FLA Health and Life and Annuity (inc.Var.Contracts) Agent
(0215) - Textbook Terms & Exam Q/A 100% Verified and
Graded A+
Unilateral Contract - Correct Answer one-sided contract agreement in which an offeror
promises to pay only after the completion of a task by the offeree.
Aleatory Contract - Correct Answer a contract where the values exchanged may not be
equal but depend on an uncertain event.
Contract of Adhesion - Correct Answer the insured must accept the entire contract with
all of its terms and conditions (The insurance contract is offered to the insured on an "as
is," "take it or leave it" basis. The insured cannot negotiate the policy terms)
Term Life Insurance - Correct Answer Life insurance that pays a death benefit if the
policyholder dies within a specific time period but has no remaining value at the end of
this time.
Variable Life Insurance - Correct Answer life insurance in which the benefits are a
function of the returns being generated on the investments selected by the policyholder
Association Plans that are designed to provide health benefits to their members are
regulated by the state because - Correct Answer They are insured by the insurer
Accidental death and dismemberment (AD&D) insurance - Correct Answer Accidental
death and dismemberment (AD&D) insurance is insurance—usually added as a rider to
a health or life insurance policy—that covers the unintentional death or dismemberment
of the insured. Dismemberment includes the loss, or the loss of use, of body parts or
functions (such as limbs, speech, eyesight, and hearing).
Accidental death and dismemberment (AD&D) Rider - Correct Answer Accidental death
and dismemberment (AD&D) insurance is usually added as a rider to a life insurance
policy.
AD&D insurance pays benefits - Correct Answer AD&D insurance pays benefits in the
case of a person's accidental death or dismemberment: the loss—or loss of use—of
body parts or functions.
double indeminity - Correct Answer AD&D rider, also known as a "double indemnity"
rider, to a life insurance policy, the designated beneficiaries receive benefits from both
the rider and the underlying policy if the insured dies accidentally.
AD&D - Correct Answer Accidental Death and Dismemberment
,Accidental Death and Dismemberment - Correct Answer An insurance policy provision
that protects the insured if he or she suffers loss of sight or loss of limb(s) or death by
accident
Accidental Death and Dismemberment - Correct Answer Pays the principal sum (face
amount) upon accidental death, loss of sight, or loss of 2 limbs. It pays the capital sum
per policy schedule (up to 50% of the face amount) for the loss of vision in 1 eye or loss
of 1 limb. It may be a stand-alone policy or added as a rider to a Disability Income,
Medical Expense or a Life Insurance Policy.
NAIFA (National Association of Insurance and Financial Advisors) and NAHU (National
Association of Health Underwriters) - Correct Answer Members of these organization
are life and health agents dedicated to supporting the industry and advancing the quality
of service provided by insurance professionals. These organizations
Accidental Death and Dismemberment - Correct Answer An insurance policy which
pays a specified amount or a specified multiple of the insured's benefit if the insured
dies, loses his/her sight, or loses two limbs due to an accident.
UCR - Correct Answer usual, customary, and reasonable
participating policy - Correct Answer life insurance that provides policy dividends
nonparticipating policy - Correct Answer typically issued by stock companies, do not
allow policyowners to participate in dividends or electing the board of directors
Department of Financial Services - Correct Answer - regulates agents
Whole Life - Correct Answer Insurance that is kept in force for a person's entire life and
pays a benefit upon the person's death, whenever that may be.
whole life insurance - Correct Answer life insurance that pays a benefit on the death of
the insured and also accumulates a cash value.
Straight Life Annuity - Correct Answer An annuity income option that pays a guaranteed
income for the annuitant's lifetime, after which time payments stop.
disability income insurance - Correct Answer provides payments to replace income
when an insured person is unable to work
Waiver of Premium - Correct Answer Continuation of life insurance coverage if the
insured becomes totally disabled and is unable to pay the premiums.
Proof of Loss - Correct Answer Completed claim form to the insurer days of the date of
loss.
, Buy-Sell Agreement - Correct Answer In the context of partnerships, an express
agreement made at the time of partnership formation for one or more of the partners to
buy out the other or others should the situation warrant—and thus provide for the
smooth dissolution of the partnership.
probationary period - Correct Answer The period of time between the effective date of a
health insurance policy and the date coverage for all or certain conditions begins.
Multiline insurer - Correct Answer An insurer writing more than one line of insurance.
Level Term Insurance - Correct Answer Term insurance where the face value of policy
remains the same from the date the policy is issued until the date the policy expires.
cash value - Correct Answer a policy's savings element or living benefit
Group Life Insurance - Correct Answer life insurance that provides a master policy for a
group; each eligible group member receives a certificate of insurance
waiver-of-premium provision clause - Correct Answer clause in an insurance policy that
relieves the policyholder of their obligation to pay any further premiums under certain
condition.
Level Term - Correct Answer Specific period of years with level premium
A policy will pay the death benefit if the insured dies during the 20-year premium-paying
period, and nothing if death occurs after the 20-year period. What type of policy is this?
- Correct Answer Level Term
Free Look Period - Correct Answer All life insurance policies must include at least a ten-
day free-look period in a life insurance contract. This period begins when the producer
delivers the insurance policy. If the policy owner decides to return the contract to the
insurer during this period, they will receive a full premium refund. Mail order or direct
response insurers must include a free-look period of at least thirty days.
Agency Insurance - Correct Answer a broker or independent agent may represent a
number of insurance companies under separate contracted agreements.
agency - Correct Answer represent insurance companies.
Mutual companies are owned by - Correct Answer Policyowners
Mutual Companies - Correct Answer Insurance organizations that have no capital stock,
but are owned by the policyholders.
Entire Contract - Correct Answer An insurance policy provision stating that the
application and policy contain all provisions and constitute the entire contract.
