Florida Life and Health Insurance newest exam 228 questions with answers

Florida Life and Health Insurance
newest exam 228 questions with
answers

Insured - correct answer ✔The person covered by the insurance policy.
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Rider - correct answer ✔A written modification attached to a policy that
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increases or decreases coverage and/or premiums.
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What is a unilateral contract? - correct answer ✔A contract in which only
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one of the parties is legally bound to fulfill its obligations.
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What law protects consumers from the circulation of inaccurate or obsolete
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information? - correct answer ✔The Fair Credit Reporting Act.
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What are the three types of agent authority? - correct answer ✔Implied,
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Express, and Apparent.|| ||




Agent - correct answer ✔An individual who is licensed to sell, negotiate, or
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effect insurance contracts on behalf of the insurer.
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What is name of the process that insurance companies use to determine
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whether or not an applicant is insurable? - correct answer ✔Underwriting
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,The requirement that agents must account for and promptly remit all
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insurance funds collected is known as what type of agent responsibility? -
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correct answer ✔Fiduciary || ||




What is a third-party ownership? - correct answer ✔An insurance
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arrangement in which the policy owner and the insured are not the same
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person.


Suitability - correct answer ✔Factors that determine if an insurance product
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is appropriate for a particular customer.
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Premium - correct answer ✔A payment by the policy owner to the
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insurance company to keep the policy in force.
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Disclosure - correct answer ✔Providing sufficient information to help
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someone make informed decision. || || ||




An agent offer a client free tickets to a sporting event in exchange for the
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purchase of an insurance policy. What is the agent guilty of? - correct
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answer ✔Rebating ||




If an insurer meets the states financial requirements and is approved to
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transact business in the state, it is considered what type of insurer? -
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correct answer ✔Authorized || ||




What information are the members of the medical information bureau
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required to report? - correct answer ✔Adverse medical information about
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the applicants or insureds.
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, What type of beneficiary can be changed at any point by the policy owner?
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- correct answer ✔Revocable
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What document describes the specific information about a policy? - correct
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answer ✔Policy Summary || ||




What is the term for the causes of loss insured against in an insurance
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policy? - correct answer ✔Peril
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Whom does an insurance agent represent? - correct answer ✔Insurance
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Company


What is an unfair trade practice? - correct answer ✔Any fraudulent,
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deceptive, or dishonest business practice that is prohibited by statutes and
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regulations.


Insurer - correct answer ✔The company that issues an insurance policy.
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Peril - correct answer ✔Cause of loss
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Contract of Adhesion - correct answer ✔A contract prepared by one party
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that must be accepted as written or be rejected by the other party.
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What are the four elements of an insurance contract? - correct answer
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✔Agreement (Offer and Acceptance), consideration, competent parties, and
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legal purpose.
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