Idaho Health Insurance UPDATED Exam
Questions and CORRECT Answers
Agen/Producer - Correct Answer- a person who acts for another person or entitty known as
the principal with regard to contractual arrangements with third parties; a legal rep of an
insurance company
Agent/angency contract - Correct Answer- a contract that is held between an insurer and an
agent/producer, containing the expressed authority given to the agent/producer, outlining the
duties and responsibilities to the principal.
Applican or proposed insured - Correct Answer- a person who requests or seeks insurance
from an insurer
Death benefit - Correct Answer- the amount paid when a claim is issued against a policy of
insurance
insurance policy - Correct Answer- a contract between a policyowner and an insurance who
may or may not be the applicant or policyowner
insured - Correct Answer- the person covered by the policy of insurance who may or may not
be the applicant or policyowner
insurer - Correct Answer- the company who issues a policy of insurance
life insurance - Correct Answer- a coverage upon a person's life, and granting, purchasing or
disposing of annuities
policyowner - Correct Answer- the person who is entitled to exercise the rights and privileges
in the policy and who may or may not be the insured
premium - Correct Answer- the money paid to the insurance company for the policy of
insurance
, agent, applicant, and the proposed insured - Correct Answer- people who must sign the
application
Paramedical report - Correct Answer- completed by a paramedic or a registered nurse
Attending Physician's Statement - Correct Answer- completed by a medical practitioner who
treated the applicant for a prior medical problem
paramedical report or attending physician's statement - Correct Answer- two test that can be
required for applicants
Info from Medical Info Bureau - Correct Answer- Non profit organization consisting of
insurance companies that maintain confidential medical records for comapnies to compare. A
person cannot be denied because of their MIB report
Fair Credit REporting Act - Correct Answer- 1971, protects consumers against the circulation
of inaccurate or obsolete info
Consumer reports - Correct Answer- written and/or oral info regarding a consumer's
credit,character, reputation, or habits collected by a reporting agency from employment
records, credit reports, and other public sources
Investigative Consumer Reports - Correct Answer- similar to consumer reports but the info is
gathered through interviewing people associated with the consumer
Initial Premium - Correct Answer- collected for a health insurance policy and sent to the
insurer with the application
Conditional receipt - Correct Answer- given to the applicant by the agent, coverage does not
start until the insurer has approved the application and issued the policy
Agent Responsiblities - Correct Answer- 1.Check application to make sure all questions have
been answered,
2. deliver the policy to the insured and collect any premium that may be due,
Questions and CORRECT Answers
Agen/Producer - Correct Answer- a person who acts for another person or entitty known as
the principal with regard to contractual arrangements with third parties; a legal rep of an
insurance company
Agent/angency contract - Correct Answer- a contract that is held between an insurer and an
agent/producer, containing the expressed authority given to the agent/producer, outlining the
duties and responsibilities to the principal.
Applican or proposed insured - Correct Answer- a person who requests or seeks insurance
from an insurer
Death benefit - Correct Answer- the amount paid when a claim is issued against a policy of
insurance
insurance policy - Correct Answer- a contract between a policyowner and an insurance who
may or may not be the applicant or policyowner
insured - Correct Answer- the person covered by the policy of insurance who may or may not
be the applicant or policyowner
insurer - Correct Answer- the company who issues a policy of insurance
life insurance - Correct Answer- a coverage upon a person's life, and granting, purchasing or
disposing of annuities
policyowner - Correct Answer- the person who is entitled to exercise the rights and privileges
in the policy and who may or may not be the insured
premium - Correct Answer- the money paid to the insurance company for the policy of
insurance
, agent, applicant, and the proposed insured - Correct Answer- people who must sign the
application
Paramedical report - Correct Answer- completed by a paramedic or a registered nurse
Attending Physician's Statement - Correct Answer- completed by a medical practitioner who
treated the applicant for a prior medical problem
paramedical report or attending physician's statement - Correct Answer- two test that can be
required for applicants
Info from Medical Info Bureau - Correct Answer- Non profit organization consisting of
insurance companies that maintain confidential medical records for comapnies to compare. A
person cannot be denied because of their MIB report
Fair Credit REporting Act - Correct Answer- 1971, protects consumers against the circulation
of inaccurate or obsolete info
Consumer reports - Correct Answer- written and/or oral info regarding a consumer's
credit,character, reputation, or habits collected by a reporting agency from employment
records, credit reports, and other public sources
Investigative Consumer Reports - Correct Answer- similar to consumer reports but the info is
gathered through interviewing people associated with the consumer
Initial Premium - Correct Answer- collected for a health insurance policy and sent to the
insurer with the application
Conditional receipt - Correct Answer- given to the applicant by the agent, coverage does not
start until the insurer has approved the application and issued the policy
Agent Responsiblities - Correct Answer- 1.Check application to make sure all questions have
been answered,
2. deliver the policy to the insured and collect any premium that may be due,
