Aflac Health Insurance Test Questions & Answers Solved 100% Correct!!

Insured - Answer-A person or entity that is covered by the insured includes loss of life, health, property, or liability Owner - Answer-Responsible for paying the policy's premium that has rights under the contract Stockholders - Answer-Owned by stock company Policyholders - Answer-A mutual company put in management to carry out the company's mission Reciprocal Insurance Company - Answer-Group owned insurer whose main activity is risk sharing Lloyds of London - Answer-Consists of groups of underwriters called Syndicates who participate in a certain type of risk Fraternal Benefit Societies - Answer-Social organizations that engage in charitable & benevolent activities that provide life & health insurance to members Risk Retention Groups - Answer-Group owned insurers that primarily assume & spread liability related risks of it's members Self Insurers - Answer-Assume all of financial risk Domicile - Answer-Refers to jurisdiction were the insurer is formed or incorporated Surplus Line Producers - Answer-Place business with unauthorized insurers Voluntary Surrender - Answer-a waiverInsurable Risk - Answer-loss must cause an economic or financial hardship on the insured Foreign - Answer-operating in state, but incorporated in another state Risk Reduction - Answer-Minimizes the chance of loss Conditional Contract - Answer-perform certain duties and follow rules of conduct Not a risk of hazard - Answer-incidental Retention - Answer-Way of managing risk True of insurance - Answer-doesn't eliminate risk The McCarran Ferguson Act of 1945 - Answer-gave states the authority to regulate insurance True of producers - Answer-they issue policies Accident & Health Insurance - Answer-policy covering the perils of injury & sickness Coinsurance - Answer-cost of sharing between insurer and insured as the percentage of claim amount, payable after the duductible has been met Copayment - Answer-stated dollar amount that applies per claim in addition to any other cost sharing Deductible - Answer-the intial amount payable by the insured before insurance benefits apply underwriting factors - Answer-age, gender, tobacco use, occupation and etc