Exam (elaborations)
Colorado Health Insurance Exam 2023 – 2024
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- Colorado Health Insurance Exam 2023 – 2024
Colorado Health Insurance Exam 2023 – 2024
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Colorado Health Insurance Exam 2023 – 2024Agent - -Agents are the agents of the insurer
-Producer - -Usually includes agents and brokers
-Applicant or proposed insured - -A person applying for insurance
-Consent - -permission to do something
-Insurable Interest - -The policy owner must face the possibility of losing
money or something of value in the event of loss
-insurance policy - -a contract between a policyowner (and/or insured) and
an insurance company which agrees to pay the insured or the beneficiary for
loss caused by specific events
-Insured - -Person covered by the insurance policy, may or may not be the
policy holder.
-Insurer (principal) - -the company who issues an insurance policy
-Policyowner - -the person entitled to exercise the rights and privileges in
the policy
-Premium - -the money paid to the insurance company for the insurance
policy
-Contracts to be legally binding: - -Agreement- Offer and acceptance
Consideration
Competent parties
Legal Purpose
-Offer - -needs to be by one party and the other party accepts offer in exact
terms.
-Applicant - -usually makes the offer when submitting the application.
-Acceptance - -takes place when an insurer's underwriter approves the
application and issues a policy
-Consideration - -Is the value that each party gives each other.
-Insured - -person who makes payment of premium and rpresents made in
the application
, -Insurer - -Promise to pay in the event of a loss
-T/F Insurers considerations is the promise to pay for losses, insureds
consideration is the premium and statements on the application - -True
-Parties to a contract - -Must be capable of entering into a contract in the
eyes of the law. Both parties need to be legal age, mentally competent and
not under the influence of drugs/alcohol.
-Legal - -Must have both insurable interest and consent.
-Insurable interest - -Proven by love and affection, economic or financial
loss required at the time of policy insurance. Must experience financial loss
due to an accident or sickness that befalls the insured.
-Warranty - -True statements of validity of the insurance policy depend.
-Breach of Warranty - -can be considered grounds for voiding policy or a
return of premium.
-Representations - -statements believed to be true to the best of one's
knowledge, but they are not guaranteed to be true
-Untrue statements - -statements on an application that are considered
misrepresentations and could void contract.
-Material Misrepresentation - -Discovered after underwriting decision of the
insurance company.
-If material misrepresentations are intentional - -They are considered fraud.
-Conditional Contract - -Requires that certain conditions must be met by the
policyowner and the company in order for the contract to be executed, and
before each party fulfills its obligations.
-Unilateral Contract - -only one of the parties to the contract is legally
bound to do anything. Insured makes no legally binding promises, insurer is
legally bound to pay losses covered by policy to force.
-No legal actions for cancellation - -When someone loses job,
unemployment and premiums are current insure can't refuse to pay death
benefit.
-Contract of adhesion - -prepared by one of the parties (insurer) and
accepted or rejected by the other party (insured)
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