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FLORIDA 2-15 INSURANCE LICENSE EXAM ACTUAL EXAM 300 QUESTIONS AND CORRECT ANSWERS WITH RATIONALES GRADED A+ $19.99
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FLORIDA 2-15 INSURANCE LICENSE EXAM ACTUAL EXAM 300 QUESTIONS AND CORRECT ANSWERS WITH RATIONALES GRADED A+

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FLORIDA 2-15 INSURANCE LICENSE EXAM ACTUAL EXAM 300 QUESTIONS AND CORRECT ANSWERS WITH RATIONALES GRADED A+

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  • 10 de enero de 2024
  • 35
  • 2023/2024
  • Examen
  • Preguntas y respuestas

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  • florida 2 15
  • florida 2 15
  • florida 2 15 insurance license exam act
  • florida 2 15 insurance license
  • florida 2 15 insurance license exam

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  • FLORIDA 2-15 INSURANCE LICENSE
  • FLORIDA 2-15 INSURANCE LICENSE

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FLORIDA 2 -15 IN SURANCE LICENSE EXAM 2024 -2025 ACTUAL EXAM 300 QUESTIONS AND CORRECT ANSWERS WITH RATIONALES GRADED A+ Which of the following factors determines whether policy dividends will be paid on a participating policy? A. reserves and experience B. expenses and claims costs C. interest and benefits D. premiums and renewability - correct answer ✔✔B. If expenses and claims costs are less than expected, dividends are likely to be paid. A licensed agent legally represents A. the insurer B. the applic ant/insured C. the state insurance department D. himself or herself - correct answer ✔✔A. An agent is an individual who has been authorized by an insurer to be its representative to the public and to offer for sale its goods and services. All of the follow ing statements regarding policy replacement are correct EXCEPT A. replacement involves convincing a policyholder to lapse or terminate an existing policy and to purchase another B. interrupting one cash value insurance plan to begin another could cause se rious financial problems for the policyowner C. even if the customer wants to replace his or her existing policy, an agent can effect a policy replacement only by following the replacement regulations in the agent's state D. premiums for the replacement po licies are generally lower than premiums for the existing policies they replace - correct answer ✔✔D. The new policy will probably be at a higher premium rate because it will be based on the insured's then -attained age. With regard to insurable risks, whic h of the following statements is NOT correct? A. only pure risks are insurable B. an insurable risk must involve loss that is within the insured's control C. insurers will not insure risks that are catastrophic in nature D. an insurable risk must be measu rable - correct answer ✔✔B. To be insurable, a risk must involve the chance of loss that is fortuitous and outside the insured's control. On August 9, Albert made an application for life insurance that his agent submitted a day later without a premium paym ent. On August 21, the insurer issued the policy as applied for and on August 24, the agent delivered the policy and collected the initial premium. On what day was the contract offer made? A. August 9 B. August 10 C. August 21 D. August 24 - correct answer ✔✔C. If an applicant does not submit an initial premium with the application, the applicant is inviting the insurance company to make a contract offer. The insurer can respond by issuing a policy (the offer) that the applicant can accept by paying the premium when the policy is delivered. All statements made by an applicant in an application for life insurance are considered to be A. warranties B. affirmations C. representations D. declarations - correct answer ✔✔C. Most states require that life insurance policies contain a provision that all statements made in application be deemed representation not warranties. A representation is a statement made by the applicant that the applicant believes to be true. A warranty is a stateme nt made by the applicant that is guaranteed to be true. If an insurance company rejects a claim on the basis of a representation, the company bears the burden of proving materiality. Which of the following legal terms indicates that a life insurance contr act contains the enforceable promises of only one party? A. adhesion B. unilateral C. conditional D. aleatory - correct answer ✔✔B. Insurance contracts are unilateral in that only one party - the insurer - makes any kind of enforceable promise. Which of t he following types of agent authority is specifically set forth in writing in the agent's contract? A. express B. implied C. apparent D. personal - correct answer ✔✔A. Express authority is the authority a principal gives to its agent. Express authority is granted by means of the agent's contract, which is the principal's appointment of the agent to act on its behalf. Assume a home catches fire after it is struck by lightning and the fire destroys its structure and contents. By insurance definition, the fir e is A. the risk B. the hazard C. the peril D. the proximate cause - correct answer ✔✔C. A peril is the immediate specific event causing loss and giving rise to risk. When a building burns, fire is the peril. What constitutes "consideration" for a life insurance policy? A. application and initial premium B. agent's commission C. adhesion feature of the contract D. policy's benefits - correct answer ✔✔A. Consideration is the value given in exchange for the promi ses sought. In an insurance contract, consideration is given by the applicant in exchange for the insurer's promise to pay benefits, and it consists of the application and the initial premium. Statements made by an applicant for life insurance that are gu aranteed to be true are A. warranties B. material statements C. representations D. declarations - correct answer ✔✔A. A warranty in insurance is a statement made by the applicant that is guaranteed to be true. It becomes part of the contract and, if found to be untrue, can be grounds for revoking the contract. Warranties are presumed to be material because they affect the insurer's decision to accept or reject an applicant. Which of the following insurance companies is owned by its policyholders? A. servi ce insurer B. stock insurer C. reinsurer D. mutual insurer - correct answer ✔✔D. Mutual insurers are owned by the policyholders. Anyone purchasing insurance from a mutual insurer is both a customer and an owner. With regard to life insurance, all of the fo llowing statements are correct EXCEPT A. all individuals are considered to have insurable interests in themselves B. spouses are automatically considered to have insurable interests in each other C. a creditor has an insurable interest in a debtor D. insu rable interest must be maintained throughout the life of the contract - correct answer✔✔D. Insurable interest is required only when a contract is issued; it does not have to be maintained throughout the life of the contract nor is it necessary at the time of claim. A life insurance company is organized in Orlando where it maintains its home office. In Florida, the company is classified as A. a domestic company B. a local company C. a foreign company D. a preferred company - correct answer ✔✔A. An insurer is termed "domestic" in a state when it is incorporated in that state. A life insurance company organized in Illinois, with its home office in Philadelphia, is licensed to conduct business in Wisconsi n. In Wisconsin, this company is classified as A. a domestic company B. an alien company C. a foreign company D. a regional company - correct answer ✔✔C. A foreign company operates within a state in which it is not chartered and in which the home office is not located. To whom does the cash value of a life insurance policy belong? A. policyowner B. insured C. insurer D. beneficiary - correct answer ✔✔A. The accumulation that builds over the life of a policy is called the "cash value," and it belongs to the policyowner, who may or may not be the insured. Frank is the insured in a $40,000, 5 -year level term policy issued in 2003. He died in 2009. His beneficiary received A. nothing B. $20,000 C. $40,000 D. the cash value of the policy - correct answer ✔✔A. In this case, the insured died after his term policy had expired. As a result, his beneficiary received nothing. All of the following statements regarding assignment of a life insurance policy are correct EXCEPT

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