FLORIDA 215 LIFE AND HEALTH INSURANCE
EXAM PREP QUESTIONS AND ANSWERS
COMPLETE STUDY GUIDE LICENSE EXAM
PRACTICE TEST
UPDATED QUESTIONS AND ANSWERS 100% VERIFIED EXAM PREP
, What is a stock insurance company? For-profit insurer owned by shareholders; dividends go to shareholders.
What is a mutual insurance company? Owned by policyholders; dividends may be paid to policyholders.
What is reinsurance? Insurance purchased by insurance companies.
What is a risk retention group (RRG)? Members insure similar risks (often the same profession).
What is a service provider (HMO/PPO)? Provides medical services, not traditional indemnity insurance.
What is an admitted carrier? Licensed in Florida; rates/forms approved by OIR.
What is a non-admitted (E&S) carrier? Market of last resort; less regulation of rates/forms.
What is a domestic insurer? Incorporated in Florida, doing business in Florida.
What is a foreign insurer? Incorporated in another U.S. state, doing business in Florida.
What is an alien insurer? Incorporated outside the U.S., doing business in Florida.
What makes a valid contract? Offer & acceptance, consideration, legal purpose, competent parties.
What does aleatory mean? Performance depends on the occurrence of an event (loss).
What does adhesion mean? Policy written by insurer; ambiguous language favors insured.
What does unilateral mean? Only the insurer is legally bound to perform.
What does conditional mean? Policy requires conditions (pay premiums, proof of loss).
What are representations? Statements believed to be true by the applicant.
What is concealment? Withholding material information.
What is insurable interest? Applicant must suffer financial loss if insured dies or is disabled.
EXAM PREP QUESTIONS AND ANSWERS
COMPLETE STUDY GUIDE LICENSE EXAM
PRACTICE TEST
UPDATED QUESTIONS AND ANSWERS 100% VERIFIED EXAM PREP
, What is a stock insurance company? For-profit insurer owned by shareholders; dividends go to shareholders.
What is a mutual insurance company? Owned by policyholders; dividends may be paid to policyholders.
What is reinsurance? Insurance purchased by insurance companies.
What is a risk retention group (RRG)? Members insure similar risks (often the same profession).
What is a service provider (HMO/PPO)? Provides medical services, not traditional indemnity insurance.
What is an admitted carrier? Licensed in Florida; rates/forms approved by OIR.
What is a non-admitted (E&S) carrier? Market of last resort; less regulation of rates/forms.
What is a domestic insurer? Incorporated in Florida, doing business in Florida.
What is a foreign insurer? Incorporated in another U.S. state, doing business in Florida.
What is an alien insurer? Incorporated outside the U.S., doing business in Florida.
What makes a valid contract? Offer & acceptance, consideration, legal purpose, competent parties.
What does aleatory mean? Performance depends on the occurrence of an event (loss).
What does adhesion mean? Policy written by insurer; ambiguous language favors insured.
What does unilateral mean? Only the insurer is legally bound to perform.
What does conditional mean? Policy requires conditions (pay premiums, proof of loss).
What are representations? Statements believed to be true by the applicant.
What is concealment? Withholding material information.
What is insurable interest? Applicant must suffer financial loss if insured dies or is disabled.
