Florida Life and Health Insurance Exam Questions & Answers Latest Update 100% Correct
Florida Life and Health Insurance Exam Questions &
Answers Latest Update 100% Correct
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 app licant 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.
Florida Life and Health Insurance Exam Questions & Answers Latest Update 100% Correct
,Florida Life and Health Insurance Exam Questions & Answers Latest Update 100% Correct
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 of Adhesion - ✔-A contract prepared by one party that must be accepted as written or be
rejected by the other party.
Florida Life and Health Insurance Exam Questions & Answers Latest Update 100% Correct
, Florida Life and Health Insurance Exam Questions & Answers Latest Update 100% Correct
What are the four elements of an insurance contract? - ✔-Agreement (Offer and Acceptance),
consideration, competent parties, and legal purpose.
Policy Provision - ✔-A clause that stipulates the rights and obligations under an insurance contract.
Fiduciary - ✔-A producer who handles insurer's funds in a trust capacity.
Who is considered a nonresident agent? - ✔-An agent who resides and is licensed in another state, but
is authorized to transact insurance in Florida.
What is underwriting? - ✔-The risk selection and classification process.
What is the best way to handle incomplete insurance applications? - ✔-Return the application to the
applicant for completion.
What are the five characteristics of an ideally insurable risk? - ✔-Loss must be:
1. Due to Change
2. Definite and measurable
3. Statistically predictable
4. Not catastrophic
5. Coverage cannot be mandatory.
What type of policy issues certificates of insurance to the insurance? - ✔-Group Policy
What is the purpose of a free-look period? - ✔-To allow the insured to return the policy and get a full
refund (if done during the free-look period)
Whose responsibility is it to determine that all of the questions on an insurance application are
answered? - ✔-The Agent's
Florida Life and Health Insurance Exam Questions & Answers Latest Update 100% Correct
Florida Life and Health Insurance Exam Questions &
Answers Latest Update 100% Correct
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 app licant 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.
Florida Life and Health Insurance Exam Questions & Answers Latest Update 100% Correct
,Florida Life and Health Insurance Exam Questions & Answers Latest Update 100% Correct
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 of Adhesion - ✔-A contract prepared by one party that must be accepted as written or be
rejected by the other party.
Florida Life and Health Insurance Exam Questions & Answers Latest Update 100% Correct
, Florida Life and Health Insurance Exam Questions & Answers Latest Update 100% Correct
What are the four elements of an insurance contract? - ✔-Agreement (Offer and Acceptance),
consideration, competent parties, and legal purpose.
Policy Provision - ✔-A clause that stipulates the rights and obligations under an insurance contract.
Fiduciary - ✔-A producer who handles insurer's funds in a trust capacity.
Who is considered a nonresident agent? - ✔-An agent who resides and is licensed in another state, but
is authorized to transact insurance in Florida.
What is underwriting? - ✔-The risk selection and classification process.
What is the best way to handle incomplete insurance applications? - ✔-Return the application to the
applicant for completion.
What are the five characteristics of an ideally insurable risk? - ✔-Loss must be:
1. Due to Change
2. Definite and measurable
3. Statistically predictable
4. Not catastrophic
5. Coverage cannot be mandatory.
What type of policy issues certificates of insurance to the insurance? - ✔-Group Policy
What is the purpose of a free-look period? - ✔-To allow the insured to return the policy and get a full
refund (if done during the free-look period)
Whose responsibility is it to determine that all of the questions on an insurance application are
answered? - ✔-The Agent's
Florida Life and Health Insurance Exam Questions & Answers Latest Update 100% Correct
