Florida Life, Health &
Annuities Licensing 2-15
2026 | Questions, Answers
& Rationales Study Guide
|Graded A+ | Guaranteed
success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, How long life insurance has to challenge the validity of a Typically 2 years. Can't contest- after if found out fraud occurred during
contract due to fraud application.
Fiduciary A person who holds a position of special trust and confidence.
Example: when they accept premium payments on behalf of the insurer that
person is a fiduciary.
Express authority The intended power given by the principal to the agent.
Granted by the agency contract.
Ex: agent has the express authority to solicit applications for insurance on behalf
of the company.
Legal purpose For a contract to be enforceable in court the object of it and its intent must be
legal.
Consideration in exchange for a member's premium the insurer promises to pay when there is a
loss.
Perils, hazard, risk A peril is the cause of a risk. A peril is the immediate specific event causing loss
and giving rise to risk. When a building burns, fire is the peril.
A hazard is the source of danger. The hazard is the underlying factor behind the
peril that leads to the probability of a particular loss to the insurer. It is the active
ingredient that could create a peril, which could then lead to a particular loss
event
Independent agents Cell all plans, Blue Cross Blue Shield, Humana, etc
Captive or career agent Can only sell one companies insurance policies
Agent vs broker Both are known as producers.
Agent: tied to an insurance company.
Broker: represents the buyer and can sell many insurance carriers
HMOs are distinct because of what? They provide the insurance and the health care itself.
Reinsurers Insurance for an insurance company
Annuities Licensing 2-15
2026 | Questions, Answers
& Rationales Study Guide
|Graded A+ | Guaranteed
success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, How long life insurance has to challenge the validity of a Typically 2 years. Can't contest- after if found out fraud occurred during
contract due to fraud application.
Fiduciary A person who holds a position of special trust and confidence.
Example: when they accept premium payments on behalf of the insurer that
person is a fiduciary.
Express authority The intended power given by the principal to the agent.
Granted by the agency contract.
Ex: agent has the express authority to solicit applications for insurance on behalf
of the company.
Legal purpose For a contract to be enforceable in court the object of it and its intent must be
legal.
Consideration in exchange for a member's premium the insurer promises to pay when there is a
loss.
Perils, hazard, risk A peril is the cause of a risk. A peril is the immediate specific event causing loss
and giving rise to risk. When a building burns, fire is the peril.
A hazard is the source of danger. The hazard is the underlying factor behind the
peril that leads to the probability of a particular loss to the insurer. It is the active
ingredient that could create a peril, which could then lead to a particular loss
event
Independent agents Cell all plans, Blue Cross Blue Shield, Humana, etc
Captive or career agent Can only sell one companies insurance policies
Agent vs broker Both are known as producers.
Agent: tied to an insurance company.
Broker: represents the buyer and can sell many insurance carriers
HMOs are distinct because of what? They provide the insurance and the health care itself.
Reinsurers Insurance for an insurance company
