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Florida Life and Health Insurance/ 228 Quizzes & Correct Ans. $9.19
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Florida Life and Health Insurance/ 228 Quizzes & Correct Ans.

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  • 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...

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  • September 29, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Florida Life and Health Insurance
  • Florida Life and Health Insurance
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Benzo
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.


Page 1 of 23

,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.
Page 2 of 23

, 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.


Page 3 of 23

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