Accident And Health Insurance Basics Flashcards
Whose responsibility is it to determine that all the questions on an insurance application are answered?
The agent’s
What is the entire contract in health insurance underwriting?
The application and the policy issued
What is the capital sum in Accidental Death and Dismemberment (AD&D) coverage?
A percentage of the principal sum
Whose responsibility is it to inform an applicant for health insurance about the insurer’s information gathering practices?
The agent
Who must sign a health insurance application?3
The policyowner, the insured (if different), the agent
What do limited health policies cover?
A specified accident or disease
If an insurer decides to obtain medical information from different sources in order to determine the insurability of an applicant, who must be notified of the investigation?
The applicant
When should an agent obtain s Statement of Good Health from the insured?
When the premium was paid upon policy delivery and not at the time of application
In insurance, what is the term used for cause of loss?
Peril
Under a credit disability policy, payments to the creditor will be made for the insurer until what point in time?
Until the period of disability ends or until the debt is repaid
Most health policies will pay the accidental death benefits if the death is caused by an accident and occurs within how many days?
90 days
What type of hospital policy pays a fixed amount each day that the insured is in the hospital?
Hospital indemnity
In medical expense contracts, what is the term that describes the payment method when the insured is responsible for paying medical expenses, and then the insurer pays directly to the insured?
Reimbursement
What is adverse selection?
People who are more likely to submit insurance claims are seeking insurance more often than preferred risks
If an applicant does not receive his or her insurance policy, who would be held responsible?
The agent
