Florida Life and Health Insurance exam with correct
| | | | | | | |
detailed answers |
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.
What |are |the |four |elements |of |an |insurance |contract? |- |correct |answer |Agreement |(Offer |and |
Acceptance), |consideration, |competent |parties, |and |legal |purpose.
Policy |Provision |- |correct |answer |A |clause |that |stipulates |the |rights |and |obligations |under |an |
insurance |contract.
Fiduciary |- |correct |answer |A |producer |who |handles |insurer's |funds |in |a |trust |capacity.
Who |is |considered |a |nonresident |agent? |- |correct |answer |An |agent |who |resides |and |is |
licensed |in |another |state, |but |is |authorized |to |transact |insurance |in |Florida.
What |is |underwriting? |- |correct |answer |The |risk |selection |and |classification |process.
What |is |the |best |way |to |handle |incomplete |insurance |applications? |- |correct |answer |Return |
the |application |to |the |applicant |for |completion.
What |are |the |five |characteristics |of |an |ideally |insurable |risk? |- |correct |answer |Loss |must |be: |
1. |Due |to |Change
2. |Definite |and |measurable
3. |Statistically |predictable
4. |Not |catastrophic
5. |Coverage |cannot |be |mandatory.
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detailed answers |
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.
What |are |the |four |elements |of |an |insurance |contract? |- |correct |answer |Agreement |(Offer |and |
Acceptance), |consideration, |competent |parties, |and |legal |purpose.
Policy |Provision |- |correct |answer |A |clause |that |stipulates |the |rights |and |obligations |under |an |
insurance |contract.
Fiduciary |- |correct |answer |A |producer |who |handles |insurer's |funds |in |a |trust |capacity.
Who |is |considered |a |nonresident |agent? |- |correct |answer |An |agent |who |resides |and |is |
licensed |in |another |state, |but |is |authorized |to |transact |insurance |in |Florida.
What |is |underwriting? |- |correct |answer |The |risk |selection |and |classification |process.
What |is |the |best |way |to |handle |incomplete |insurance |applications? |- |correct |answer |Return |
the |application |to |the |applicant |for |completion.
What |are |the |five |characteristics |of |an |ideally |insurable |risk? |- |correct |answer |Loss |must |be: |
1. |Due |to |Change
2. |Definite |and |measurable
3. |Statistically |predictable
4. |Not |catastrophic
5. |Coverage |cannot |be |mandatory.
