Florida Insurance 2-14 Exam Terms Questions And Answers 100% Guaranteed Success.

Florida Insurance 2-14 Exam Terms Questions And Answers 100% Guaranteed Success. Insurance k- k kcorrect kanswer. k k kFinancial kprotection kagainst kloss kor kharm k- kAn karrangement kby kwhich kcompany kgives kcustomers kfinancial kprotection kagainst kloss kor kharm ksuch kas ktheft kor killness kin kreturn kfor kpremium kpayments. Life kInsurance k- k kcorrect kanswer. k k kIs kbased kon kactuarial kor kmathematical kprinciples kand kguarantees ka kspecified ksum kof kmoney kupon kthe kdeath kof kthe kperson kwho kis kinsured. Annuities k- k kcorrect kanswer. k k kProvide ka kstream kof kincome kby kmaking ka kseries kof kpayments kto kthe kannuitant kfor kthe kannuitant's klifetime kor kfor ka kspecifically kdesignated kperiod kof ktime. Risk k- k kcorrect kanswer. k k kUncertainty kregarding kloss; kthe kprobability kof kloss koccurring kfor kan kinsured kor kprospect Speculative kRisks k- k kcorrect kanswer. k k kInvolve kthe kpossibility kof kloss kand kgain. k(Not kInsurable) Pure kRisks k- k kcorrect kanswer. k k kInvolve kthe kpossibility kof kloss konly. k(Insurable) Peril k- k kcorrect kanswer. k k kCause kof krisk k(when ka kbuilding kburns, kfire kis kthe kperil) Hazards k- k kcorrect kanswer. k k kThe ksource kof kdanger Physical kHazard k- k kcorrect kanswer. k k kA khazard kbeing kof kphysical knature. k A kperson kbeing ktreated kof kcancer, kthe kdisease kis kthe kphysical kendangerment. k(Blindness k& kdeafness) Risk kAvoidance k- k kcorrect kanswer. k k kOccurs kwhen kindividuals kevade krisk kentirely. k"If kyou kdon't kdrive, kthen kyou kavoid kgetting kin kan kauto kaccident." Risk kReduction k- k kcorrect kanswer. k k kTakes kplace kwhen kthe kchances kof kloss kare klessened. kChanging ka klifestyle kto kminimize ka kknown krisk. Risk kRetention k- k kcorrect kanswer. k k kBeing kaware kof kthe krisks kinvolved kand ktaking kprecautions kfor kfinancial kprotection. kAuto kpolicy's kdeductible kis kan killustration kof krisk kretention Risk kTransference k- k kcorrect kanswer. k k kThe kact kof kshifting kthe kresponsibility kof krisk kto kanother kin kthe kform kof kan kinsurance kcontract. Adverse kSelection k- k kcorrect kanswer. k k kRefers kto kthe ktendency kfor kthose kindividuals kwho kpresent kless kfavorable kinsurance krisk kto kseek kor kcontinue kinsurance kto ka kgreat kextent kthan kother krisks. Insuring kPure kRisk k- k kcorrect kanswer. k k kLoss kmust kbe kdue kto kchance Loss kmust kbe kdefinite kand kmeasurable Risk kmust kbe kpredictable Loss kmust kNOT kbe kcatastrophic Exposure kto kloss kmust kbe klarge Loss kexposures kmust kbe krandomly kselected Mutual kInsurers k- k kcorrect kanswer. k k kParticipating kpolicies Owned kby kpolicyholders Vote kfor kdirectors kand ktrustees Directors kand kmanagement khave kcontrol Typically khigher krates Assessment kMutual kInsurers k- k kcorrect kanswer. k k kProhibited kin kFlorida Pure kAssessment kMutual kCompany k- k kcorrect kanswer. k k kDon't kpay kpremium kand ktotal kloss kis kdivided kamong kmembers Lloyds kof kLondon k- k kcorrect kanswer. k k kNOT kconsidered kan kinsurance kcompany - kAn kassociation kof kindividuals kand kcompanies kthat kindividually kunderwriter kinsurance. Fraternal kBenefit kSocieties k- k kcorrect kanswer. k k kMust kbe knonprofit, khave ka klodge ksystem, kand koffer kinsurance kto kits kmembers konly Home kService