Florida Life and Health Insurance COMPLETE (2025)
EXAM TEST WITH LATEST UPDATED (QUESTIONS
AND ANSWERS) already passed!!
Insured - (ANSWER)The person covered by the insurance policy.
Rider - (ANSWER)A written modification attached to a policy that increases or
decreases coverage and/or premiums.
What is a unilateral contract? - (ANSWER)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? - (ANSWER)The Fair Credit Reporting Act.
What are the three types of agent authority? - (ANSWER)Implied, Express, and
Apparent.
Agent - (ANSWER)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? - (ANSWER)Underwriting
,The requirement that agents must account for and promptly remit all insurance
funds collected is known as what type of agent responsibility? -
(ANSWER)Fiduciary
What is a third-party ownership? - (ANSWER)An insurance arrangement in which
the policy owner and the insured are not the same person.
Suitability - (ANSWER)Factors that determine if an insurance product is
appropriate for a particular customer.
Premium - (ANSWER)A payment by the policy owner to the insurance company
to keep the policy in force.
Disclosure - (ANSWER)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? - (ANSWER)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? -
(ANSWER)Authorized
, What information are the members of the medical information bureau required
to report? - (ANSWER)Adverse medical information about the applicants or
insureds.
What type of beneficiary can be changed at any point by the policy owner? -
(ANSWER)Revocable
What document describes the specific information about a policy? -
(ANSWER)Policy Summary
What is the term for the causes of loss insured against in an insurance policy? -
(ANSWER)Peril
Whom does an insurance agent represent? - (ANSWER)Insurance Company
What is an unfair trade practice? - (ANSWER)Any fraudulent, deceptive, or
dishonest business practice that is prohibited by statutes and regulations.
Insurer - (ANSWER)The company that issues an insurance policy.
Peril - (ANSWER)Cause of loss
Contract of Adhesion - (ANSWER)A contract prepared by one party that must be
accepted as written or be rejected by the other party.
EXAM TEST WITH LATEST UPDATED (QUESTIONS
AND ANSWERS) already passed!!
Insured - (ANSWER)The person covered by the insurance policy.
Rider - (ANSWER)A written modification attached to a policy that increases or
decreases coverage and/or premiums.
What is a unilateral contract? - (ANSWER)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? - (ANSWER)The Fair Credit Reporting Act.
What are the three types of agent authority? - (ANSWER)Implied, Express, and
Apparent.
Agent - (ANSWER)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? - (ANSWER)Underwriting
,The requirement that agents must account for and promptly remit all insurance
funds collected is known as what type of agent responsibility? -
(ANSWER)Fiduciary
What is a third-party ownership? - (ANSWER)An insurance arrangement in which
the policy owner and the insured are not the same person.
Suitability - (ANSWER)Factors that determine if an insurance product is
appropriate for a particular customer.
Premium - (ANSWER)A payment by the policy owner to the insurance company
to keep the policy in force.
Disclosure - (ANSWER)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? - (ANSWER)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? -
(ANSWER)Authorized
, What information are the members of the medical information bureau required
to report? - (ANSWER)Adverse medical information about the applicants or
insureds.
What type of beneficiary can be changed at any point by the policy owner? -
(ANSWER)Revocable
What document describes the specific information about a policy? -
(ANSWER)Policy Summary
What is the term for the causes of loss insured against in an insurance policy? -
(ANSWER)Peril
Whom does an insurance agent represent? - (ANSWER)Insurance Company
What is an unfair trade practice? - (ANSWER)Any fraudulent, deceptive, or
dishonest business practice that is prohibited by statutes and regulations.
Insurer - (ANSWER)The company that issues an insurance policy.
Peril - (ANSWER)Cause of loss
Contract of Adhesion - (ANSWER)A contract prepared by one party that must be
accepted as written or be rejected by the other party.
