)Fiduciary What is a third-party ownership? - (correct answer)An insurance arrangement in which the policy owner and the insured are not the same person. Suitability - (correct answer)Factors that determine if an insurance product is appropriate for a particular customer. Premium - (correct answer)A payment by the policy owner to the insurance company to keep the policy in force. Disclosure - (correct 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? - (correct 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? - (correct answer)Authorized What information are the members of the medical information bureau required to report? - (correct answer)Adverse medical information about the applicants or insureds. What type of beneficiary can be changed at any point by the policy owner? - (correct answer)Revocable What document describes the specific information about a policy? - (correct answer)Policy Summary What is the term for the causes of loss insured against in an insurance policy? - (correct answer)Peril Whom does an insurance agent represent? - (correct answer)Insurance Company What is an unfair trade practice? - (correct answer)Any fraudulent, deceptive, or dishonest business practice that is prohibited by statutes and regulations. Insurer - (correct answer)The company that issues an insurance policy. Peril - (correct answer)Cause of loss Contract of Adhesion - (correct answer)A contract prepared by one party that must be accepted as written or be rejected by the other party.