2024 FLORIDA LIFE HEALTH AND ANNUITIES 2- 15 450
QUESTIONS AND CORRECT DETAILED ANSWERS UPDATE
ALREADY A GRADED|NEW!!
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
Approval receipt - (ANSWER)A conditional receipt, which becomes effective only when
approved by the insurer
Assessment mutual insurer - (ANSWER)An insurer, which assesses other policyholders when a
claim occurs
Assignment - (ANSWER)A policy can be assigned to a different owner without approval from
beneficiaries or the insurer
Attained age - (ANSWER)When converting from a term to whole life policy and using the
current age reached
Authority - (ANSWER)Agent receives expressed (written), implied (business), apparent (what
the company has provided)
Authorized company - (ANSWER)see admitted company
Automatic premium loan provision - (ANSWER)Premium received from cash value of a policy
when client can't be found
QUESTIONS AND CORRECT DETAILED ANSWERS UPDATE
ALREADY A GRADED|NEW!!
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
Approval receipt - (ANSWER)A conditional receipt, which becomes effective only when
approved by the insurer
Assessment mutual insurer - (ANSWER)An insurer, which assesses other policyholders when a
claim occurs
Assignment - (ANSWER)A policy can be assigned to a different owner without approval from
beneficiaries or the insurer
Attained age - (ANSWER)When converting from a term to whole life policy and using the
current age reached
Authority - (ANSWER)Agent receives expressed (written), implied (business), apparent (what
the company has provided)
Authorized company - (ANSWER)see admitted company
Automatic premium loan provision - (ANSWER)Premium received from cash value of a policy
when client can't be found
