Exam (elaborations)
2024 FLORIDA LIFE AND HEALTH INSURANCE EXAM WITH 100% CORRECT ANSWERS
- Course
- Institution
2024 FLORIDA LIFE AND HEALTH INSURANCE EXAM WITH 100% CORRECT ANSWERS
[Show more]
Content preview
2024 FLORIDA LIFE AND HEALTHINSURANCE EXAM WITH 100%
CORRECT ANSWERS
Insured - CORRECT ANSWERS- The person covered by the insurance policy.
Rider - CORRECT ANSWERS- A written modification attached to a policy that
increases or decreases coverage and/or premiums.
Agent - CORRECT ANSWERS- An individual who is licensed to sell, negotiate,
or effect insurance contracts on behalf of the insurer.
According to the Affordable Care Act, what are the cost-sharing requirements
for preventive care? - CORRECT ANSWERS- No cost sharing.
What is a unilateral contract? - CORRECT ANSWERS- 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? - CORRECT ANSWERS- The Fair Credit Reporting Act.
What are the three types of agent authority? - CORRECT ANSWERS- Implied,
Express, and Apparent.
What is a hospital indemnity plan? - CORRECT ANSWERS- A policy that
provides a benefit based only on the number of days confined in the hospital,
regardless of medical expenses incurred.
What is the main principle of an HMO plan? - CORRECT ANSWERS-
Preventive Care
What does the amount of group disability benefit an insured can receive
depend upon? - CORRECT ANSWERS- The insured's income prior to a
disability.
What is name of the process that insurance companies use to determine
whether or not an applicant is insurable? - CORRECT ANSWERS-
Underwriting
,The requirement that agents must account for and promptly remit all
insurance funds collected is known as what type of agent responsibility? -
CORRECT ANSWERS- Fiduciary
What is a third-party ownership? - CORRECT ANSWERS- An insurance
arrangement in which the policy owner and the insured are not the same
person.
Suitability - CORRECT ANSWERS- Factors that determine if an insurance
product is appropriate for a particular customer.
Premium - CORRECT ANSWERS- A payment by the policy owner to the
insurance company to keep the policy in force.
Disclosure - CORRECT ANSWERS- 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? - CORRECT
ANSWERS- 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? -
CORRECT ANSWERS- Authorized
What information are the members of the medical information bureau
required to report? - CORRECT ANSWERS- Adverse medical information
about the applicants or insureds.
What type of beneficiary can be changed at any point by the policy owner? -
CORRECT ANSWERS- Revocable
What document describes the specific information about a policy? - CORRECT
ANSWERS- Policy Summary
What is the term for the causes of loss insured against in an insurance
policy? - CORRECT ANSWERS- Peril
Whom does an insurance agent represent? - CORRECT ANSWERS- Insurance
Company
What is an unfair trade practice? - CORRECT ANSWERS- Any fraudulent,
deceptive, or dishonest business practice that is prohibited by statutes and
regulations.
Insurer - CORRECT ANSWERS- The company that issues an insurance policy.
, Peril - CORRECT ANSWERS- Cause of loss
Contract of Adhesion - CORRECT ANSWERS- 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? - CORRECT ANSWERS-
Agreement (Offer and Acceptance), consideration, competent parties, and
legal purpose.
Policy Provision - CORRECT ANSWERS- A clause that stipulates the rights
and obligations under an insurance contract.
Fiduciary - CORRECT ANSWERS- A producer who handles insurer's funds in a
trust capacity.
Who is considered a nonresident agent? - CORRECT ANSWERS- An agent
who resides and is licensed in another state, but is authorized to transact
insurance in Florida.
What is underwriting? - CORRECT ANSWERS- The risk selection and
classification process.
What is the best way to handle incomplete insurance applications? -
CORRECT ANSWERS- Return the application to the applicant for completion.
What are the five characteristics of an ideally insurable risk? - CORRECT
ANSWERS- 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? -
CORRECT ANSWERS- Group Policy
What is the purpose of a free-look period? - CORRECT ANSWERS- 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? - CORRECT ANSWERS- The Agent's
What types of licensee represents the insurance company? - CORRECT
ANSWERS- Agent
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Elitaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now