Florida 240 License Exam Practice Questions and Answers
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Course
2025
Institution
2025
Florida 240 License Exam Practice
Questions and Answers
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: - ANSWER-Reserves
An insurance applicant MUST be informed of an investigation regarding hi...
If a contract of adhesion contains complicated language, to whom would the interpretation be in favor
of? - ANSWER✔✔-insured
Insurance contracts are known as _____ because certain future conditions or acts must occur before any
claims can be paid. - ANSWER✔✔-conditional
Insurance policies are offered on a "take it or leave it" basis, which make them: - ANSWER✔✔-Contracts
of Adhesion
In regards to representations or warranties, which of these statements is TRUE? - ANSWER✔✔-If
material to the risk, false representations will void a policy
Which of these arrangements allows one to bypass insurable interest laws? - ANSWER✔✔-Investor-
Originated Life Insurance
In an insurance contract, the insurer is the only party who makes a legally enforceable promise. What
kind of contract is this? - ANSWER✔✔-unilateral
Which of these is NOT a type of agent authority? - ANSWER✔✔-principal
E and F are business partners. Each takes out a $500,000 life insurance policy on the other, naming
himself as primary beneficiary. E and F eventually terminate their business, and four months later E dies.
Although E was married with three children at the time of death, the primary beneficiary is still F.
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