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Life and Health Insurance Exam Webce
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Life and Health Insurance Exam Webce
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Life and Health Insurance ExamWebce
Risk - -Chance of loss
-Loss - -Unplanned reduction of economic value
-Peril - -cause of loss
-Hazard - -a condition that increases the chance of peril
-Risk Transfer - -buying insurance to shift the risk to insurance company
-Underwriting - -assessing applicant to determine insurability
-Adverse Selection - -people with greater risk of loss trying to buy insurance
-Mutual Companies - -owned by policyholders and issue participating
polices dividends which aren't guaranteed or taxable
-Stock Companies - -Owned by stockholders whose stock can be publicly
traded and pay dividends that are taxable
-Federal Insurance Programs - -Medicare and Social Security
-State Insurance Programs - -Medicaid and Workers' comp
-Producers Authority - -Expressed
Implied
Apparent
-Required Disclosures - -Buyer's guide and policy summary
-Offer - -signed application and initial premium
-Acceptance - -issuing of policy as applied for by insurer
-Contract of Adhesion - -ambiguities in the contract that are interpreted to
the benefit of the policyowner
-Representations - -applicants truthful statements on application
-Ways to manage risk - -Transfer
Avoid
, Retain
Reduce
Share with others
-Speculative Risk - -result in loss or gain, noninsurable
-Moral Hazard - -character weakness like habits or lifestyle
-Morale Hazard - -State of mind or carless attitude
-Physical Hazard - -physical condition that increases ones less like heavy
drinking or smoking
-Managed Care Service Providers - -blend of commercial and medical
insurance like blue cross blue shield
-Fraternal benefit society - -An organization formed to provide insurance
benefits for affiliated members
-Self Insurer - -large companies that can cover losses, must follow laws and
pay for itself
-Risk Retention groups - -Self-run insurance programs set up by insurance
companies to do own admin tasks
-Surplus Line insurers - -property and causality market for insurance not
covered by state
-Reinsurance - -The transfer of insurance risk from one insurer to another
through a contractual agreement
-Difference between Admitted and Non-admitted insurers - -certification to
due business in that state
-Five elements of legal contract - -offer
acceptance
consideration
competent parties
legal purpose
-Insurable Interest - -financial interest between applicant and insured when
policy is created
-Types of personal relationships with automatic insurable interest - -
Individuals and self
spouses
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