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Life Insurance > General > Flashcards

General Flashcards

0
Q

In which contract is only one party legally bound to the contractual obligations after the premium is paid to the insurer?

A

Unilateral

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1
Q

What word do you automatically associate consideration with?

A

Premium

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2
Q

What is a licensed individual who negotiates insurance contracts with insurance on behalf of the applicant?

A

A Broker

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3
Q

Who determines the probability of loss and sets premium rates?

A

Actuarial department

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4
Q

Who’s responsible for the selections of risk and rating that determines actual policy premiums?

A

Underwriting

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5
Q

Who’s responsibilities include fiduciary duty to the insurer and all respect especially when heavily premiums for insurance policies or application?

A

Producer

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6
Q

What’s the type of authority that is written into the producers contract?

A

Express

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7
Q

Whats the type of authority the public assumes the producer has?

A

Implied

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8
Q

Not wearing a seatbelt is considered what type of hazard?

A

Morale

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9
Q

What are the 5 underwriting condition?

A 
Age
Gender
Tobacco 
Preexisting conditions 
Hazardous occupation
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10
Q

The cost sharing between the customer and the company stated as the percentage of the claim amount paid after the deductible is met?

A

Co insurance

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11
Q

The initial amount paid by the customer before the insurance benefits applies?

A

Deductible

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12
Q

When an agent misleads the public in an advertisement, who is held accountable?

A

The insurer and the agent

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13
Q

Who pays for any reports or medical exams required as part of the underwriting process for insurance?

A

The company

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14
Q

Which type of plan emphasizes preventative medicine and early treatment with prepaid routine medical exam, stress management and diagnostic screening techniques?

A

HMO

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15
Q

Which coverage has the freedom to choose any service provider in the us?

A

PPO

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16
Q

What combines HMO & PPO?

A

POS

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17
Q

An insurance company has a participating policy and the dividends are taxable this is an example of a what company?

A

Stock insurance

18
Q

This regulatory association promotes uniformity of insurance rules across states but has no legal authority to enforce the rules. It is what?

A

NAIC

19
Q

What are the necessary elements of a legal contract?

A

Consideration
Agreement
Acceptance

20
Q

An office that was set up to monitor the insurance industry to try to tailor it to me traditionally undeserved communities and was parts of the Dodd-Frank Wall Street reform was what?

A

Federal insurance office

21
Q

A customer should never gain from a loss, only be returned to their original state, is called what?

A

Principal of indemnity

22
Q

What is not a government sponsored health plan?

A

Medicare Advantage

23
Q

What rider waves the elimination period if the insured is hospitalized during the elimination period!

A

Hospital confinement rider

24
Q

When it comes to underwriting disability income what is the single most important rating factor?

A

Occupation

25
Q

To collect SSDI an employee must be unable to engage in any substantial gainful activity due to a medically determined, physical, or mental condition that has lasted or is expected to last at least how long?

A

12 months

26
Q

What does not cause cobra coverage to end?

A

Employee has used up all 12 months of cobra benefits

27
Q

A high deductible health plan has a high deductible but also does what?

A

Only pays for preventative services into the deductible is met

28
Q

Whats part of a risk retention group

A

Groups must be made up of a large number of homogeneous or similar units

29
Q

What is a self-insurer

A

Self-insurance assume all of the financial risk without transferring the risk to an insurer

30
Q

What is the disability income policy?

A

Pays in benefits, weekly or monthly, when an insured is unable to work due to illness or injury

31
Q

What happens to benefits during a business overhead expense?

A

Benefits received our taxable to the business owner and must be reported as income

32
Q

What happens to benefits during the key person disability insurance

A

The premiums are not deductible to the business nor are the benefits received tax free

33
Q

Group Disability income insurance is usually offered how?

A

Only on a non-occupational basis which will not cover work related disabilities

34
Q

What is the principal sum an accidental death and dismemberment?

A

The principal some will be paid if the insured dies due to an accident within 90 days from the date of the accident.

35
Q

HMOs does what?

A

Emphasizes preventative medicine and early treatment with prepaid routine medical exams, stress management and diagnostic screening techniques

36
Q

What does a primary care physician do

A

Monitor healthcare needs and helps to control cost by not recommend unnecessary services

37
Q

What does PPO do

A

PPOs are an arrangement under which a selected group of independent hospitals and medical practitioners in a certain area, agree to provide service to subscribers at a prearranged costs

38
Q

What does basic medical expense do?

A

Pays for Office visits, diagnostic x-rays, laboratory charges, and ambulance expenses when not hospitalized

39
Q

What’s basic hospital expense

A

Pays for hospital room and board and miscellaneous hospital expenses

40
Q

Who receive the master policy in group insurance

A

The group sponsor

41
Q

What is a conversion privilege

A

A conversion privilege allows an employee to convert the group coverage to an individual policy without proof of insurability

42
Q

Cobra coverage may continue for dependents of to how many months

A

36

43
Q

Hippa was designed for what

A

Provide coverage for people with pre-existing condition

Life Insurance (2 decks)

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