FLORIDA LIFE HEALTH AND ANNUITIES 2-15
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REAL EXAM VERIFIED 450 QUESTIONS AND
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DETAILED CORRECT ANSWERS ALREADY
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GRADED A+.
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Accidental bodily injury provision - ANSWER- Benefits payable when injured
by accidental means
Accidental death and dismemberment - ANSWER- A plan specifically for
accidental death or loss of body parts
Accidental death benefit rider - ANSWER- Twice (or three times) the benefit
will be paid if the insured dies in an accident
Accidental dismemberment - ANSWER- Loss of a body part-state test actual
loss not just loss of use
Accidental means provision - ANSWER- Benefit only paid when the insured
was not in control of the accident
Accidental results provision - ANSWER- Benefit paid when accident occurred
because of any means; it just happened!
Accident and health insurance - ANSWER- Coverage for an insured disabled
by accident or illness
Accumulation unit - ANSWER- Purchased by premiums paid into variable
annuity during the annuitants working years
Acute illness - ANSWER- The one category of serious illness where the
patient can fully recover
Adhesion - ANSWER- Where all specifications of forms, brochures, and
contracts are pre-approved by the state
Adjustable life insurance - ANSWER- A combination term and whole life
policy where it is easy to change various factors
Administration services only (ASO) - ANSWER- Insurance company insists
only with the paperwork for self-insureds
,Admitted insurer - ANSWER- Company approved, authorized, admitted,
certified to do business in the state
Adult daycare - ANSWER- Where Alzheimers or similar patients can be
monitored and receive care during the day
Adverse selection - ANSWER- poor choices made by an underwriter when
selecting risks
Advertising code - ANSWER- What's ok and what's NOT okay in advertising...
found inside the Unfair Trade Practices Act
Agency - ANSWER- An office established for the purpose of selling insurance
within the state
Agent - ANSWER- Any licensed person who solicits insurance on behalf of
an insurance company
Agent's report - ANSWER- Part 3 of the application where the agent enters
his/her comments regarding the transaction
Aleatory - ANSWER- A chance/risk for both of the parties. It never works out to
be equal
Alien insurer - ANSWER- Insurance company is located outside the USA
Ambulatory surgery - ANSWER- A neighborhood clinic commonly less
expensive than the costs from a hospital
American agency system - ANSWER- the same as the independent agency
system
Annually renewable term (ART) - ANSWER- A term policy where the premium
gradually increases annually by age
Annuitant - ANSWER- The owner of an annuity
Annuity - ANSWER- A savings product created for the purpose of a lifetime
income - liquidating a sum of money
Annuity units - ANSWER- The calculated value of the payout portion of the
contract in a variable annuity
Any occupation - ANSWER- The category of work where the insured is able
to perform some/any occupation
Apparent authority - ANSWER- Based on what the company has provided to
their agents -they can use the material
, Application - ANSWER- Used to ask questions to provide underwriters with a
means of determining data and risks
Appointment - ANSWER- A licensed agent must also be appointed by their
company in order to sell insurance
Approval receipt - ANSWER- A conditional receipt, which becomes effective
only when approved by the insurer
Assessment mutual insurer - ANSWER- An insurer, which assesses other
policyholders when a claim occurs
Assignment - ANSWER- A policy can be assigned to a different owner
without approval from beneficiaries or the insurer
Attained age - ANSWER- When converting from a term to whole life policy
and using the current age reached
Authority - ANSWER- Agent receives expressed (written), implied (business),
apparent (what the company has provided)
Authorized company - ANSWER- see admitted company
Automatic premium loan provision - ANSWER- Premium received from cash
value of a policy when client can't be found
Average indexed monthly earnings (AIME) - ANSWER- Used in the
calculation of the Social Security PIA
Average monthly wage (AMW) - ANSWER- Used in calculating the AIME above
enroute to obtaining the PIA
Aviation exclusion - ANSWER- Excluding the client from coverage while
flying if the client is not a fare paying passenger (pilot)
Backdating - ANSWER- Using an earlier birth date as the policy effective
date to save age - backwards up to 6months
ZoomWords - ANSWER- A list of the important terms to be understood in
preparing for the insurance exams
Yearly Renewable Term Insurance (YRT) - ANSWER- The same as annually
renewable term (ARTs)
j j j j j
REAL EXAM VERIFIED 450 QUESTIONS AND
j j j j j
DETAILED CORRECT ANSWERS ALREADY
j j j j
GRADED A+.
