Study guides, Class notes & Summaries

The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: Reserves An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the: Fair Credit Reporting Act A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: A fraternal benefit society What I the name...

A medical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as Usual, customary and reasonable What provision would prevent an insurance company from paying a reimbursement claim to someone other than the policyowner? Payment of Claims All of the following are true about gr...

Which of the following statements regarding the tax treatment of medical expense insurance premiums and benefits is correct? - premiums are not deductible and benefits are taxable - premiums are not deductible and benefits are not taxable - premiums may be deductible as an unreimbursed medical expense and benefits are taxable - premiums may be deductible as an unreimbursed medical expense and benefits are not taxable - premiums may be deductible as an unreimbursed medical expense and benef...

Which of the following is NOT a form of medical insurance? -Business overhead expense -Surgical expense -Hospital expense -Long term care - Business overhead expense (Explanation:Business Overhead Expense insurance is designed to reimburse a business for overhead expenses in the event a business owner becomes disabled. Expenses such as rent, utilities, telephone, equipment, employees' salaries, etc.) All of the following are state or federal government programs that provide health insura...

Rules of Construction - Help to identify and establish the intent of the parties to the contract Utmost good faith - Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract - A contract under which one party's performance is contingent on an uncertain event. property and casualty agent - has the power to bind the insurer Adhe...

The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: - Reserves An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the: - Fair Credit Reporting Act A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: - A fraternal benefit society What I the name of the l...

Nursing home care act became effective in - 1980 State agency that enforced nursing home care act - Public health Annual license renewal for skilled and intermediate care facilities - 6 to 18 months To qualify for two year license must have - An average occupancy rate of 90% or more for previous 24 months Two year license can be issued and renewed - 18 to 30 months Term Intermediate care facility can use in their title - Nursing home Skilled and intermediate care facilities code a...

Under the Affordable Care Act, which classification applies to health plans based on the amount of covered costs? Metal level classification. Other than conditions stipulated by the Director, what is a permissible reason for an HMO to cancel or not renew an enrollee's contract? Failure to pay monthly premiums. According to the PPACA rules, what percentage of health care costs will be covered under a bronze plan? 60% Which of the following offers limited health care plans, in which som...

What are the four elements of an insurance contract? - 1. agreement- offer and acceptance 2. consideration 3. competent parties 4. legal purpose What does representation mean and how does it differ from a warranty? - representations are statements believed to be true to the best of one's knowledge. A warranty is an absolutely true statement upon which the validity of the insurance policy depends How can an insurance company use the information it obtains from the MIB? - it can use M...

First Dollar coverage - -basic medical insurance -no deductible Basic hospital expense - -policy states that the max daily room and board benefit is $500 per day for 30 days. -surgery not covered Usual Customary and reasonable (UCR) - -insurer calculates by averaging the cost of a specific surgery in a defined geographic area. -if actual charge is more, policyowner pays the difference Major medical expense plan - -designed to provide broad coverage under one policy -low benefit limit...

How is the binder deposit shown on the Closing Disclosure Form? - >>credit to the buyer what is the status of a sales associates license if he does not complete the required post licensing education prior to his first renewal section? - >>null and void Mortagee - >>lender when you sell or transfers - >>due on sale 2 mortgage clauses - >>due on sale clause, acceleration clause acceleration clause - >>the buyer defaulted government insured loan - >&gt...

Agent/Producer - ANSWERS-A legal representative of an insurance company Broker - ANSWERS-An insurance producer not appointed by an insurer and whom represents the client Insured - ANSWERS-A person covered by an insurance policy Insurance policy - ANSWERS-A legal contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured/beneficiary for losses caused by specific events Principal - ANSWERS-Insurer, company who issues insurance policies Policyow...