XCEL SOLUTIONS LATEST EXAM TEST PAPER
QUESTIONS AND ANSWERS SURE A+
✔✔Group Life - ✔✔a type of insurance contract setting forth the amount of initial and
renewal premiums and frequency of future payments.
✔✔Consideration - ✔✔the part of an insurance contract setting forth the amount of
initial and renewal premiums and frequency of future payments. Consideration is often
said to include the initial premium and completed application for insurance. In other
words, the applicant is saying, "please CONSIDER me for insurance, here is my initial
premium, my completed application, and how much/how often I agree to pay in the
future. Please CONSIDER me."
✔✔The Insuring Agreement (Insuring Clause, Insurance Provision) - ✔✔the portion of
the insurance policy in which the insurer promises to make payment to or on behalf of
the insured. It states the scope and limits of coverage. The insuring agreement is
actually contained in a coverage form from which a policy is constructed. In other words,
it is the insurance company saying, "We ensure to INSURE you under these conditions
for this amount."`
✔✔Health Insurance - ✔✔a general way of describing insurance against loss through
sickness or accidental bodily injury. It is also called accident and health, accident and
sickness, sickness and accident, or disability insurance. It is important to remember the
general term "health insurance" applies to many different types of insurance, not just the
medical insurance that pays for doctor and hospital visits.
✔✔Disability (income) Insurance - ✔✔a form of insurance that insurers the beneficiary's
earned income against the risk that a disability creates a barrier for a worker to
complete the core functions of their work. Although disability insurance is designed to
protect one's income, there are typically rules and regulations in place limiting the
benefits of a disability policy to one's income level, and typically only allowing protection
for a portion of their income.
✔✔Medical expense - ✔✔insurance pays benefits for nonsurgical doctors' fees
commonly rendered in a hospital; sometimes pays for home and office calls.
✔✔Entire Contract - ✔✔an insurance policy provisions stating that the application and
policy contain all provisions and constitute the entire contract.
✔✔Notice of Claim - ✔✔a policy provision that describes the policy owner's obligations
to provide notification of loss to the insurer within a reasonable period of time. Notice of
claim only requires the insurance company be NOTIFIED of a loss, it does not require
that proof of the loss.
QUESTIONS AND ANSWERS SURE A+
✔✔Group Life - ✔✔a type of insurance contract setting forth the amount of initial and
renewal premiums and frequency of future payments.
✔✔Consideration - ✔✔the part of an insurance contract setting forth the amount of
initial and renewal premiums and frequency of future payments. Consideration is often
said to include the initial premium and completed application for insurance. In other
words, the applicant is saying, "please CONSIDER me for insurance, here is my initial
premium, my completed application, and how much/how often I agree to pay in the
future. Please CONSIDER me."
✔✔The Insuring Agreement (Insuring Clause, Insurance Provision) - ✔✔the portion of
the insurance policy in which the insurer promises to make payment to or on behalf of
the insured. It states the scope and limits of coverage. The insuring agreement is
actually contained in a coverage form from which a policy is constructed. In other words,
it is the insurance company saying, "We ensure to INSURE you under these conditions
for this amount."`
✔✔Health Insurance - ✔✔a general way of describing insurance against loss through
sickness or accidental bodily injury. It is also called accident and health, accident and
sickness, sickness and accident, or disability insurance. It is important to remember the
general term "health insurance" applies to many different types of insurance, not just the
medical insurance that pays for doctor and hospital visits.
✔✔Disability (income) Insurance - ✔✔a form of insurance that insurers the beneficiary's
earned income against the risk that a disability creates a barrier for a worker to
complete the core functions of their work. Although disability insurance is designed to
protect one's income, there are typically rules and regulations in place limiting the
benefits of a disability policy to one's income level, and typically only allowing protection
for a portion of their income.
✔✔Medical expense - ✔✔insurance pays benefits for nonsurgical doctors' fees
commonly rendered in a hospital; sometimes pays for home and office calls.
✔✔Entire Contract - ✔✔an insurance policy provisions stating that the application and
policy contain all provisions and constitute the entire contract.
✔✔Notice of Claim - ✔✔a policy provision that describes the policy owner's obligations
to provide notification of loss to the insurer within a reasonable period of time. Notice of
claim only requires the insurance company be NOTIFIED of a loss, it does not require
that proof of the loss.
