FLORIDA HEALTH AND LIFE INSURANCE NEWEST FINAL EXAM
WITH COMPLETE DETAILED QUESTIONS AND CORRECT
VERIFIED ANSWERS ALREADY A+ GRADED
Insured
The person covered by the insurance policy.
Rider
A written modification attached to a policy that increases or decreases coverage and/or
premiums.
What is a unilateral contract?
A contract in which only one of the parties is legally bound to fulfill its obligations.
What law protects consumers from the circulation of inaccurate or obsolete information?
The Fair Credit Reporting Act.
What are the three types of agent authority?
Implied, Express, and Apparent.
,Agent
An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the
insurer.
What is name of the process that insurance companies use to determine whether or not an
applicant is insurable?
Underwriting
The requirement that agents must account for and promptly remit all insurance funds collected
is known as what type of agent responsibility?
Fiduciary
What is a third-party ownership?
An insurance arrangement in which the policy owner and the insured are not the same person.
Suitability
Factors that determine if an insurance product is appropriate for a particular customer.
Premium
,A payment by the policy owner to the insurance company to keep the policy in force.
Disclosure
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?
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?
Authorized
What information are the members of the medical information bureau required to report?
Adverse medical information about the applicants or insureds.
What type of beneficiary can be changed at any point by the policy owner?
Revocable
, What document describes the specific information about a policy?
Policy Summary
What is the term for the causes of loss insured against in an insurance policy?
Peril
Whom does an insurance agent represent?
Insurance Company
What is an unfair trade practice?
Any fraudulent, deceptive, or dishonest business practice that is prohibited by statutes and
regulations.
Insurer
The company that issues an insurance policy.
Peril
Cause of loss
WITH COMPLETE DETAILED QUESTIONS AND CORRECT
VERIFIED ANSWERS ALREADY A+ GRADED
Insured
The person covered by the insurance policy.
Rider
A written modification attached to a policy that increases or decreases coverage and/or
premiums.
What is a unilateral contract?
A contract in which only one of the parties is legally bound to fulfill its obligations.
What law protects consumers from the circulation of inaccurate or obsolete information?
The Fair Credit Reporting Act.
What are the three types of agent authority?
Implied, Express, and Apparent.
,Agent
An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the
insurer.
What is name of the process that insurance companies use to determine whether or not an
applicant is insurable?
Underwriting
The requirement that agents must account for and promptly remit all insurance funds collected
is known as what type of agent responsibility?
Fiduciary
What is a third-party ownership?
An insurance arrangement in which the policy owner and the insured are not the same person.
Suitability
Factors that determine if an insurance product is appropriate for a particular customer.
Premium
,A payment by the policy owner to the insurance company to keep the policy in force.
Disclosure
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?
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?
Authorized
What information are the members of the medical information bureau required to report?
Adverse medical information about the applicants or insureds.
What type of beneficiary can be changed at any point by the policy owner?
Revocable
, What document describes the specific information about a policy?
Policy Summary
What is the term for the causes of loss insured against in an insurance policy?
Peril
Whom does an insurance agent represent?
Insurance Company
What is an unfair trade practice?
Any fraudulent, deceptive, or dishonest business practice that is prohibited by statutes and
regulations.
Insurer
The company that issues an insurance policy.
Peril
Cause of loss
