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Maternal child nursing care 3rd canadian edition keenan lindsay test bank 2024
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Maternal Child Nursing Care 3rd CANADIAN Edition Keenan Lindsay Chapter 1 - 55 Updated 2023 / 9780323759199 / All Chapters with Answers and Rationals
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Florida Insurance 2-14 Exam Terms1. Insurance: Financial protection against loss or harm - An arrangement by
which company gives customers financial protection against loss or harm such
as theft or illness in return for premium payments.
2. Life Insurance: Is based on actuarial or mathematical principles and
guarantees a specified sum of money upon the death of the person who is
insured.
3. Annuities: Provide a stream of income by making a series of payments to the
annuitant for the annuitant's lifetime or for a specifically designated period of
time.
4. Risk: Uncertainty regarding loss; the probability of loss occurring for an insured
or prospect
5. Speculative Risks: Involve the possibility of loss and gain. (Not Insurable)
6. Pure Risks: Involve the possibility of loss only. (Insurable)
7. Peril: Cause of risk (when a building burns, fire is the peril)
8. Hazards: The source of danger
9. Physical Hazard: A hazard being of physical nature.
A person being treated of cancer, the disease is the physical endangerment.
(Blindness & deafness)
10. Risk Avoidance: Occurs when individuals evade risk entirely. "If you don't
drive, then you avoid getting in an auto accident."
11. Risk Reduction: Takes place when the chances of loss are lessened.
Changing a lifestyle to minimize a known risk.
12. Risk Retention: Being aware of the risks involved and taking precautions for
financial protection. Auto policy's deductible is an illustration of risk retention
13. Risk Transference: The act of shifting the responsibility of risk to another in
the form of an insurance contract.
14. Adverse Selection: Refers to the tendency for those individuals who present
less favorable insurance risk to seek or continue insurance to a great extent
than other risks.
15. Insuring Pure Risk: Loss must be due to chance
Loss must be definite and measurable
Risk must be predictable
Loss must NOT be catastrophic
Exposure to loss must be large
, .
Loss exposures must be randomly selected
16. Mutual Insurers: Participating policies
Owned by policyholders
Vote for directors and trustees
Directors and management have control
Typically higher rates
17. Assessment Mutual Insurers: Prohibited in Florida
18 Pure Assessment Mutual Company: Don't pay premium and total loss is
divided among members
19. Lloyds of London: NOT considered an insurance company
- An association of individuals and companies that individually underwriter
insurance.
20. Fraternal Benefit Societies: Must be nonprofit, have a lodge system, and
offer insurance to its members only
21. Home Service Insurer: Insurer that offers relatively small policies with
premiums payable on a weekly basis.
22. Captive Agents: A.k.a. Career agents
Works for only one insurer and sells only that insurers products
23. Independent Agents: Is self-governing and actually works for himself. This
affords him the versatility to represent several insurers and their different
insurance products.
24. Special Agents: Usually not license and don't sell insurance. Assist insurance
companies field representatives.
25. Career Agency System: (GA) - Build sales staffs and agents are treated as
employees. They are recruited and trained. A principal of the company
supervises agents.
26. Personal Producing General Agency System: (PPGA) - The agent supplies
his own working environment. Agents hired by a PPGA are considered
employees of the PPGA, not the insurance company, and are supervised by
the regional salary.
27. Independent Agency System: Agents represent several insurers through
signed contracts and are paid on commission or fee basis, not through salary.
28. Regulating the business of insurance: Legislation
The Court System
State Insurance Departments
,29. Paul v. Virginia: - State tried to control insurance domiciled from another
state.
- U.S. Supreme Court sided against insurance company
- Upholding the right of sate to regulate insurance
- States WIN
30. United States v. Southeastern Underwriters Association (SEUA): - Ruling
is a form of interstate commerce
- Should be regulated by the federal government
- Fed Gov. WINS
31. The McCarran-Ferguson Act: - Gave back some regulatory authority to the
states
- Did not provide the states to regulate individually
- Insurance regulated by state law "is in the publics best interest"
32 Intervention by SEC: - Dealing with variable annuities
- Securities and Exchange Commission (SEC) should regulate the variable
annuities (since they're used for investments) & variable life insurance.
- Therefore, agents must obey the rules to both SEC and state regulation.
33. Fair Credit Reporting Act: - Fair and accurate report of information about
consumers
- Insurers must inform them about any investigations being made
- Then insurers must let the applicants know the name of the reporting agency
34. Financial Services Modernization Act: - Revoking the Glass-Steagall Act -
This changed the industry so commercial banks, investment banks, retail
brokerages, and insurance companies can now enter each other's lines of
business
35. Admitted insurance company: - Office of Insurance Regulation has licensed
them to carry out business in Florida
36. Nonadmitted Insurance Company: - Have not been licensed by the the
Florida
Office of Insurance Regulation
37. Policy Replacement: - An action which eliminates the original policy or
diminishes its benefits or values
38. Bad policy remplacement issues: - Most the first year's premium is
consumed by the commission
- The premium is higher due to the insured's advanced age
, .
- Waiting periods begin anew
39. Misuse of Premiums: - Improper use of premiums collected by an insurance
producer
- Depositing a client's premium in own personal account
40. Rebating: - Florida and California are the only two states that allow rebating -
When any part of commission or anything else of value is given to the insured as
a incentive to buy a policy
- Agent must keep copies of rebating schedules for five years
41. NAIC: - National Association of Insurance Commissioners
- No legal power of its own
- Encourages uniformity in state insurance laws and regulations
42. Florida Insurance Guaranty Association: - Funded by insurance companies
through assessments
-FIGA is part of a non-profit,
- Guaranty associations protect policyholders and claimants.- Holds three
separate accounts:
- Health Insurance
- Life Insurance
- Annuity Accounts
43 NAIFA: - National Association of Insurance and Financial Advisors (NAIFA)
- Designed to protect agents
- Dedicated to supporting life insurance industry
44. A.M. Best Rating Agency: - Profitability, leverage, & liquidity
- A++ to F and S (suspended)
45. Standard and Poors (S&P) Rating Agency: - Claims and the ability to
pay - AAA to C to R
46. Moodys Investor Services Rating Agency: - Financial strength - Aaa
to C
47. Fitch IBCA (formerly Duff & Phelps): - Credit worthiness of securities -
AAA to CCC
48. Weiss Ratings, Inc.: - Strength and safety of financial institutions and
rates risk adjusted mutual funds and stocks
- A to F
49. Elements of Contract: Offer & Acceptance + Consideration + Legal Purpose
+
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