Beneficiary principle Study guides, Revision notes & Summaries

Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam When can a policy owner change a revocable beneficiary? Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? Revocable How would a contingent beneficiary receive the policy proceeds in a...

Beneficiary correct answer: The person who receives the benefits from the policy of insurance. Insurance correct answer: Transfers risk of loss from an individual or business entity to an insurance company. Which in turn spreads the costs of unexpected losses to many individuals. Agent/Producer correct answer: A person who acts for another person or entity known as the principle with regards to contractual arrangements with third parties; a legal representative of an insurance company. ...

Comprehensive notes on Equity and Trust Law in the UK, on the beneficiary principle.

3-Day Rule correct answer: a requirement that all diagnostic or outpatient services furnished in connection with the principle admitting diagnosis within three days prior to the hospital admission are bundled with the inpatient services for Medicare billing 837I correct answer: the American National Standards Institute transaction for an institutional claim; as a result of HIPAA, it is replacing the electronic UB-04. 837P correct answer: a former American National Standards Institute tr...

When can a policy owner change a revocable beneficiary? - correct answer Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? - correct answer Revocable How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - correct answer If the primary beneficiary dies before the insu...

A producer who is acting as an agent is representing: A The insured, the applicant and the beneficiary B Always the insured C The insured and the insurer D Always the insurer - CORRECT ANSWER-D In order to be valid, a contract must be between individuals considered legally able to enter into an agreement. This principle is known as: A Restricted persons B Considerations C Competent partie

A producer who is acting as an agent is representing: A The insured, the applicant and the beneficiary B Always the insured C The insured and the insurer D Always the insurer - Answer- D In order to be valid, a contract must be between individuals considered legally able to enter into an agreement. This principle is known as: A Restricted persons B Considerations C Competent parties D Agreement - Answer- C A company that is licensed to sell insurance in a pa...

RMIN 4000 UGA Brown Exam 3 Latest Version Graded A+ principle of indemnity The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as historical cost!) actual cash value (ACV) - replacement cost - depreciation - in property insurance, indemnification is usually based on the actual cash...

3-Day Rule - ANSWER a requirement that all diagnostic or outpatient services furnished in connection with the principle admitting diagnosis within three days prior to the hospital admission are bundled with the inpatient services for Medicare billing 837I - ANSWER the American National Standards Institute transaction for an institutional claim; as a result of HIPAA, it is replacing the electronic UB-04. 837P - ANSWER a former American National Standards Institute transaction for a professi...

A producer who is acting as an agent is representing: A The insured, the applicant and the beneficiary B Always the insured C The insured and the insurer D Always the insurer - correct answerD In order to be valid, a contract must be between individuals considered legally able to enter into an agreement. This principle is known as: A Restricted persons B Considerations C Competent parties D Agreement - correct answerC A company t