Florida Life and Health Insurance/ 228 Quizzes & Correct Ans.
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Course
Florida Life and Health Insurance
Institution
Florida Life And Health Insurance
Florida Life and Health Insurance/ 228 Quizzes & Correct Ans. Terms like:
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 cl...
Florida Life and Health Insurance/ 228 Quizzes
& Correct Ans.
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.
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,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.
What are the four elements of an insurance contract? - Answer: Agreement (Offer
and Acceptance), consideration, competent parties, and legal purpose.
Policy Provision - Answer: A clause that stipulates the rights and obligations under
an insurance contract.
Fiduciary - Answer: A producer who handles insurer's funds in a trust capacity.
Who is considered a nonresident agent? - Answer: An agent who resides and is
licensed in another state, but is authorized to transact insurance in Florida.
What is underwriting? - Answer: The risk selection and classification process.
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, What is the best way to handle incomplete insurance applications? - Answer:
Return the application to the applicant for completion.
What are the five characteristics of an ideally insurable risk? - Answer: Loss must
be:
1. Due to Change
2. Definite and measurable
3. Statistically predictable
4. Not catastrophic
5. Coverage cannot be mandatory.
What type of policy issues certificates of insurance to the insurance? - Answer:
Group Policy
What is the purpose of a free-look period? - Answer: To allow the insured to
return the policy and get a full refund (if done during the free-look period)
Whose responsibility is it to determine that all of the questions on an insurance
application are answered? - Answer: The Agent's
What types of licensee represents the insurance company? - Answer: Agent
Who must be notified of the producers change of address? - Answer: The
department of Insurance
Certificate of Insurance - Answer: A document issued to insureds under a group
plan that states the coverage being issued, and indicates the coverage type and
amounts.
Nonrenewal - Answer: Termination of a policy by an insurer on the anniversary or
renewal date.
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