FLORIDA LIFE AND HEALTH
INSURANCE EXAM COMPLETE 200
QUESTIONS AND VERIFIED SOLUTIONS
LATEST UPDATE
Insured - CORRECT ANSWER ✔✔- The person covered by the insurance policy.
Rider - CORRECT ANSWER ✔✔- A written modification attached to a policy
that increases or decreases coverage and/or premiums.
What is a unilateral contract? - CORRECT ANSWER ✔✔- 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? - CORRECT ANSWER ✔✔- The Fair Credit Reporting Act.
What are the three types of agent authority? - CORRECT ANSWER ✔✔- Implied,
Express, and Apparent.
Agent - CORRECT ANSWER ✔✔- 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? - CORRECT ANSWER ✔✔- Underwriting
1
,The requirement that agents must account for and promptly remit all insurance
funds collected is known as what type of agent responsibility? - CORRECT
ANSWER ✔✔- Fiduciary
What is a third-party ownership? - CORRECT ANSWER ✔✔- An insurance
arrangement in which the policy owner and the insured are not the same person.
Suitability - CORRECT ANSWER ✔✔- Factors that determine if an insurance
product is appropriate for a particular customer.
Premium - CORRECT ANSWER ✔✔- A payment by the policy owner to the
insurance company to keep the policy in force.
Disclosure - CORRECT ANSWER ✔✔- Providing sufficient information to help
someone make informed decision.
An agent offers a client free tickets to a sporting event in exchange for the
purchase of an insurance policy. What is the agent guilty of? - CORRECT
ANSWER ✔✔- Rebating
If an insurer meets the statee financial requirements and is approved to transact
business in the state, it is considered what type of insurer? - CORRECT ANSWER
✔✔- Authorized
What information are the members of the medical information bureau required to
report? - CORRECT ANSWER ✔✔- Adverse medical information about the
applicants or insureds.
2
, What type of beneficiary can be changed at any point by the policy owner? -
CORRECT ANSWER ✔✔- Revocable
What document describes the specific information about a policy? - CORRECT
ANSWER ✔✔- Policy Summary
What is the term for the causes of loss insured against in an insurance policy? -
CORRECT ANSWER ✔✔- Peril
Whom does an insurance agent represent? - CORRECT ANSWER ✔✔- Insurance
Company
What is an unfair trade practice? - CORRECT ANSWER ✔✔- Any fraudulent,
deceptive, or dishonest business practice that is prohibited by statutes and
regulations.
Insurer - CORRECT ANSWER ✔✔- The company that issues an insurance policy.
Peril - CORRECT ANSWER ✔✔- Cause of loss
Contract of Adhesion - CORRECT ANSWER ✔✔- A contract prepared by one
party that must be accepted as written or be rejected by the other party.
What are the four elements of an insurance contract? - CORRECT ANSWER ✔✔-
Agreement (Offer and Acceptance), consideration, competent parties, and legal
purpose.
3
INSURANCE EXAM COMPLETE 200
QUESTIONS AND VERIFIED SOLUTIONS
LATEST UPDATE
Insured - CORRECT ANSWER ✔✔- The person covered by the insurance policy.
Rider - CORRECT ANSWER ✔✔- A written modification attached to a policy
that increases or decreases coverage and/or premiums.
What is a unilateral contract? - CORRECT ANSWER ✔✔- 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? - CORRECT ANSWER ✔✔- The Fair Credit Reporting Act.
What are the three types of agent authority? - CORRECT ANSWER ✔✔- Implied,
Express, and Apparent.
Agent - CORRECT ANSWER ✔✔- 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? - CORRECT ANSWER ✔✔- Underwriting
1
,The requirement that agents must account for and promptly remit all insurance
funds collected is known as what type of agent responsibility? - CORRECT
ANSWER ✔✔- Fiduciary
What is a third-party ownership? - CORRECT ANSWER ✔✔- An insurance
arrangement in which the policy owner and the insured are not the same person.
Suitability - CORRECT ANSWER ✔✔- Factors that determine if an insurance
product is appropriate for a particular customer.
Premium - CORRECT ANSWER ✔✔- A payment by the policy owner to the
insurance company to keep the policy in force.
Disclosure - CORRECT ANSWER ✔✔- Providing sufficient information to help
someone make informed decision.
An agent offers a client free tickets to a sporting event in exchange for the
purchase of an insurance policy. What is the agent guilty of? - CORRECT
ANSWER ✔✔- Rebating
If an insurer meets the statee financial requirements and is approved to transact
business in the state, it is considered what type of insurer? - CORRECT ANSWER
✔✔- Authorized
What information are the members of the medical information bureau required to
report? - CORRECT ANSWER ✔✔- Adverse medical information about the
applicants or insureds.
2
, What type of beneficiary can be changed at any point by the policy owner? -
CORRECT ANSWER ✔✔- Revocable
What document describes the specific information about a policy? - CORRECT
ANSWER ✔✔- Policy Summary
What is the term for the causes of loss insured against in an insurance policy? -
CORRECT ANSWER ✔✔- Peril
Whom does an insurance agent represent? - CORRECT ANSWER ✔✔- Insurance
Company
What is an unfair trade practice? - CORRECT ANSWER ✔✔- Any fraudulent,
deceptive, or dishonest business practice that is prohibited by statutes and
regulations.
Insurer - CORRECT ANSWER ✔✔- The company that issues an insurance policy.
Peril - CORRECT ANSWER ✔✔- Cause of loss
Contract of Adhesion - CORRECT ANSWER ✔✔- A contract prepared by one
party that must be accepted as written or be rejected by the other party.
What are the four elements of an insurance contract? - CORRECT ANSWER ✔✔-
Agreement (Offer and Acceptance), consideration, competent parties, and legal
purpose.
3
