2024 FLORIDA LIFE HEALTH AND ANNUITIES 215 450 QUESTIONS AND CORRECT DETAILED ANSWERS 2023-2024 UPDATE ALREADY A GRADED|NEW!!
Accidental death
... [Show More] benefit rider - CORRECT ANSWER✔✔Twice (or three times) the benefit will be paid if the insured dies in an accident
Accidental dismemberment - CORRECT ANSWER✔✔Loss of a body part-state test actual loss not just loss of use
Accidental means provision - CORRECT ANSWER✔✔Benefit only paid when the insured was not in control of the accident
Accidental results provision - CORRECT ANSWER✔✔Benefit paid when accident occurred because of any means; it just happened!
Accident and health insurance - CORRECT ANSWER✔✔Coverage for an insured disabled by accident or illness
Accumulation unit - CORRECT ANSWER✔✔Purchased by premiums paid into variable annuity during the annuitants working years
Acute illness - CORRECT ANSWER✔✔The one category of serious illness where the patient can fully recover
Adhesion - CORRECT ANSWER✔✔Where all specifications of forms, brochures, and contracts are pre-approved by the state
Adjustable life insurance - CORRECT ANSWER✔✔A combination term and whole life policy where it is easy to change various factors
Administration services only (ASO) - CORRECT ANSWER✔✔Insurance company insists only with the paperwork for self-insureds
Admitted insurer - CORRECT ANSWER✔✔Company approved, authorized, admitted, certified to do business in the state
Adult daycare - CORRECT ANSWER✔✔Where Alzheimers or similar patients can be monitored and receive care during the day
Adverse selection - CORRECT ANSWER✔✔poor choices made by an underwriter when selecting risks
Advertising code - CORRECT ANSWER✔✔What's ok and what's NOT okay in advertising... found inside the Unfair Trade Practices Act
Agency - CORRECT ANSWER✔✔An office established for the purpose of selling insurance within the state
ZoomWords - CORRECT ANSWER✔✔A list of the important terms to be understood in preparing for the insurance exams
Yearly Renewable Term Insurance (YRT) - CORRECT ANSWER✔✔The same as annually renewable term (ARTs)
Absolute assignment - CORRECT ANSWER✔✔Ownership is assigned to another person permanently unless intentionally returned
Accelerated benefits rider - CORRECT ANSWER✔✔Providing death benefits ahead of time of death when insured is terminally ill
Acceptance - CORRECT ANSWER✔✔Offer has been made and accepted by the company, or by the client if counter-offer was made
Accidental bodily injury provision - CORRECT ANSWER✔✔Benefits payable when injured by accidental means
Accidental death and dismemberment - CORRECT ANSWER✔✔A plan specifically for accidental death or loss of body parts
Agent - CORRECT ANSWER✔✔Any licensed person who solicits insurance on behalf of an insurance company
Agent's report - CORRECT ANSWER✔✔Part 3 of the application where the agent enters his/her comments regarding the transaction
Aleatory - CORRECT ANSWER✔✔A chance/risk for both of the parties. It never works out to be equal
Alien insurer - CORRECT ANSWER✔✔Insurance company is located outside the USA
Ambulatory surgery - CORRECT ANSWER✔✔A neighborhood clinic commonly less expensive than the costs from a hospital
American agency system - CORRECT ANSWER✔✔the same as the independent agency system
Annually renewable term (ART) - CORRECT ANSWER✔✔A term policy where the premium gradually increases annually by age
Annuitant - CORRECT ANSWER✔✔The owner of an annuity
Annuity - CORRECT ANSWER✔✔A savings product created for the purpose of a lifetime income - liquidating a sum of money
Annuity units - CORRECT ANSWER✔✔The calculated value of the payout portion of the contract in a variable annuity
Any occupation - CORRECT ANSWER✔✔The category of work where the insured is able to perform some/any occupation
Apparent authority - CORRECT ANSWER✔✔Based on what the company has provided to their agents -they can use the material
Application - CORRECT ANSWER✔✔Used to ask questions to provide underwriters with a means of determining data and risks
Appointment - CORRECT ANSWER✔✔A licensed agent must also be appointed by their company in order to sell insurance
Approval receipt - CORRECT ANSWER✔✔A conditional receipt, which becomes effective only when approved by the insurer
Assessment mutual insurer - CORRECT ANSWER✔✔An insurer, which assesses other policyholders when a claim occurs
Assignment - CORRECT ANSWER✔✔A policy can be assigned to a different owner without approval from beneficiaries or the insurer
Attained age - CORRECT ANSWER✔✔When converting from a term to whole life policy and using the current age reached
Authority - CORRECT ANSWER✔✔Agent receives expressed (written), implied (business), apparent (what the company has provided)
Authorized company - CORRECT ANSWER✔✔see admitted company [Show Less]