Webce Life and Health Exam Questions and Answers 100% Solved
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Course
WebCE
Institution
WebCE
Webce Life and Health Exam Questions
and Answers 100% Solved
Representations and Warranties - Representations are statements the
applicant makes on an application that are deemed to be true to the
applicant's best knowledge. Warranties are statements the insurer makes
in the contract.
Underwr...
state is said to be an___________ insurer in that state.
Express, Implied, and Apparent Authority - ✔✔Express authority—The right
to sign an application as an agent for the insurer.
Implied authority—Using a computer program to identify insurance needs
and to recommend solutions.
Apparent authority—Advising the applicant to not disclose on the
application any important health facts that might reduce his or her
insurability.
Indemnity vs. Valued Contract - ✔✔Two forms of insurance contract. An
indemnity contract bases policy benefits on reimbursement of actual
losses. A valued contract bases benefits on a stated amount without regard
for the value of the loss.
Loss - ✔✔An unplanned reduction in economic value resulting from the
occurrence of a covered peril.
Medicare - ✔✔A federal insurance program that provides medical care
benefits to covered workers (retirees).
Underwriting - ✔✔The process by which an insurance company assesses
an application to determine if it represents an insurable risk.
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