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The uncertainty of financial loss - Risk insurance terminology refers to Hazards - Conditions that increase the chances of an insured loss occurring are referred to as Policyowners - Mutual companies are owned by Utmost good faith - The insurer must be able to rely on the statements in the application, and the insured must be able to rely on the insurer to pay valid claims. In the forming of an insurance contract, this is referred to as Exchange of something of value by both parties - In an ...

application - the starting point and basic source of info agent's report - provides the agent's personal observations concerning the proposed insured conditional receipt - the most common type of receipt which is used only when the applicant submits a prepaid application consumer report - includes written and/or oral info regarding a consumer's credit, character, reputation, or habits collected by a reporting agency field underwriting - the agent who is usually the one who has solicited t...

Life insurance death benefits can be used to fund funeral and other expenses that could be otherwise difficult to fund with a loss of the insured's income. Which term is most closely associated with this? - Survivor protection When must insurable interest exist in life insurance? - Date of application All of the following are true of key person insurance EXCEPT - The plan is funded by permanent insurance only All the following may have an insurable interest in the insured EXCEPT - Insured's...

Mutual Insurance Companies - organized and incorporated under state laws. No stockholders Mutual companies - Participating, they pay dividends Stock company - Owns Stock. Nonparticipating (no dividends) Risk Retention Group - Mutual company formed to insure ppl in the same business, occupation, profession (pharmacists, dentists, engineers) Fraternal Benefit Societies - Non profit organization, lodge system that includes ritualistic work, and maintain a rep form of gov with elected officers. ...

At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - Upon completion of the application Who elects the governing body of a mutual insurance company? - policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the - Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Treaty The ...

Insurance (General concept) - - transfers the risk of loss from an individual to an insurer - based on the principle of indemnity - based on the principle of risk (risk pooling) insurable interest (General Concept) - - must exist at the time of the application - insuring one's own life, family member, or a business partner Solicitation and sales presentation - - illustration- presentation of nonguaranteed elements - buyer's guide is generic information about life polices which must be ...

Colorado Mental Health Jurisprudence / Life & Health Insurance / Colorado Real Estate Exam Bundle | Latest Update | Graded A+ With Complete Solutions

After experiencing extreme fatigue and polyuria, a patient's basic metabolic panel is analyzed in the laboratory. The result of the glucose is too high for the instrument to read. The laboratorian performs a dilution using 0.25 mL of patient sample to 750 microliters of diluent. The result now reads 325 mg/dL. How should the technologist report this patient's glucose result? A. 325 mg/dL B. 1300 mg/dL C. 975 mg/dL D. 1625 mg/dL - B; The correct answer for this question is 1300 mg/dL. The ...

Health insurance coverage under COBRA, HIPAA guarantees that the person will - Have Acces to a guaranteed-issue individual health policy, regardless of health All the following statements about ordinary (or straight) whole life insurance are correct - The cash value remains level throughout the life of the policy Which activity in NOT an error or omission that makes an agent or producer legally to both the insurance and the insure - Placing insurance with an approved surplus line insurer All ...

Which of the following sections of the medical record is used to determine the correct evaluation and management code used for billing and coding? - history and physical A billing and coding specialist is reviewing a CMS-1500 claim form. The "assignment of benefits" box has been checked "yes." The checked box indicates which of the following? - The provider receives payment directly from the payer Which of the following do physicians use to electronically submit a claim? - Clearinghouse W...