FLORIDA 240 LICENSE EXAM QUESTION BANK p p p p p
| 2025 LICENSE FLORIDA 240 ACTUAL EXAM WIT
p p p p p p p
H CORRECT VERIFIED ANSWERS | ALREADY GRA
p p p p p p
DED A+ | BRAND NEW p p p p
T files a claim on his Accident and Health policy after being treated for an i
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llness. The insurance company believes that T misrepresented his actual
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health on the initial insurance application and is, therefore, disputing the
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claim's validity. The provision that limits the time period during which the
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company may dispute a claim's validity is called - ✔✔✔
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CorrectpAnswerp> Time Limit on Certain Defenses
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Which of the following is NOT included in the policy face? - ✔✔✔ Correct
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Answerp> Exclusions
A group-
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owned insurance company that is formed to assume and spread the liabil
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p > pofpitspmemberspispknownpaspa:p-p✔✔✔pCorrect
itypricks
Answer
Risk retention group
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,What type of reinsurance contract involves two companies automatically
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sharing their risk exposure? - ✔✔✔ Correct Answer > treaty
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Which of these is considered a statement that is assured to be true in eve
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ry aspect? - ✔✔✔ Correct Answer > Warranty
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Which of these require an offer, acceptance, and consideration? - ✔✔✔
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CorrectpAnswerp> contract
If a contract of adhesion contains complicated language, to whom would
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the interpretation be in favor of? - ✔✔✔ Correct Answer > insured
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What does Medicare Parts A and B cover? -
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✔✔✔pCorrectpAnswerp>pPartpApcoversphospitalization;pPartpBpcoverspdoctor'sps
p
ervices
A medical care provider which typically delivers health services at its own
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local medical facility is known as a -
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✔✔✔pCorrectpAnswerp>pHealthpmaintenanceporganizationp(HMOs)
p
,Which of the following statements is true about most Blue Cross/Blue Shi
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eld organizations? - ✔✔✔ Correct Answer > They are nonprofit organizations
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The clause in an Accident and Health policy which defines the benefit a
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mounts the insurer will pay is called the -
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✔✔✔pCorrectpAnswerp>pInsuringpclause
p
The stated amount or percent of liquid assets that an insurer must have o
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n hand that will satisfy future obligations to its policyholders is called:
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-p✔✔✔pCorrectpAnswerp>p Reserves
An insurance applicant MUST be informed of an investigation regarding h
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is/her reputation and character according to the: -
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✔✔✔pCorrectpAnswerp>pFairpCreditpReportingpAct
p
A nonprofit incorporated society that does not have capital stock and o
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perates for the sole benefit of its members is known as: - ✔✔✔ Correct
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Answerp> Apfraternalpbenefitpsociety
, What I the name of the law that requires insurers to disclose information
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gathering practices and where the information was obtained? -
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✔✔✔pCorrectpAnswerp>pFairpCreditpReportingpAct
p
Who elects the governing body of a mutual insurance company? - ✔✔✔
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CorrectpAnswerp> Policyholders
