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Insurance > Accident Health Or Sickness Ins Basics > Flashcards

Accident Health Or Sickness Ins Basics Flashcards

1
Q

Under a credit disability policy, payments to the creditor will be made for the insurer until what point in time?

A

Until the period of disability ends or until the debt is repaid

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2
Q

Who is a field underwriter?

A

Agent/producer

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3
Q

Most health policies will pay the accidental death benefits if the death is caused by an accident and occurs within how many days?

A

90 days

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4
Q

What is the term used for a written request for an insurer to issue an insurance contract based on the provided information?

A

Application

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5
Q

What is adverse selection?

A

People who are more likely to submit insurance claims are seeking insurance more often than preferred risks

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6
Q

What is the capital sum in accidental death and dismemberment coverage?

A

A percentage of the principal sum

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7
Q

What is the entire contract in health insurance underwriting?

A

The application and the policy issued

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8
Q

In health insurance, what is considered a sickness?

A

An illness that first arises while the policy is in force

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9
Q

Who is responsible for paying the cost of a medical examination required in the process of underwriting?

A

Insurer

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10
Q

Who must sign a health insurance application?

A

The policyowner, the insured (if different), and the agent

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11
Q

What are the two types of expenses covered by health ins?

A

Expenses related to health care, and expenses that compensate for loss of income

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12
Q

What type of hospital policy pays a fixed amount each day that the insured is in the hospital?

A

Hospital indemnity

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13
Q

In health insurance, the policy itself and the insurance application form what?

A

The entire contract

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14
Q

During which stage in the insurance process do insurers evaluate information that identifies adverse selection risks?

A

Underwriting

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15
Q

What do limited health policies cover?

A

A specified accident or disease

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16
Q

When should an agent obtain a statement of good health from the insured?

A

When the premium was paid upon policy delivery and not at the time of application

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17
Q

If an agent makes a correction on the application for health insurance, who must the initial the correct answer?

A

The applicant

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18
Q

Under an individual disability income policy, the benefits must be paid on at least what schedule?

A

Monthly

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19
Q

What health policy provision defines the insureds duty to provide the insurer with reasonable notice in the event of loss?

A

Notice of claim

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20
Q

What will determine the length of the grace period in a health insurance policy?

A

The mode of the premium payment

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21
Q

What health policy renewability provision allows the insurer to terminate coverage for any reason, and to increase the premiums for any class of insureds?

A

Optionally renewable

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22
Q

What health policy provision prevents the insured from bringing a lawsuit against the insurance company for at least 60 days after proof of loss is provided?

A

Legal actions

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23
Q

What health policy provision states to whom the claim benefits must be paid?

A

Payment of claims

24
Q

Who pays the expense for an autopsy under the physical examination and autopsy provision?

A

The insurer

25
Q

Who decides which optional provisions would be included in a health policy?

A

The insurance company

26
Q

Health policy provision that allows the insured a period of time to examine the policy and determine whether or not to keep it?

A

Free-look period

27
Q

What renewability provision will most likely appear on a travel accident policy?

A

Period of time

28
Q

Monthly premium payment grace period length?

A

10 days

29
Q

What will happen if there is no payment during the grace period?

A

The policy will be cancelled

30
Q

If a health ins policy has a 31 day grace period, what does that mean?

A

The policy remains in effect for 31 days after the premium is due and not paid

31
Q

How will changing one’s occupation to be more hazardous affect the health insurance policy in force?

A

Claim benefits will be reduced to what the premium would have bought for a more hazardous occupation

32
Q

When can an irrevocable beneficiary be changed?

A

With the written consent of the beneficiary

33
Q

According to the reinstatement provision, once a lapsed policy is reinstated, how soon will coverage be available for accidents?

A

Immediately

34
Q

According to the time limit on certain defenses provision in health insurance policies, when can an insurer contest fraudulent misstatements on a health insurance application?

A

Any time while the policy is in force

35
Q

What is the name of the act by the insured to voluntarily give up insurance?

A

Cancellation

36
Q

What health policy provision allows the insurer to non renew health coverage if certain events occur?

A

Conditionally renewable

37
Q

What health insurance policy provision describes the insureds right to cancel coverage?

A

Renewability provision

38
Q

What does the free look period allow the insured to do?

A

Return the policy for a full refund of premium within a specific time period, usually 10 days

39
Q

Insurance is defined as the transfer

A

of pure risk to the insurance company in return for a premium

40
Q

Pure risk is

A

the chance of loss without any gain

41
Q

Risk is

A

the chance of loss

42
Q

A condition that could result in loss

A

Exposure

43
Q

Hazard

A

something that increases the chance of loss

44
Q

A peril

A

cause of loss such as a fire

45
Q

To be insurable losses must be

A

Calcuable

46
Q

This allows insurers to predict claims more accurately

A

Law of large numbers

47
Q

Most insurers buy what to protect themselves in the event of catastrophic loss

A

Reinsurance

48
Q

Are insurance laws required to be the same from state to state?

A

No

49
Q

An offer is

A

A specific and definite proposal to enter into a contract

50
Q

Does consideration on a policy need to be equal?

A

No

51
Q

Under the consideration clause what must be exchanged?

A

Something of value

52
Q

Are stock insurer dividends guaranteed?

A

No

53
Q

Who manages a reciprocal ins co?

A

An attorney in fact

54
Q

Reciprocal insurer

A

Unincorporated association of individuals who insure each other

55
Q

A foreign company has their home office where

A

Another state

56
Q

Company incorporated outside the US

A

Alien

Insurance (17 decks)

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