FLORIDA LIFE HEALTH AND ANNUITIES 2-15
450 Questions And Answers 2024/2025
ZoomWords - ANSWER A list of the important terms to be
understood in preparing for the insurance exams
Yearly Renewable Term Insurance (YRT) - ANSWER The
same as annually renewable term (ARTs)
Absolute assignment - ANSWER Ownership is assigned to
another person permanently unless intentionally returned
Accelerated benefits rider - ANSWER Providing death
benefits ahead of time of death when insured is terminally ill
Acceptance - ANSWER Offer has been made and accepted
by the company, or by the client if counter-offer was made
Accidental bodily injury provision - ANSWER Benefits
payable when injured by accidental means
Accidental death and dismemberment - ANSWER A plan
specifically for accidental death or loss of body parts
Accidental death benefit rider - ANSWER Twice (or three
times) the benefit will be paid if the insured dies in an accident
,Accidental dismemberment - ANSWER Loss of a body part-
state test actual loss not just loss of use
Accidental means provision - ANSWER Benefit only paid
when the insured was not in control of the accident
Accidental results provision - ANSWER Benefit paid when
accident occurred because of any means; it just happened!
Accident and health insurance - ANSWER Coverage for an
insured disabled by accident or illness
Accumulation unit - ANSWER Purchased by premiums paid
into variable annuity during the annuitants working years
Acute illness - ANSWER The one category of serious illness
where the patient can fully recover
Adhesion - ANSWER Where all specifications of forms,
brochures, and contracts are pre-approved by the state
Adjustable life insurance - ANSWER A combination term
and whole life policy where it is easy to change various factors
Administration services only (ASO) - ANSWER Insurance
company insists only with the paperwork for self-insureds
,Admitted insurer - ANSWER Company approved,
authorized, admitted, certified to do business in the state
Adult daycare - ANSWER Where Alzheimers or similar
patients can be monitored and receive care during the day
Adverse selection - ANSWER poor choices made by an
underwriter when selecting risks
Advertising code - ANSWER What's ok and what's NOT okay
in advertising... found inside the Unfair Trade Practices Act
Agency - ANSWER An office established for the purpose of
selling insurance within the state
Agent - ANSWER Any licensed person who solicits insurance
on behalf of an insurance company
Agent's report - ANSWER Part 3 of the application where
the agent enters his/her comments regarding the transaction
Aleatory - ANSWER A chance/risk for both of the parties. It
never works out to be equal
Alien insurer - ANSWER Insurance company is located
outside the USA
, Ambulatory surgery - ANSWER A neighborhood clinic
commonly less expensive than the costs from a hospital
American agency system - ANSWER the same as the
independent agency system
Annually renewable term (ART) - ANSWER A term policy
where the premium gradually increases annually by age
Annuitant - ANSWER The owner of an annuity
Annuity - ANSWER A savings product created for the
purpose of a lifetime income - liquidating a sum of money
Annuity units - ANSWER The calculated value of the payout
portion of the contract in a variable annuity
Any occupation - ANSWER The category of work where the
insured is able to perform some/any occupation
Apparent authority - ANSWER Based on what the company
has provided to their agents -they can use the material
Application - ANSWER Used to ask questions to provide
underwriters with a means of determining data and risks
Appointment - ANSWER A licensed agent must also be
appointed by their company in order to sell insurance
450 Questions And Answers 2024/2025
ZoomWords - ANSWER A list of the important terms to be
understood in preparing for the insurance exams
Yearly Renewable Term Insurance (YRT) - ANSWER The
same as annually renewable term (ARTs)
Absolute assignment - ANSWER Ownership is assigned to
another person permanently unless intentionally returned
Accelerated benefits rider - ANSWER Providing death
benefits ahead of time of death when insured is terminally ill
Acceptance - ANSWER Offer has been made and accepted
by the company, or by the client if counter-offer was made
Accidental bodily injury provision - ANSWER Benefits
payable when injured by accidental means
Accidental death and dismemberment - ANSWER A plan
specifically for accidental death or loss of body parts
Accidental death benefit rider - ANSWER Twice (or three
times) the benefit will be paid if the insured dies in an accident
,Accidental dismemberment - ANSWER Loss of a body part-
state test actual loss not just loss of use
Accidental means provision - ANSWER Benefit only paid
when the insured was not in control of the accident
Accidental results provision - ANSWER Benefit paid when
accident occurred because of any means; it just happened!
Accident and health insurance - ANSWER Coverage for an
insured disabled by accident or illness
Accumulation unit - ANSWER Purchased by premiums paid
into variable annuity during the annuitants working years
Acute illness - ANSWER The one category of serious illness
where the patient can fully recover
Adhesion - ANSWER Where all specifications of forms,
brochures, and contracts are pre-approved by the state
Adjustable life insurance - ANSWER A combination term
and whole life policy where it is easy to change various factors
Administration services only (ASO) - ANSWER Insurance
company insists only with the paperwork for self-insureds
,Admitted insurer - ANSWER Company approved,
authorized, admitted, certified to do business in the state
Adult daycare - ANSWER Where Alzheimers or similar
patients can be monitored and receive care during the day
Adverse selection - ANSWER poor choices made by an
underwriter when selecting risks
Advertising code - ANSWER What's ok and what's NOT okay
in advertising... found inside the Unfair Trade Practices Act
Agency - ANSWER An office established for the purpose of
selling insurance within the state
Agent - ANSWER Any licensed person who solicits insurance
on behalf of an insurance company
Agent's report - ANSWER Part 3 of the application where
the agent enters his/her comments regarding the transaction
Aleatory - ANSWER A chance/risk for both of the parties. It
never works out to be equal
Alien insurer - ANSWER Insurance company is located
outside the USA
, Ambulatory surgery - ANSWER A neighborhood clinic
commonly less expensive than the costs from a hospital
American agency system - ANSWER the same as the
independent agency system
Annually renewable term (ART) - ANSWER A term policy
where the premium gradually increases annually by age
Annuitant - ANSWER The owner of an annuity
Annuity - ANSWER A savings product created for the
purpose of a lifetime income - liquidating a sum of money
Annuity units - ANSWER The calculated value of the payout
portion of the contract in a variable annuity
Any occupation - ANSWER The category of work where the
insured is able to perform some/any occupation
Apparent authority - ANSWER Based on what the company
has provided to their agents -they can use the material
Application - ANSWER Used to ask questions to provide
underwriters with a means of determining data and risks
Appointment - ANSWER A licensed agent must also be
appointed by their company in order to sell insurance
