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Florida Health 240 Insurance Questions and
Answers (100% Correct Answers) Already
Graded A+
Help to identify and establish the intent of the parties to the contract
Ans: Rules of Construction
Each party is entitled to rely on the representation of the other, and
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each party should have a reasonable expectation that the other is
acting in good faith without attempts to conceal or deceive. Ans:
Utmost good faith
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A contract under which one party's performance is contingent on an
uncertain event. Ans: Aleatory Contract
has the power to bind the insurer Ans: property and casualty agent
Insurance company drafts contract and the insured adheres to it. Any
ambiguity resolved in favor of the insured. Ans: Adhesion Contract
Insured has completed paying the premium, only one party of the
contract is legally required to do something. Insured promises to pay the
death benefit in the event of loss. Can not be held for breach of
contract. Ans: Unilateral contract
This type of contract is conditional because the company only pays on
condition of a loss. Ans: Conditional contract
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The contract is between the insured and the insurer Ans: Personal
Contract
guarantee; assurance by seller. Any breach provides grounds for voiding
the contract. Ans: warranty
a statement believed to be true to the best of one's knowledge. Ans:
representation
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When an uninsurable individual applying for insurance may ask another
person to substitute for him to take the physical examination. Ans: false
pretenses
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A false statement or lie that can render the contract void. Ans:
Misrepresentation
The failure to disclose material facts. Grounds for recission by either party.
Ans: concealment (n)
Something crucial to acceptance of the risk. Ans: Material Information or
facts
An intentional act designed to deceive and induce another party to
part with something of value. Ans: fraud (n)
Rule of law disallowing oral evidence which disputes a written
agreement. Ans: Parol Evidence Rule
A contract that may be legally avoided at the option of one or both of
the parties. Ans: Voidable Contract
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an agreement of no legal effect. Ans: Void Contract
Authority that is given not in writing but that is necessary for the agent to
transact insurance. Ans: Implied Authority
A third party's reasonable belief that an agent has authority to act on
the principal's behalf. Ans: Apparent Authority
the authority of an agent, stated in the document or agreement
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creating the agency. Ans: Express Authority
means that the agent carries "signs or evidences of authority. Ans:
Lingering implied authority
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A legal impediment to denying a fact or restoring a right that has been
previously waived. Ans: Estoppel
one that meets all of the requirements of a binding contract. Competent
parties, legal purpose, and consideration, not an actual written
document. Ans: Valid Contract (Legal Contract)
Important documents with a custom folder. Ans: Policyfolder
Policyholder responsible for administering pan and making premiums to
insurance company. Ans: Plan Sponsors
Employer is the policy-owner and establishes eligible class of employees
to be covered under group policy. Ans: Employee or individual employer
group
1
Florida Health 240 Insurance Questions and
Answers (100% Correct Answers) Already
Graded A+
Help to identify and establish the intent of the parties to the contract
Ans: Rules of Construction
Each party is entitled to rely on the representation of the other, and
© 2026 Assignment Expert
each party should have a reasonable expectation that the other is
acting in good faith without attempts to conceal or deceive. Ans:
Utmost good faith
Guru01 - Stuvia
A contract under which one party's performance is contingent on an
uncertain event. Ans: Aleatory Contract
has the power to bind the insurer Ans: property and casualty agent
Insurance company drafts contract and the insured adheres to it. Any
ambiguity resolved in favor of the insured. Ans: Adhesion Contract
Insured has completed paying the premium, only one party of the
contract is legally required to do something. Insured promises to pay the
death benefit in the event of loss. Can not be held for breach of
contract. Ans: Unilateral contract
This type of contract is conditional because the company only pays on
condition of a loss. Ans: Conditional contract
,For Expert help and assignment handling,
2
The contract is between the insured and the insurer Ans: Personal
Contract
guarantee; assurance by seller. Any breach provides grounds for voiding
the contract. Ans: warranty
a statement believed to be true to the best of one's knowledge. Ans:
representation
© 2026 Assignment Expert
When an uninsurable individual applying for insurance may ask another
person to substitute for him to take the physical examination. Ans: false
pretenses
Guru01 - Stuvia
A false statement or lie that can render the contract void. Ans:
Misrepresentation
The failure to disclose material facts. Grounds for recission by either party.
Ans: concealment (n)
Something crucial to acceptance of the risk. Ans: Material Information or
facts
An intentional act designed to deceive and induce another party to
part with something of value. Ans: fraud (n)
Rule of law disallowing oral evidence which disputes a written
agreement. Ans: Parol Evidence Rule
A contract that may be legally avoided at the option of one or both of
the parties. Ans: Voidable Contract
, For Expert help and assignment handling,
3
an agreement of no legal effect. Ans: Void Contract
Authority that is given not in writing but that is necessary for the agent to
transact insurance. Ans: Implied Authority
A third party's reasonable belief that an agent has authority to act on
the principal's behalf. Ans: Apparent Authority
the authority of an agent, stated in the document or agreement
© 2026 Assignment Expert
creating the agency. Ans: Express Authority
means that the agent carries "signs or evidences of authority. Ans:
Lingering implied authority
Guru01 - Stuvia
A legal impediment to denying a fact or restoring a right that has been
previously waived. Ans: Estoppel
one that meets all of the requirements of a binding contract. Competent
parties, legal purpose, and consideration, not an actual written
document. Ans: Valid Contract (Legal Contract)
Important documents with a custom folder. Ans: Policyfolder
Policyholder responsible for administering pan and making premiums to
insurance company. Ans: Plan Sponsors
Employer is the policy-owner and establishes eligible class of employees
to be covered under group policy. Ans: Employee or individual employer
group
