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Florida 240 License exam questions with verified correct answers

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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: Reserves An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the: Fair Credit...

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  • 14 septembre 2023
  • 38
  • 2023/2024
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  • florida 240 license

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  • Health Insurance certification
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Florida 240 License exam questions with
verified correct 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 his/her reputation and
character according to the: - answer Fair Credit Reporting Act


A nonprofit incorporated society that does not have capital stock and operates for the sole
benefit of its members is known as: - answer A fraternal benefit society


What I the name of the law that requires insurers to disclose information gathering practices
and where the information was obtained? - answer Fair Credit Reporting Act


Who elects the governing body of a mutual insurance company? - answer Policyholders


A group-owned insurance company that is formed to assume and spread the liability ricks of its
members is known as a: - answer Risk retention group


What type of reinsurance contract involves two companies automatically sharing their risk
exposure? - answer treaty


What year was the McCarran-Ferguson Act enacted? - answer 1945


Which of these describe a participating life insurance policy? - answer Policy owners are entitled
to receive dividends

,At what point must a life insurance applicant be informed of their rights that fall under the Fair
Credit Reporting Act? - answer Upon completion of the application


Which of the following requires insurers to disclose when an applicant's consumer or credit
history is being investigated: - answer 1970 - Fair Credit Reporting Act


What type of reinsurance contract involves two companies automatically sharing their risk
exposure? - answer Treaty


A group-owned insurance company that is formed to assume and spread the liability risks of its
members is known as a: - answer risk retention group


All of the following are considered to be typical characteristics describing the nature of an
insurance contract, EXCEPT: - answer Bilateral


The part of a life insurance policy guaranteed to be true is called a(n) - answer warranty


Statements made on an insurance application that are believed to be true to the best of the
applicant's knowledge are called - answer representations


Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first six
months. Q dies suddenly and the beneficiary is paid $500,000. This exchange of unequal values
reflects which of the following insurance contract features? - answer Aleatory


When must insurable interest be present in order for a life insurance policy to be valid? - answer
When the application is made


A life insurance arrangement which circumvents insurable interest statutes is called: - answer
Investor-Originated Life Insurance

,Stranger Originated Life Insurance (STOLI) has been found to be in violation of which of the
following contractual elements? - answer Legal Purpose (Insurable Interest)


Who makes the legally enforceable promises in a unilateral contract? - answer Insurance
company


A policy of adhesion can only be modified by whom? - answer insurance company


When third-party ownership is involved, applicants who also happen to be the stated primary
beneficiary are required to have: - answer insurable interest in the proposed insured


Which of these is considered a statement that is assured to be true in every aspect? - answer
Warranty


Which of these require an offer, acceptance, and consideration? - answer contract


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. However, an insurable interest no longer exists. Where will the
proceeds from E's life insurance policy be directed to? - answer In this situation, the proceeds
from E's life insurance policy will go to F.


When must insurable interest exist for a life insurance contract to be valid? - answer Inception
of the contract


Life and health insurance policies are: - answer unilateral contracts


A policy of adhesion can only be modified by whom? - answer insurance company


At what point does an informal contract become binding? - answer When one party makes an
offer and the other party accepts that offer


What is the consideration given by an insurer in the Consideration clause of a life policy? -
answer Promise to pay a death benefit


What is the consideration given by an insurer in the Consideration clause of life policy? - answer
Promise to pay a death benefit to a named beneficiary


Insurance policies are considered aleatory contracts because: - answer performance is
conditioned upon a future occurrence

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