j j
Accidental bodily injury provision - ANSWER- Benefits payable when injured
by accidental means
Accidental death and dismemberment - ANSWER- A plan specifically for
accidental death or loss of body parts
Accidental death benefit rider - ANSWER- Twice (or three times) the benefit
will be paid if the insured dies in an accident
Accidental dismemberment - ANSWER- Loss of a body part-state test actual
loss not just loss of use
Accidental means provision - ANSWER- Benefit only paid when the insured
was not in control of the accident
Accidental results provision - ANSWER- Benefit paid when accident occurred
because of any means; it just happened!
Accident and health insurance - ANSWER- Coverage for an insured disabled
by accident or illness
Accumulation unit - ANSWER- Purchased by premiums paid into variable
annuity during the annuitants working years
Acute illness - ANSWER- The one category of serious illness where the
patient can fully recover
Adhesion - ANSWER- Where all specifications of forms, brochures, and
contracts are pre-approved by the state
Adjustable life insurance - ANSWER- A combination term and whole life
policy where it is easy to change various factors
Administration services only (ASO) - ANSWER- Insurance company insists
only with the paperwork for self-insureds
,Admitted insurer - ANSWER- Company approved, authorized, admitted,
certified to do business in the state
Adult daycare - ANSWER- Where Alzheimers or similar patients can be
monitored and receive care during the day
Adverse selection - ANSWER- poor choices made by an underwriter when
selecting risks
Advertising code - ANSWER- What's ok and what's NOT okay in advertising...
found inside the Unfair Trade Practices Act
Agency - ANSWER- An office established for the purpose of selling insurance
within the state
Agent - ANSWER- Any licensed person who solicits insurance on behalf of
an insurance company
Agent's report - ANSWER- Part 3 of the application where the agent enters
his/her comments regarding the transaction
Aleatory - ANSWER- A chance/risk for both of the parties. It never works out to
be equal
Alien insurer - ANSWER- Insurance company is located outside the USA
Ambulatory surgery - ANSWER- A neighborhood clinic commonly less
expensive than the costs from a hospital
American agency system - ANSWER- the same as the independent agency
system
Annually renewable term (ART) - ANSWER- A term policy where the premium
gradually increases annually by age
Annuitant - ANSWER- The owner of an annuity
Annuity - ANSWER- A savings product created for the purpose of a lifetime
income - liquidating a sum of money
Annuity units - ANSWER- The calculated value of the payout portion of the
contract in a variable annuity
Any occupation - ANSWER- The category of work where the insured is able
to perform some/any occupation
Apparent authority - ANSWER- Based on what the company has provided to
their agents -they can use the material
, Application - ANSWER- Used to ask questions to provide underwriters with a
means of determining data and risks
Appointment - ANSWER- A licensed agent must also be appointed by their
company in order to sell insurance
Approval receipt - ANSWER- A conditional receipt, which becomes effective
only when approved by the insurer
Assessment mutual insurer - ANSWER- An insurer, which assesses other
policyholders when a claim occurs
Assignment - ANSWER- A policy can be assigned to a different owner
without approval from beneficiaries or the insurer
Attained age - ANSWER- When converting from a term to whole life policy
and using the current age reached
Authority - ANSWER- Agent receives expressed (written), implied (business),
apparent (what the company has provided)
Authorized company - ANSWER- see admitted company
Automatic premium loan provision - ANSWER- Premium received from cash
value of a policy when client can't be found
Average indexed monthly earnings (AIME) - ANSWER- Used in the
calculation of the Social Security PIA
Average monthly wage (AMW) - ANSWER- Used in calculating the AIME above
enroute to obtaining the PIA
Aviation exclusion - ANSWER- Excluding the client from coverage while
flying if the client is not a fare paying passenger (pilot)
Backdating - ANSWER- Using an earlier birth date as the policy effective
date to save age - backwards up to 6months
ZoomWords - ANSWER- A list of the important terms to be understood in
preparing for the insurance exams
Yearly Renewable Term Insurance (YRT) - ANSWER- The same as annually
renewable term (ARTs)
