4/15/25, 9:23 AM Florida 240 License 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWERS |100% ACCU…
Florida 240 License 2025 REAL EXAM
QUESTIONS |MOST TESTED QUESTIONS AND
CORRECT ANSWERS |100% ACCURATE|GET IT
RIGHT!!
Save
Terms in this set (347)
The stated amount or Reserves
percent of liquid assets
that an insurer must have
on hand that will satisfy
future obligations to its
policyholders is called:
An insurance applicant Fair Credit Reporting Act
MUST be informed of an
investigation regarding
his/her reputation and
character according to
the:
A nonprofit incorporated A fraternal benefit society
society that does not
have capital stock and
operates for the sole
benefit of its members is
known as:
https://quizlet.com/1031636985/florida-240-license-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accurateget-it-rig… 1/63
,4/15/25, 9:23 AM Florida 240 License 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWERS |100% ACCU…
What I the name of the Fair Credit Reporting Act
law that requires insurers
to disclose information
gathering practices and
where the information
was obtained?
Who elects the Policyholders
governing body of a
mutual insurance
company?
A group-owned Risk retention group
insurance company that
is formed to assume and
spread the liability ricks
of its members is known
as a:
What type of reinsurance treaty
contract involves two
companies automatically
sharing their risk
exposure?
What year was the 1945
McCarran-Ferguson Act
enacted?
Which of these describe Policy owners are entitled to receive dividends
a participating life
insurance policy?
At what point must a life Upon completion of the application
insurance applicant be
informed of their rights
that fall under the Fair
Credit Reporting Act?
https://quizlet.com/1031636985/florida-240-license-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accurateget-it-rig… 2/63
,4/15/25, 9:23 AM Florida 240 License 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWERS |100% ACCU…
Which of the following 1970 - Fair Credit Reporting Act
requires insurers to
disclose when an
applicant's consumer or
credit history is being
investigated:
What type of reinsurance Treaty
contract involves two
companies automatically
sharing their risk
exposure?
A group-owned risk retention group
insurance company that
is formed to assume and
spread the liability risks
of its members is known
as a:
All of the following are Bilateral
considered to be typical
characteristics describing
the nature of an
insurance contract,
EXCEPT:
The part of a life warranty
insurance policy
guaranteed to be true is
called a(n)
Statements made on an representations
insurance application that
are believed to be true to
the best of the
applicant's knowledge
are called
https://quizlet.com/1031636985/florida-240-license-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accurateget-it-rig… 3/63
, 4/15/25, 9:23 AM Florida 240 License 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWERS |100% ACCU…
Q purchases a $500,000 Aleatory
life insurance policy and
pays $900 in premiums
over the first six months.
Q dies suddenly and the
beneficiary is paid
$500,000. This exchange
of unequal values reflects
which of the following
insurance contract
features?
When must insurable When the application is made
interest be present in
order for a life insurance
policy to be valid?
A life insurance Investor-Originated Life Insurance
arrangement which
circumvents insurable
interest statutes is called:
Stranger Originated Life Legal Purpose (Insurable Interest)
Insurance (STOLI) has
been found to be in
violation of which of the
following contractual
elements?
Who makes the legally Insurance company
enforceable promises in
a unilateral contract?
A policy of adhesion can insurance company
only be modified by
whom?
When third-party insurable interest in the proposed insured
ownership is involved,
applicants who also
happen to be the stated
primary beneficiary are
required to have:
https://quizlet.com/1031636985/florida-240-license-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accurateget-it-rig… 4/63
Florida 240 License 2025 REAL EXAM
QUESTIONS |MOST TESTED QUESTIONS AND
CORRECT ANSWERS |100% ACCURATE|GET IT
RIGHT!!
Save
Terms in this set (347)
The stated amount or Reserves
percent of liquid assets
that an insurer must have
on hand that will satisfy
future obligations to its
policyholders is called:
An insurance applicant Fair Credit Reporting Act
MUST be informed of an
investigation regarding
his/her reputation and
character according to
the:
A nonprofit incorporated A fraternal benefit society
society that does not
have capital stock and
operates for the sole
benefit of its members is
known as:
https://quizlet.com/1031636985/florida-240-license-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accurateget-it-rig… 1/63
,4/15/25, 9:23 AM Florida 240 License 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWERS |100% ACCU…
What I the name of the Fair Credit Reporting Act
law that requires insurers
to disclose information
gathering practices and
where the information
was obtained?
Who elects the Policyholders
governing body of a
mutual insurance
company?
A group-owned Risk retention group
insurance company that
is formed to assume and
spread the liability ricks
of its members is known
as a:
What type of reinsurance treaty
contract involves two
companies automatically
sharing their risk
exposure?
What year was the 1945
McCarran-Ferguson Act
enacted?
Which of these describe Policy owners are entitled to receive dividends
a participating life
insurance policy?
At what point must a life Upon completion of the application
insurance applicant be
informed of their rights
that fall under the Fair
Credit Reporting Act?
https://quizlet.com/1031636985/florida-240-license-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accurateget-it-rig… 2/63
,4/15/25, 9:23 AM Florida 240 License 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWERS |100% ACCU…
Which of the following 1970 - Fair Credit Reporting Act
requires insurers to
disclose when an
applicant's consumer or
credit history is being
investigated:
What type of reinsurance Treaty
contract involves two
companies automatically
sharing their risk
exposure?
A group-owned risk retention group
insurance company that
is formed to assume and
spread the liability risks
of its members is known
as a:
All of the following are Bilateral
considered to be typical
characteristics describing
the nature of an
insurance contract,
EXCEPT:
The part of a life warranty
insurance policy
guaranteed to be true is
called a(n)
Statements made on an representations
insurance application that
are believed to be true to
the best of the
applicant's knowledge
are called
https://quizlet.com/1031636985/florida-240-license-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accurateget-it-rig… 3/63
, 4/15/25, 9:23 AM Florida 240 License 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWERS |100% ACCU…
Q purchases a $500,000 Aleatory
life insurance policy and
pays $900 in premiums
over the first six months.
Q dies suddenly and the
beneficiary is paid
$500,000. This exchange
of unequal values reflects
which of the following
insurance contract
features?
When must insurable When the application is made
interest be present in
order for a life insurance
policy to be valid?
A life insurance Investor-Originated Life Insurance
arrangement which
circumvents insurable
interest statutes is called:
Stranger Originated Life Legal Purpose (Insurable Interest)
Insurance (STOLI) has
been found to be in
violation of which of the
following contractual
elements?
Who makes the legally Insurance company
enforceable promises in
a unilateral contract?
A policy of adhesion can insurance company
only be modified by
whom?
When third-party insurable interest in the proposed insured
ownership is involved,
applicants who also
happen to be the stated
primary beneficiary are
required to have:
https://quizlet.com/1031636985/florida-240-license-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-accurateget-it-rig… 4/63
