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Florida Life and Health Insurance Study Guide
By ExamNavigator
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Florida Life and Health Insurance Study Guide
- Insured
Answer: The person covered by the insurance policy.
- Rider
Answer: A written modification attached to a policy that increases or decreases coverage and/or premiums.
- What is a unilateral contract?
Answer: A contract in which only one of the parties is legally bound to fulfill its obligations.
- What law protects consumers from the circulation of inaccurate or obsolete information?
Answer: The Fair Credit Reporting Act.
- What are the three types of agent authority?
Answer: Implied, Express, and Apparent.
- Agent
Answer: An individual who is licensed to sell, negotiate, or effect insurance con- tracts on behalf of the insurer.
- What is name of the process that insurance companies use to determine whether or not an
applicant is insurable?
Answer: Underwriting
- The requirement that agents must account for and promptly remit all insurance funds
collected is known as what type of agent responsibility?
Answer: Fiduciary
- What is a third-party ownership?
Answer: An insurance arrangement in which the policy owner and the insured are not the same person.
- Suitability
Answer: Factors that determine if an insurance product is appropriate for a particular customer.
- Premium
Answer: A payment by the policy owner to the insurance company to keep the policy in force.
- Disclosure
Answer: Providing sufficient information to help someone make informed decision. 2 / 3
- An agent offer a client free tickets to a sporting event in exchange for the purchase of an
insurance policy. What is the agent guilty of?
Answer: Rebating
- If an insurer meets the states financial requirements and is approved to transact business
in the state, it is considered what type of insurer?
Answer: Authorized
- What information are the members of the medical information bureau required to report?
Answer: Adverse medical information about the applicants or insureds.
- What type of beneficiary can be changed at any point by the policy own- er?
Answer: Revocable
- What document describes the specific information about a policy?
Answer: Policy Summary
- What is the term for the causes of loss insured against in an insurance policy?
Answer: Peril
- Whom does an insurance agent represent?
Answer: Insurance Company
- What is an unfair trade practice?
Answer: Any fraudulent, deceptive, or dishonest business practice that is prohibited by statutes and regulations.
- Insurer
Answer: The company that issues an insurance policy.
- Peril
Answer: Cause of loss
- Contract of Adhesion
Answer: A contract prepared by one party that must be accepted as written or be rejected by the other party.
- What are the four elements of an insurance contract?
Answer: Agreement (Offer and Acceptance), consideration, competent parties, and legal purpose.
- Policy Provision
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Answer: A clause that stipulates the rights and obligations under an insurance contract.
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