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Utah Health Insurance Exam Questions With All Correct Answers!! CA$11.45   Add to cart
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Utah Health Insurance Exam Questions With All Correct Answers!!
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Insurance - Answer-Transfer of risk. Types of risk - Answer-Pure and Speculative Pure Risk - Answer-A chance of loss or no loss, but no chance of gain. The ONLY type of insurable risk. Speculative Risk - Answer-Chance of loss or gain. CANNOT be insured. (Example: Buying stock in the stock marke...

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  • March 19, 2024
  • 29
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • utah health insurance

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  • Utah Health Insurance
  • Utah Health Insurance

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Utah Health Insurance Exam Insurance - Answer -Transfer of risk. Types of risk - Answer -Pure and Speculative Pure Risk - Answer -A chance of loss or no loss, but no chance of gain. The ONLY type of insurable risk. Speculative Risk - Answer -Chance of loss or gain. CANNOT be insured. (Example: Buying stock in the stock market) Types of Hazards - Answer -Physical, Moral and Morale Physical Hazard - Answer -A physical condition that increases the chance of loss. Moral Hazard - Answer -Dishonesty or character defects in an individual that increase the frequency or severity of loss (Example: Applicant lies on insurance application) Morale Hazard - Answer -Through carlessness or irresponsible actions an increase in the possibilty of a loss. (Example: Not cutting down a tree branch that might fall on your house because you have insurance if it does) Perils - Answer -causes of loss insured against in an insurance policy Avoidance - Answer -Eliminating exposure to a loss (not driving so you won't get in a car accident) retention - Answer -Planned assumption of risk through the use of deductibles, co -payments, or self -
insurance. reduction - Answer -Actions such as installing smoke detectors to reduce the risk of loss from fire or getting an annual physical to help prevent/detect health problems early. Transfer - Answer -Transferring the risk of loss to another company or entity. Insurance is the most common way to transfer risk. To be insurable, a risk must be - Answer --due to chance -Definite and measurable -Statistically predictable -NOT catastrophic -Large loss exposure (large pool of randomly selected people/risks) Adverse Selection - Answer -Tendency for poorer than average risks to seek insurance. Reinsurance - Answer -Insurance purchased by other Insurer(s) to spread or diversify risk; promotes industry stability. Ceding Insurer - Answer -The company transferring risk in a reinsurance arrangement. assuming insurer - Answer -reinsurer or company who is taking over the risk Stock Companies - Answer --Owned by stockholders -nonparticipating (policy holders DO NOT share in profits or losses) Mutual Companies - Answer --Owned by the policyowners -Participating (ploicyowners are entitled to dividends) -Dividends are NOT guaranteed Fraternal Benefit Societies - Answer -Must be nonprofit, have a lodge system (ie. religious organization), representative form of government and offer insurance to its members only. Certificate of Authority - Answer -License for insurance company to do business. This allows insurers to be considered ADMITTED or AUTHORIZED. Domestic Insurer - Answer -An insurance company that conducts business in the state of incorporation. Foreign Insurer - Answer -An insurance company that is incorporated in another state. Alien Insurer - Answer -An insurance company that is incorporated outside the United States. Who does an agent represent? - Answer -The INSURER (insurance company) not the insured. Express Authority - Answer -The authority granted to an agent by means of the agent's written contract.. Implied Authority - Answer -the authority that the agent has that is not specifically listed in their contract, but is assumed to have to conduct business. (Required to be able to conduct business). Example: collecting premiums Apparent Authority - Answer -A third party's reasonable belief that an agent has authority to act on the principal's behalf. Based on the actions words, etc of the principal. Example: Using business cards or brochures Fiduciary Responsibility - Answer --An ethical and legal obligation to perform a person's duties in a trustworthy manner. -Money related -Must not commingle funds -Forwarding premiums to the insurer/principal in a timely manner is an example of acting in a fiduciary capacity Parts of a contract - Answer -Offer, acceptance, consideration, and legal purpose Consideration - Answer -Exchanging something of value Insured's Consideration - Answer -1. A truthful and complete application 2. Premium Payment Insurer's Consideration - Answer -Promise to pay qualifying claims

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