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FLORIDA LIFE AND HEALTH INSURANCE EXAM QUESTIONS
Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: What is a third-party ownership?
Answer:
An insurance arrangement in which the policy owner and the insured are not the same person.
Question 2: Peril
Answer:
Cause of loss
Question 3: What is included in Part 2 of a life insurance application?
Answer:
Medical information about the prospective insured.
Question 4: Who is responsible for the contents of insurance advertisements?
Answer:
The Insurance Company
Question 5: Agent
Answer:
An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer.
Question 6: What is underwriting?
Answer:
The risk selection and classification process.
Question 7: Nonrenewal
Answer:
Termination of a policy by an insurer on the anniversary or renewal date.
Question 8: What entities make up the medical information bureau (MIB)?
Answer:
Insurers
Question 9: Fiduciary
Answer:
A producer who handles insurer's funds in a trust capacity.Question 10: What is name of the process that insurance companies use to determine whether or not an applicant is insurable?
Answer:
Underwriting Question 11: What illegal act does a producer commit what representing a policy in a more favorable light than the policy really is?
Answer:
Misrepresentation
Question 12: Who is an insurance agent?
Answer:
A person authorized to sell, solicit, and negotiate insurance contracts.Question 13: What type of whole life insurance policy only requires a payment of premium at its inception, provides insurance protection for the life of the insured, and endows at the insured's age 100?
Answer:
Single premium whole life.
Question 14: In a joint life policy, when is the death benefit paid?
Answer:
Upon the first death (if first-to-die policy), or upon the second death (if survivor ship policy)
Question 15: What document describes the specific information about a policy?
Answer:
Policy Summary
Question 16: Who must be a member of a state insurance guaranty association?
Answer:
Any authorized insurer within a state.Question 17: If there is no named beneficiary for the annuity benefits, where do the benefits go?
Answer:
Annuitant's estate Question 18: What law protects consumers from the circulation of inaccurate or obsolete information?
Answer:
The Fair Credit Reporting Act.
Question 19: Contract of Adhesion
Answer:
A contract prepared by one party that must be accepted as written or be rejected by the other party.
Question 20: What is an unfair trade practice?
Answer:
Any fraudulent, deceptive, or dishonest business practice that is prohibited by statutes and regulations.
Question 21: Concealment
Answer:
The withholding of known facts that, if material, can void a contract.
Question 22: Who must be notified of the producers change of address?
Answer:
The department of Insurance
Question 23: Adverse Selection
Answer:
The tendency of risk with higher probability of loss to purchase and maintain insurance more often than the risks who represent lower probability of loss.
Question 24: What is the blackout period for Social Security Benefits?
Answer:
A period of time during which the surviving spouse does not receive social security benefits.Question 25: Which of the two types of policy assignments requires transfer of all ownership rights in the policy to a third-party?
Answer:
Absolute Assignment Question 26: What is the term for the causes of loss insured against in an insurance policy?
Answer:
Peril Question 27: What life insurance policy provision prevents an insurer form disputing or denying a claim due to misstatements on the application after a certain period of time?
Answer:
Incontestability Question 28: What is the foundation of statistical prediction of loss upon which rate for insurance are calculated?
Answer:
Law of Large Numbers Question 29: What type of policy issues certificates of insurance to the insurance?
Answer:
Group Policy
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