FLORIDA LIFE HEALTH AND ANNUITIES 2-15 REAL EXAM VERIFIED 450 QUESTIONS AND DETAILED CORRECT ANSWERS ALREADY GRADED A+

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
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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
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loss of body parts
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Accidental death benefit rider - ANSWER- Twice (or three times) the benefit will be paid if the
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insured dies in an accident
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Accidental dismemberment -ANSWER- Loss of a body part-state test actual loss not just
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loss of use
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Accidental means provision - ANSWER- Benefit only paid when the insured was not in
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control of the accident
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Accidental results provision - ANSWER- Benefit paidwhen accident occurred because of
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any means; it just happened!
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Accident and health insurance - ANSWER- Coverage for aninsured disabledby accident or
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illness
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Accumulation unit - ANSWER-Purchased by premiums paidinto variable annuity during the
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annuitants working years
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Acute illness - ANSWER- The one category ofserious illness where the patient canfully
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recover
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Adhesion - ANSWER- Where all specifications of forms, brochures, and contracts are pre-
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approved by the state L L L




Adjustable life insurance - ANSWER- A combination term and whole lifepolicy where it is
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easy to change various factors
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Administration services only (ASO) - ANSWER- Insurance company insists only with the
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paperwork for self-insureds
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,Admitted insurer - ANSWER- Company approved, authorized, admitted, certified to do
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business in the state
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Adult daycare - ANSWER- Where Alzheimers or similar patients can bemonitored and
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receive care during the day
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Adverse selection - ANSWER- poor choices madeby anunderwriter when selecting risks
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Advertising code- ANSWER- What's ok and what's NOT okay inadvertising... found inside
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the Unfair Trade Practices Act
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Agency - ANSWER- Anoffice established for the purpose of selling insurance within the state
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Agent - ANSWER- Any licensed person who solicits insurance onbehalf of an insurance
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company
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Agent's report - ANSWER- Part 3 ofthe application where the agent enters his/her comments
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regarding the transaction
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Aleatory - ANSWER- A chance/risk for both of the parties. It never works out to be equal
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Alieninsurer - ANSWER- Insurance company is located outside the USA
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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
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Americanagency system - ANSWER- the sameas the independent agency system
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Annually renewable term (ART) -ANSWER- A termpolicy where the premium gradually
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increases annually by age
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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 -
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liquidating a sum of money
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Annuity units - ANSWER- The calculated value of the payout portion of the contract ina
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variable annuity
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Any occupation - ANSWER- The category of work where the insured is able to perform
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some/any occupation
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Apparent authority - ANSWER- Basedonwhat the company has provided totheir agents -
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they can use the material
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, Application - ANSWER- Usedto ask questions toprovide underwriters with ameans of
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determining data and risks
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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
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Approval receipt - ANSWER- Aconditional receipt, which becomes effective only when
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approved by the insurer
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Assessment mutual insurer - ANSWER- Aninsurer, which assesses other policyholders
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when a claim occurs
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Assignment - ANSWER- A policy can beassigned to a different owner without approval from
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beneficiaries or the insurer
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Attained age - ANSWER- When converting from a term to whole life policy and using the
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current age reached
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Authority -ANSWER- Agent receives expressed (written), implied(business), apparent
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(what the company has provided)
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Authorized company - ANSWER- seeadmitted company L L L L L L




Automatic premium loan provision - ANSWER- Premium received from cash value of a
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policy when client can't be found
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Averageindexed monthly earnings (AIME) - ANSWER- Used inthe calculation of the Social
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Security PIA
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Averagemonthly wage(AMW) -ANSWER- Used incalculating the AIME above enroute to
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obtaining the PIA
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Aviationexclusion - ANSWER- Excluding the client from coverage while flying if the client
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is not a fare paying passenger (pilot)
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Backdating - ANSWER- Using anearlier birth dateas the policy effective date to save age -
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backwards up to 6months
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ZoomWords - ANSWER- A list of the important terms to beunderstood inpreparing for the
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insurance exams
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Yearly Renewable Term Insurance (YRT) -ANSWER- The sameas annually renewable term
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(ARTs)
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