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