Florida Life and Health Insurance | 228 Questions with 100 % Correct Answers | Verified

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