Florida 2 15 insurance Study guides, Class notes & Summaries

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When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as - Answer- Estate conservation In group insurance, the primary purpose of the Coordination of Benefits provision is to - Answer- Prevent overinsurance Which of the following statements is NOT true regarding health insurance policy provisions? - Answer- All additional provisions written by insurers are cataloged by their respective states. The policyowner has an option to pledge the lif...

An appraisal can be completed by which of the following? A home inspector A real estate broker A licensed appraiser using USPAP standards A mortgage loan originator - ANSWERA licensed appraiser using USPAP standards What is a BPO? Broker Price Opinion Best Practice Organization Best Prospective Offer Beyond Present Opportunities - ANSWERBroker Price Opinion Which of the following is incorrect? Farming methods include Direct Mail and Just Listed Post Cards. Farming only invo...

Accumulation units are converted into annuity units: - Answer- at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. - Answer- noncontributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again. - Answer- FALSE Robert had an accident and qualified for Social Security...

Florida Insurance 2-15 Exam Terms Questions And Answers With Latest Set. Florida Insurance 2-15 Exam Terms Questions And Answers With Latest Set.

Florida 2-15 Insurance Exam Terms with complete solutions. Insurance ️ Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance ️ Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Health Insurance ️ Evolved from scientific principles to provide funds fo...

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QUESTIONS AND ANSWERS

Florida 2-15 Insurance Exam Test Bank with Verified Answers. What type of insurance contract contains unequal contingencies on the potential for profit or loss on both parties in the contract? ️ Aleatory of contract There is an element of chance for both parties. Dollar given by policy holder (premiums) and the insurer (benefits) may not be equal Every licensee must notify the Department of Financial Services within ____ days after changing his or her name, residence, and/or principal ...