Missouri Health insurance Questions and Answers(A+ Solution guide)

Consideration - something of value that each party gives to the other Warranty - absolutely true statement upon which the validity of the policy rests Representation - statements believed to be true to the best of one's knowledge but not guaranteed to be true. misrepresentations - untrue statements that void the policy material misrepresentation - a statement that, if discovered, would alter an insurance company's underwriting decision. Intentional misrepresentation - Considered fraud by Missouri law. Conditional contract - certain conditions must be met by the policy owner and company in order for the contract to be executed and before each party fulfills its obligation. Unilateral contract - only one party is legally bound to do anything. Adhesion - a contract drawn up by one party that is accepted or rejected as is by the other party. There is no negotiation. Aleatory - an exchange of unequal amounts or values. Medical Information Bureau - Information database that stores the health histories of individuals that have applied for health insurance.Accidental bodily injury - an unforeseen and unintended injury that resulted from an accident rather than an illness. Cafeteria plan - type of employee benefit plan that allows insureds to choose between different types of benefits. Cancellation - termination of an in-force policy by either the insured or insurer prior to the expiration date shown in the polic