kInsurer k- k kcorrect kanswer. k k kInsurer kthat koffers krelatively ksmall kpolicies kwith kpremiums kpayable kon ka kweekly kbasis. Captive kAgents k- k kcorrect kanswer. k k kA.k.a. kCareer kagents Works kfor konly kone kinsurer kand ksells konly kthat kinsurers kproducts Independent kAgents k- k kcorrect kanswer. k k kIs kself-governing kand kactually kworks kfor khimself. kThis kaffords khim kthe kversatility kto krepresent kseveral kinsurers kand ktheir kdifferent kinsurance kproducts. Special kAgents k- k kcorrect kanswer. k k kUsually knot klicense kand kdon't ksell kinsurance. kAssist kinsurance kcompanies kfield krepresentatives. Career kAgency kSystem k- k kcorrect kanswer. k k k(GA) k- kBuild ksales kstaffs kand kagents kare ktreated kas kemployees. kThey kare krecruited kand ktrained. kA kprincipal kof kthe kcompany ksupervises kagents. Personal kProducing kGeneral kAgency kSystem k- k kcorrect kanswer. k k k(PPGA) k- kThe kagent ksupplies khis kown kworking kenvironment. kAgents khired kby ka kPPGA kare kconsidered kemployees kof kthe kPPGA, knot kthe kinsurance kcompany, kand kare ksupervised kby kthe kregional ksalary. Independent kAgency kSystem k- k kcorrect kanswer. k k kAgents krepresent kseveral kinsurers kthrough ksigned kcontracts kand kare kpaid kon kcommission kor kfee kbasis, knot kthrough ksalary. Regulating kthe kbusiness kof kinsurance k- k kcorrect kanswer. k k kLegislation The kCourt kSystem State kInsurance kDepartments Paul kv. kVirginia k- k kcorrect kanswer. k k k- kState ktried kto kcontrol kinsurance kdomiciled kfrom kanother kstate. - kU.S. kSupreme kCourt ksided kagainst kinsurance kcompany - kUpholding kthe kright kof ksate kto kregulate kinsurance - kStates kWIN United kStates kv. kSoutheastern kUnderwriters kAssociation k(SEUA) k- k kcorrect kanswer. k k k- kRuling kis ka kform kof kinterstate kcommerce - kShould kbe kregulated kby kthe kfederal kgovernment - kFed kGov. kWINS The kMcCarran-Ferguson kAct k- k kcorrect kanswer. k k k- kGave kback ksome kregulatory kauthority kto kthe kstates - kDid knot kprovide kthe kstates kto kregulate kindividually - kInsurance kregulated kby kstate klaw k"is kin kthe kpublics kbest kinterest" Intervention kby kSEC k- k kcorrect kanswer. k k k- kDealing kwith kvariable kannuities - kSecurities kand kExchange kCommission k(SEC) kshould kregulate kthe kvariable kannuities k(since kthey're kused kfor kinvestments) k& kvariable klife kinsurance. - kTherefore, kagents kmust kobey kthe krules kto kboth kSEC kand kstate kregulation. Fair kCredit kReporting kAct k- k kcorrect kanswer. k k k- kFair kand kaccurate kreport kof kinformation kabout kconsumers - kInsurers kmust kinform kthem kabout kany kinvestigations kbeing kmade - kThen kinsurers kmust klet kthe kapplicants kknow kthe kname kof kthe kreporting kagency Financial kServices kModernization kAct k- k kcorrect kanswer. k k k- kRevoking kthe kGlass-Steagall kAct - kThis kchanged kthe kindustry kso kcommercial kbanks, kinvestment kbanks, kretail kbrokerages, kand kinsurance kcompanies kcan know kenter keach kother's klines kof kbusiness Admitted kinsurance kcompany k- k kcorrect kanswer. k k k- kOffice kof kInsurance kRegulation khas klicensed kthem kto kcarry kout kbusiness kin kFlorida Nonadmitted kInsurance kCompany k- k kcorrect kanswer. k k k- kHave knot kbeen klicensed kby kthe kthe kFlorida kOffice kof kInsurance kRegulation Policy kReplacement k- k kcorrect kanswer. k k k- kAn