What year was the McCarran-Ferguson Act enacted? - ✔✔✔ Correct Answer
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>p1945
Which of these describe a participating life insurance policy? - ✔✔✔
p p p p p p p p p p
CorrectpAnswerp> Policy owners are entitled to receive dividends
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At what point must a life insurance applicant be informed of their rights that
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fall under the Fair Credit Reporting Act? -
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✔✔✔pCorrectpAnswerp>pUponpcompletionpofpthepapplication
p
| 2025 LICENSE FLORIDA 240 ACTUAL EXAM WIT
p p p p p p p
H CORRECT VERIFIED ANSWERS | ALREADY GRA
p p p p p p
DED A+ | BRAND NEW p p p p
T files a claim on his Accident and Health policy after being treated for an i
p p p p p p p p p p p p p p p
llness. The insurance company believes that T misrepresented his actual
p p p p p p p p p p
health on the initial insurance application and is, therefore, disputing the
p p p p p p p p p p p
claim's validity. The provision that limits the time period during which the
p p p p p p p p p p p
company may dispute a claim's validity is called - ✔✔✔
p p p p p p p p p p
CorrectpAnswerp> Time Limit on Certain Defenses
p p p p
Which of the following is NOT included in the policy face? - ✔✔✔ Correct
p p p p p p p p p p p p p
Answerp> Exclusions
A group-
p
owned insurance company that is formed to assume and spread the liabil
p p p p p p p p p p p
p > pofpitspmemberspispknownpaspa:p-p✔✔✔pCorrect
itypricks
Answer
Risk retention group
p p
,What type of reinsurance contract involves two companies automatically
p p p p p p p p p
sharing their risk exposure? - ✔✔✔ Correct Answer > treaty
p p p p p p p p p
Which of these is considered a statement that is assured to be true in eve
p p p p p p p p p p p p p p
ry aspect? - ✔✔✔ Correct Answer > Warranty
p p p p p p p
Which of these require an offer, acceptance, and consideration? - ✔✔✔
p p p p p p p p p p
CorrectpAnswerp> contract
If a contract of adhesion contains complicated language, to whom would
p p p p p p p p p p p
the interpretation be in favor of? - ✔✔✔ Correct Answer > insured
p p p p p p p p p p p
What does Medicare Parts A and B cover? -
p p p p p p p p
✔✔✔pCorrectpAnswerp>pPartpApcoversphospitalization;pPartpBpcoverspdoctor'sps
p
ervices
A medical care provider which typically delivers health services at its own
p p p p p p p p p p p p
local medical facility is known as a -
p p p p p p p
✔✔✔pCorrectpAnswerp>pHealthpmaintenanceporganizationp(HMOs)
p
,Which of the following statements is true about most Blue Cross/Blue Shi
p p p p p p p p p p p
eld organizations? - ✔✔✔ Correct Answer > They are nonprofit organizations
p p p p p p p p p p
The clause in an Accident and Health policy which defines the benefit a
p p p p p p p p p p p p
mounts the insurer will pay is called the -
p p p p p p p p
✔✔✔pCorrectpAnswerp>pInsuringpclause
p
The stated amount or percent of liquid assets that an insurer must have o
p p p p p p p p p p p p p
n hand that will satisfy future obligations to its policyholders is called:
p p p p p p p p p p p
-p✔✔✔pCorrectpAnswerp>p Reserves
An insurance applicant MUST be informed of an investigation regarding h
p p p p p p p p p p
is/her reputation and character according to the: -
p p p p p p p
✔✔✔pCorrectpAnswerp>pFairpCreditpReportingpAct
p
A nonprofit incorporated society that does not have capital stock and o
p p p p p p p p p p p
perates for the sole benefit of its members is known as: - ✔✔✔ Correct
p p p p p p p p p p p p p
Answerp> Apfraternalpbenefitpsociety
, What I the name of the law that requires insurers to disclose information
p p p p p p p p p p p p p
gathering practices and where the information was obtained? -
p p p p p p p p
✔✔✔pCorrectpAnswerp>pFairpCreditpReportingpAct
p
Who elects the governing body of a mutual insurance company? - ✔✔✔
p p p p p p p p p p p
CorrectpAnswerp> Policyholders
What year was the McCarran-Ferguson Act enacted? - ✔✔✔ Correct Answer
p p p p p p p p p p
>p1945
Which of these describe a participating life insurance policy? - ✔✔✔
p p p p p p p p p p
CorrectpAnswerp> Policy owners are entitled to receive dividends
p p p p p p
At what point must a life insurance applicant be informed of their rights that
p p p p p p p p p p p p p p
fall under the Fair Credit Reporting Act? -
p p p p p p p
✔✔✔pCorrectpAnswerp>pUponpcompletionpofpthepapplication
p
