Florida Life and Health Insurance Latest Update Graded A+

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