kaction kwhich keliminates kthe koriginal kpolicy kor kdiminishes kits kbenefits kor kvalues Bad kpolicy kremplacement kissues k- k kcorrect kanswer. k k k- kMost kthe kfirst kyear's kpremium kis kconsumed kby kthe kcommission - kThe kpremium kis khigher kdue kto kthe kinsured's kadvanced kage - kWaiting kperiods kbegin kanew Misuse kof kPremiums k- k kcorrect kanswer. k k k- kImproper kuse kof kpremiums kcollected kby kan kinsurance kproducer - kDepositing ka kclient's kpremium kin kown kpersonal kaccount Rebating k- k kcorrect kanswer. k k k- kFlorida kand kCalifornia kare kthe konly ktwo kstates kthat kallow krebating - kWhen kany kpart kof kcommission kor kanything kelse kof kvalue kis kgiven kto kthe kinsured kas ka kincentive kto kbuy ka kpolicy - kAgent kmust kkeep kcopies kof krebating kschedules kfor kfive kyears NAIC k- k kcorrect kanswer. k k k- kNational kAssociation kof kInsurance kCommissioners - kNo klegal kpower kof kits kown - kEncourages kuniformity kin kstate kinsurance klaws kand kregulations Florida kInsurance kGuaranty kAssociation k- k kcorrect kanswer. k k k- kFunded kby kinsurance kcompanies kthrough kassessments -FIGA kis kpart kof ka knon-profit, k - kGuaranty kassociations kprotect kpolicyholders kand kclaimants. - kHolds kthree kseparate kaccounts: k- kHealth kInsurance k k- kLife kInsurance k- kAnnuity kAccounts NAIFA k- k kcorrect kanswer. k k k- kNational kAssociation kof kInsurance kand kFinancial kAdvisors k(NAIFA) - kDesigned kto kprotect kagents - kDedicated kto ksupporting klife kinsurance kindustry A.M. kBest kRating kAgency k- k kcorrect kanswer. k k k- kProfitability, kleverage, k& kliquidity - kA++ kto kF kand kS k(suspended) Standard kand kPoors k(S&P) kRating kAgency k- k kcorrect kanswer. k k k- kClaims kand kthe kability kto kpay - kAAA kto kC kto kR Moodys kInvestor kServices kRating kAgency k- k kcorrect kanswer. k k k- kFinancial kstrength - kAaa kto kC Fitch kIBCA k(formerly kDuff k& kPhelps) k- k kcorrect kanswer. k k k- kCredit kworthiness kof ksecurities - kAAA kto kCCC Weiss kRatings, kInc. k- k kcorrect kanswer. k k k- kStrength kand ksafety kof kfinancial kinstitutions kand krates krisk kadjusted kmutual kfunds kand kstocks - kA kto kF Elements kof kContract k- k kcorrect kanswer. k k kOffer k& kAcceptance k+ kConsideration k+ kLegal kPurpose k+ kCompetent kParties k= kLegally kBinding kContract Offer k& kAcceptance k- k kcorrect kanswer. k k kCompleted kwhen ka kpremium kpayment kaccompanies kthe koffer kmade kby kthe kproposed kinsured Legal kPurpose k- k kcorrect kanswer. k k kThe kpolicy kowner kmust khave kan kinsurable kinterest kin kthe kinsured Competent k- k kcorrect kanswer. k k kJust klike k" kinnocent kuntil kproven kguilty" Aleatory k- k kcorrect kanswer. k k k(1) kThere kis kan kelement kof kchance kfor kboth kparties (2) kThe kdollar kvalues kexchanged kmay knot kbe kequal Adhesion k- k kcorrect kanswer. k k kThe kcontract khas kbeen kprepared kby kone kparty k(the kinsurer), krather kthan kby knegotiation kbetween kthe kcontracting kparties. Unilateral k- k kcorrect kanswer. k k kPromise kfor kPerformance Valued kContracts k- k kcorrect kanswer. k k kPay ka kpredetermined kamount kwith kno kway kto kassess kloss Indemnity kContracts k- k kcorrect kanswer. k k kPay kthe kamount kof kthe kloss konly k(up kto kthe kpolicy klimit) STOLI k- k kcorrect kanswer. k k k- kStranger-Orignated kLife kInsurance - kTypically ktarget kseniors - Brokers k- k kcorrect