(0215) - Textbook Terms & Exam Q/A 100% Verified and
Graded A+
Unilateral Contract - Correct Answer one-sided contract agreement in which an offeror
promises to pay only after the completion of a task by the offeree.
Aleatory Contract - Correct Answer a contract where the values exchanged may not be
equal but depend on an uncertain event.
Contract of Adhesion - Correct Answer the insured must accept the entire contract with
all of its terms and conditions (The insurance contract is offered to the insured on an "as
is," "take it or leave it" basis. The insured cannot negotiate the policy terms)
Term Life Insurance - Correct Answer Life insurance that pays a death benefit if the
policyholder dies within a specific time period but has no remaining value at the end of
this time.
Variable Life Insurance - Correct Answer life insurance in which the benefits are a
function of the returns being generated on the investments selected by the policyholder
Association Plans that are designed to provide health benefits to their members are
regulated by the state because - Correct Answer They are insured by the insurer
Accidental death and dismemberment (AD&D) insurance - Correct Answer Accidental
death and dismemberment (AD&D) insurance is insurance—usually added as a rider to
a health or life insurance policy—that covers the unintentional death or dismemberment
of the insured. Dismemberment includes the loss, or the loss of use, of body parts or
functions (such as limbs, speech, eyesight, and hearing).
Accidental death and dismemberment (AD&D) Rider - Correct Answer Accidental death
and dismemberment (AD&D) insurance is usually added as a rider to a life insurance
policy.
AD&D insurance pays benefits - Correct Answer AD&D insurance pays benefits in the
case of a person's accidental death or dismemberment: the loss—or loss of use—of
body parts or functions.
double indeminity - Correct Answer AD&D rider, also known as a "double indemnity"
rider, to a life insurance policy, the designated beneficiaries receive benefits from both
the rider and the underlying policy if the insured dies accidentally.
AD&D - Correct Answer Accidental Death and Dismemberment
,Accidental Death and Dismemberment - Correct Answer An insurance policy provision
that protects the insured if he or she suffers loss of sight or loss of limb(s) or death by
accident
Accidental Death and Dismemberment - Correct Answer Pays the principal sum (face
amount) upon accidental death, loss of sight, or loss of 2 limbs. It pays the capital sum
per policy schedule (up to 50% of the face amount) for the loss of vision in 1 eye or loss
of 1 limb. It may be a stand-alone policy or added as a rider to a Disability Income,
Medical Expense or a Life Insurance Policy.
NAIFA (National Association of Insurance and Financial Advisors) and NAHU (National
Association of Health Underwriters) - Correct Answer Members of these organization
are life and health agents dedicated to supporting the industry and advancing the quality
of service provided by insurance professionals. These organizations
Accidental Death and Dismemberment - Correct Answer An insurance policy which
pays a specified amount or a specified multiple of the insured's benefit if the insured
dies, loses his/her sight, or loses two limbs due to an accident.
UCR - Correct Answer usual, customary, and reasonable
participating policy - Correct Answer life insurance that provides policy dividends
nonparticipating policy - Correct Answer typically issued by stock companies, do not
allow policyowners to participate in dividends or electing the board of directors
Department of Financial Services - Correct Answer - regulates agents
Whole Life - Correct Answer Insurance that is kept in force for a person's entire life and
pays a benefit upon the person's death, whenever that may be.
whole life insurance - Correct Answer life insurance that pays a benefit on the death of
the insured and also accumulates a cash value.
Straight Life Annuity - Correct Answer An annuity income option that pays a guaranteed
income for the annuitant's lifetime, after which time payments stop.
disability income insurance - Correct Answer provides payments to replace income
when an insured person is unable to work
Waiver of Premium - Correct Answer Continuation of life insurance coverage if the
insured becomes totally disabled and is unable to pay the premiums.
Proof of Loss - Correct Answer Completed claim form to the insurer days of the date of
loss.
, Buy-Sell Agreement - Correct Answer In the context of partnerships, an express
agreement made at the time of partnership formation for one or more of the partners to
buy out the other or others should the situation warrant—and thus provide for the
smooth dissolution of the partnership.
probationary period - Correct Answer The period of time between the effective date of a
health insurance policy and the date coverage for all or certain conditions begins.
Multiline insurer - Correct Answer An insurer writing more than one line of insurance.
Level Term Insurance - Correct Answer Term insurance where the face value of policy
remains the same from the date the policy is issued until the date the policy expires.
cash value - Correct Answer a policy's savings element or living benefit
Group Life Insurance - Correct Answer life insurance that provides a master policy for a
group; each eligible group member receives a certificate of insurance
waiver-of-premium provision clause - Correct Answer clause in an insurance policy that
relieves the policyholder of their obligation to pay any further premiums under certain
condition.
Level Term - Correct Answer Specific period of years with level premium
A policy will pay the death benefit if the insured dies during the 20-year premium-paying
period, and nothing if death occurs after the 20-year period. What type of policy is this?
- Correct Answer Level Term
Free Look Period - Correct Answer All life insurance policies must include at least a ten-
day free-look period in a life insurance contract. This period begins when the producer
delivers the insurance policy. If the policy owner decides to return the contract to the
insurer during this period, they will receive a full premium refund. Mail order or direct
response insurers must include a free-look period of at least thirty days.
Agency Insurance - Correct Answer a broker or independent agent may represent a
number of insurance companies under separate contracted agreements.
agency - Correct Answer represent insurance companies.
Mutual companies are owned by - Correct Answer Policyowners
Mutual Companies - Correct Answer Insurance organizations that have no capital stock,
but are owned by the policyholders.
Entire Contract - Correct Answer An insurance policy provision stating that the
application and policy contain all provisions and constitute the entire contract.
