Florida 2-15 Insurance License Exam
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Who elects the governing body of a metal Insurance company?
The Policyholders
When a policy pays dividends to its policy holders is said to be?
Participating
Which of these describe a participating insurance policy?
Policy owners are entitled to receive dividends
An insurance applicant MUST be informed of an investigation regarding his/her reputation and
character according to the?
1970 Fair credit reporting act
, Florida 2-15 Insurance License Exam
The Stated amount or percent of liquid assets that an insurer must have on hand that will satisfy
future obligations to its policyholders is called?
Reserves
The Part of a life insurance policy GUARANTEED to be true is called?
Warranty
At what point does an informal agreement become a binding contract?
When consideration is provided by one of the parties to the contract
Who makes the legally enforceable promise in a unilateral insurance policy?
The Insurance Company
, Florida 2-15 Insurance License Exam
When a third-party ownership is involved, applicants who also happen to be the stated the primary
beneficiary are required to have?
Insurable interest in the proposed insured
A policy of adhesion can only be modified by whom?
The insurance company
Insurance policies are considered aleatory contracts because?
Performance is conditioned upon a future occurrence
Q purchase $500k 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
insurance contract features?
Aleatory
, Florida 2-15 Insurance License Exam
What consists of an offer, acceptance, and consideration?
The Contract
A Principal is NOT a type agent authority?
True
Taking a receipt of premiums and holding them for the insurance company is an example of?
Fiduciary responsibility
A Bilateral typically has characteristics describing the nature of an insurance contract.
False
In regards to representation or warranties?
If material to the RISK, false representations will void a policy
Hide definitions
Who elects the governing body of a metal Insurance company?
The Policyholders
When a policy pays dividends to its policy holders is said to be?
Participating
Which of these describe a participating insurance policy?
Policy owners are entitled to receive dividends
An insurance applicant MUST be informed of an investigation regarding his/her reputation and
character according to the?
1970 Fair credit reporting act
, Florida 2-15 Insurance License Exam
The Stated amount or percent of liquid assets that an insurer must have on hand that will satisfy
future obligations to its policyholders is called?
Reserves
The Part of a life insurance policy GUARANTEED to be true is called?
Warranty
At what point does an informal agreement become a binding contract?
When consideration is provided by one of the parties to the contract
Who makes the legally enforceable promise in a unilateral insurance policy?
The Insurance Company
, Florida 2-15 Insurance License Exam
When a third-party ownership is involved, applicants who also happen to be the stated the primary
beneficiary are required to have?
Insurable interest in the proposed insured
A policy of adhesion can only be modified by whom?
The insurance company
Insurance policies are considered aleatory contracts because?
Performance is conditioned upon a future occurrence
Q purchase $500k 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
insurance contract features?
Aleatory
, Florida 2-15 Insurance License Exam
What consists of an offer, acceptance, and consideration?
The Contract
A Principal is NOT a type agent authority?
True
Taking a receipt of premiums and holding them for the insurance company is an example of?
Fiduciary responsibility
A Bilateral typically has characteristics describing the nature of an insurance contract.
False
In regards to representation or warranties?
If material to the RISK, false representations will void a policy
