Utah Life and Health Insurance Questions With All Correct Answers!!
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Course
Utah Life and Health Insurance
Institution
Utah Life And Health Insurance
Accident - Answer-A sudden event, unforeseen and unintended
Claim - Answer-A demand for payment under the insurance policy
Absolute assignment - Answer-A transfer by the policy holder of all control and rights to a third party
Accident and Sickness - Answer-Insurance against bodily injury, disab...
Utah Life and Health Insurance Accident - Answer -A sudden event, unforeseen and unintended Claim - Answer -A demand for payment under the insurance policy Absolute assignment - Answer -A transfer by the policy holder of all control and rights to a third party Accident and Sickness - Answer -Insurance against bodily injury, disability or death by accident, or against disability or expense resulting from sickness, and the insurance relating thereto Accidental Means - Answer -The unexpected cause of an accidental bodily injury. Under this definition, which is very restrictive, if you meant to do whatever caused your injury, there is no coverage. Most health insurance policies cover accidental bodily injury, which is much broader, in that it covers accidents regardless of the cause Accumulation at interest option - Answer -A dividend or settlement option under which the policyholder allows his dividends or policy proceeds to accumulate interest with the company. Although the dividends or proceeds are not generally Actuary - Answer -One concern with the application of probability and statistical theory to insurance, utilizing the law of large numbers. ADB Accidental death benefit - Answer -Also known as double indemnity. A rider added to a life policy that will pay double the face amount if the insured dies as a result of the accident, generally within 90 days of the accident. AD&D accidental death and dismemberment insurance - Answer -A limited form of health insurance that covers accident only. It is the only type of health insurance that covers death. AD&D policies do not follow the principle of indemnity, in that they pay in addition to any other coverage the insured has. Adverse selection - Answer -Selection not in favor of the company. The tendency of poorer risks to want insurance more often than standard risks. For example, a person who is already sick would like to buy health insurance. Adverse underwriting decisions, consumer rights - Answer -Under the fair credit reporting act, when an adverse underwriting decision is made, the insurer must provide the applicant or policyholder with specific written reasons for the decision, or advise the individual that specific reasons are available upon written request. Upon receipt of the written request, the insurer must furnish specific regions for the adverse decision and the names and addresses of the sources the provided the information. Agent/producer - Answer -The individual appointed by insurance company to solicit and negotiate insurance contracts on its behalf. Agents or producers represent the company, not the client. Alien company - Answer -And insurer organized and domiciled in a country other than the United States. Annuitant - Answer -The party receiving the benefits of an annuity, similar to the insured on an insurance policy. They usually own the annuity, although you can buy an annuity to benefit another party, who would then be the annuitant. Annuity - Answer -An agreement by an insurer to make periodic payments to continue during the lifetime of the annuitant(s) or for a specified period. These are considered to be the opposite of life insurance, since they pay while you're alive and life insurance pays when you die. Life insurance proceeds create an estate, while these are used to liquidate an estate over a period of time. All these are insurance products and the life insurance license is required. Applicant - Answer -The party making application to the insurance company for the policy. They must provide the insured with the truth to the best of their knowledge, which is known as a representation. Application - Answer -A form on which the prospective insured states facts requested by the insurer and on the basis of which (together with any information from medical examiners, attending physicians, hospitals, investigators, and the producer) the insured decides whether or not to accept the risk, modify the coverage offered, or decline the risk. With premium, the application is considered to be an offer to buy. If attached to the policy at issue, it becomes part of the entire contract. Assignee - Answer -The person to whom policy rights are assigned in whole or in part by the policyholder, who is known as the assignor. On life insurance there are two types of assignment: absolute and collateral.
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