Chapt 8 Health Insurance Flashcards
Under your credit disability policy payment to the creditor will be made for the insurer until what point in time?
Until the period of disability ends or until the debt re-paid
Who is the field underwriter?
Agent/producer (ME)
What are two types of expenses that are covered by health insurance?
Expenses related to healthcare and expenses that compensate for loss of income
In insurance, what is the term used for cause of loss?
Peril
When should an agent obtain a statement of good health from the insured?
When the premium was made upon policy delivery and not at the time of application
Who is responsible for paying the cost of medical examinations required in processing of underwriting?
The insurer
What is the capital sum of accidental death and dismemberment AD&D coverage?
Percentage of the principal sum
Who’s responsibility? Is it to inform an applicant for health insurance about the insurance information gathering practices?
The agent
What is the entire contract in health insurance underwriting?
The application and the policy issued
What type of hospital policy pays a fixed amount each day that the insurer is in the hospital is called?
Hospitality indemnity
in health insurance, what is considered a sickness?
An illness that first arises while the policy is enforced
If an applicant does not receive their new insurance policy, who would be held responsible?
Agent
Who’s responsibility? Is it to determine all the questions on the Insurance applications are answered.?
Agent
In medical expense contracts, what is the term that describes the payment method when the insured is responsible for paying the 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 risk
In health insurance, the policy itself and the insurance application forms what?
The entire contract
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
If an agent makes a correction on application for health insurance, who must initial the correct answer?
The applicant
What does limited health policies cover?
A specific accident or disease
Who must signed a health insurance application?
The policy owner, the insured is different and the agent
During the application process for health insurance, a producer is trying to obtain credible information about the applicant that would help underwriters determine is the risk is insurable? In what role is the producer acting?
Field underwriter
What is the term used for written request for an insurer to issue an insurance contract based on the provided information?
Application
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
During which stage in the insurance process does the insurer evaluate information that identifies adverse selection, risk?
Underwriting