kanswer. k k k-Florida kdoes knot kissue kseparate klicenses kfor kbrokers - kCannot kbind kthe kcontract Agents k- k kcorrect kanswer. k k k- kThe kacts kof kthe kagent kare kconsidered kthe kacts kof kthe kcompany - kCan kbind kthe kcontract Entities kinvolved kin kagency k- k kcorrect kanswer. k k kThe kagent The kinsured The kinsurance kcompany Express kAuthority k- k kcorrect kanswer. k k kThe kauthority kthat kan kagent khas kin kwriting kin kthe kcontract kwith kthe kinsurer kthat kthe kagent krepresent Implied kAuthority k- k kcorrect kanswer. k k kAuthority kthat kis kgiven knot kin kwriting kbut kthat kis knecessary kfor kthe kagent kto ktransact kinsurance Apparent kAuthority k- k kcorrect kanswer. k k kA kthird kparty kis kled kto kbelieve kand kthat kthe kagent kis kgiven kdue kto kthe kagent's kactions. Waiver k- k kcorrect kanswer. k k kThe kvoluntary kgiving kup kof ka klegal, kgiven kright. Estoppel k- k kcorrect kanswer. k k kSimply kmeans kthe klegal kenforcement kof ka kwaiver. Parol kEvidence kRule k- k kcorrect kanswer. k k kWhen kparties kput ktheir kagreement kin kwriting, kall kprevious kverbal kstatements kcome ktogether kin kthat kwriting, kand ka kwritten kcontract kcannot kbe kchanged kor kmodified. Void kContract k- k kcorrect kanswer. k k kFraud k+ kPrior kKnowledge - kHave ktwo kyears kfrom kthe kdate kof kthe kcontract kpurchase kto kdispute kthe kvalidity kof ka kcontract Voidable k- k kcorrect kanswer. k k kOne kof kthe kparties khas ka klegal kreason kto kreject kor kcancel kthe kcontract Categories kof kLife kInsurance k- k kcorrect kanswer. k k kOrdinary Industrial Group Ordinary kLife kInsurance k- k kcorrect kanswer. k k k- kTerm, kWhole kLife, kUniversal kLife, kEndowment - kThe kmost kcommon Industrial kLife kInsurance k- k kcorrect kanswer. k k k- kSold kby khome kservice kinsurers - kOver kthe kyears khas kbeen kused kless - kMainly, kto kcover kfuneral kexpense Agent kin kcharge k- k kcorrect kanswer. k k kA kinsurance kagency kmust khave kone, kbut kthe kagent kdoes knot khave kany kspecific kduties kor kresponisbilities Term kLife kInsurance k- k kcorrect kanswer. k k k- kMost kcommon. kPolicy kpremiums kare kbased kon kmortality kand kloading. - kPremiums kstay klevel, kand kthere kare kno kcash kvalues Mortality k- k kcorrect kanswer. k k kThe krelative kincidence kof kdeath kwithin ka kgroup. Loading k- k kcorrect kanswer. k k kAmount kadded kto knet kpremiums kto kcover kthe kcompany's koperation kexpenses kand kcontingencies Decreasing kTerm k- k kcorrect kanswer. k k k- kFace kvalue kdeclines kover ktime - kUsually kpurchases kto kcover kdebts kwhose kbalances kdecrease kover ktime Increasing kTerm k- k kcorrect kanswer. k k k- kCommonly kused kas ka khedge kagainst kinflation. - kUsed kto kward kof kdecreased kpurchasing kpower. - kDeath kbenefit kincreases kwith ktime. - kDepends kon kCPI Option kTo kCovert k- k kcorrect kanswer. k k k- kallows kthe kpolicyowner kthe kchoice kof kexchanging ka kterm kpolicy kfor ka kwhole klife kpolicy kat krenewal ktime. Whole kLife kInsurance k- k kcorrect kanswer. k k k- kOffers kcoverage kfor kthe kinsured's kentire klifetime. - kCan kbe kbroken kdown kinto ksix kdifferent ktypes o kStraight kwhole klife o kUniversal klife o kVariable klife o kAdjustable klife o kModified klife o kFamily klife Advantages kof kWhole kLife k- k kcorrect kanswer. k k k- kAdvantages o kGuaranteed kfor klife kand kwill knot kcancel kbecause kof kage