FLORIDA HEALTH AND LIFE INSURANCE EXAM 2024 AND
PRACTICE EXAM TEST BANK | 450 ACCURATE REAL EXAM
QUESTIONS WITH VERIFIED ANSWERS
What type of policy issues certificates of insurance to the insurance? - Group Policy
What is the purpose of a free-look period? - To allow the insured to return the policy and
get a full refund (if done during the free-look period)
Whose responsibility is it to determine that all of the questions on an insurance
application are answered? - The Agent's
What types of licensee represents the insurance company? - Agent
Who must be notified of the producers change of address? - The department of
Insurance
Certificate of Insurance - A document issued to insureds under a group plan that states
the coverage being issued, and indicates the coverage type and amounts.
Nonrenewal - Termination of a policy by an insurer on the anniversary or renewal date.
Representation - A statement made by the applicant on the insurance application that is
believed to be true.
What is a warranty? - An absolutely true statement that, if breached, may viod an
insurance contract.
In insurance, when is the offer usually made on a contract? - When the insurance
application is submitted.
When a change needs to be made on the application for insurance, which is the best
method for correcting the information? - Complete a new application or ask the
applicant to initial the correction on the original application.
A situation in which a person can only experience a loss and no gain represents what
type of risk? - Pure Risk
Who is responsible for the contents of insurance advertisements? - The Insurance
Company
What is the entire contract in health insurance underwriting? - The policy with riders and
endorsements, plus a copy of the application.
, What is the main purpose for requiring a person to be licensed to transact insurance? -
To protect the general public.
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
What information are the members of the medical information bureau required to
report? - Adverse medical information about the applicants or insureds.
PRACTICE EXAM TEST BANK | 450 ACCURATE REAL EXAM
QUESTIONS WITH VERIFIED ANSWERS
What type of policy issues certificates of insurance to the insurance? - Group Policy
What is the purpose of a free-look period? - To allow the insured to return the policy and
get a full refund (if done during the free-look period)
Whose responsibility is it to determine that all of the questions on an insurance
application are answered? - The Agent's
What types of licensee represents the insurance company? - Agent
Who must be notified of the producers change of address? - The department of
Insurance
Certificate of Insurance - A document issued to insureds under a group plan that states
the coverage being issued, and indicates the coverage type and amounts.
Nonrenewal - Termination of a policy by an insurer on the anniversary or renewal date.
Representation - A statement made by the applicant on the insurance application that is
believed to be true.
What is a warranty? - An absolutely true statement that, if breached, may viod an
insurance contract.
In insurance, when is the offer usually made on a contract? - When the insurance
application is submitted.
When a change needs to be made on the application for insurance, which is the best
method for correcting the information? - Complete a new application or ask the
applicant to initial the correction on the original application.
A situation in which a person can only experience a loss and no gain represents what
type of risk? - Pure Risk
Who is responsible for the contents of insurance advertisements? - The Insurance
Company
What is the entire contract in health insurance underwriting? - The policy with riders and
endorsements, plus a copy of the application.
, What is the main purpose for requiring a person to be licensed to transact insurance? -
To protect the general public.
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
What information are the members of the medical information bureau required to
report? - Adverse medical information about the applicants or insureds.
