Exam (elaborations)
NC Health Insurance Exam Pearson Vue
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NC Health Insurance Exam Pearson Vue
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NC Health Insurance Exam Pearson VuePure Risk - ANS-chance of loss or no loss but not gain insurable
Speculative Risk - ANS-there is possibility of loss but of gain no insurablility
exposure unit - ANS-subject to loss
peril - ANS-cause of loss
life insurance - ANS-death
Health insurance - ANS-accident and sickness
hazard - ANS-increases the likelihood or severity of loss
Three types of hazard - ANS-physical, moral, morale
physical hazard - ANS-arise from the inherent characteristic of the exposure unit
Moral Hazard - ANS-lifestyle of the insured person
Morale hazard - ANS-arise more from an outlook on life
risk avoidance - ANS-eliminating all risk altogether
risk retention - ANS-manage risk Deduction
self-insurance - ANS-instead of buying health insurance and saving $ in the bank
Pure risk that are not insurable - ANS-Flood, War, Catastrophic losses
Intentional losses - ANS-not insurable
Adverse selection - ANS-bad for insurance
insurance actuary - ANS-a specially trained mathematician who calculates premiums
, underwriter - ANS-checks out the medical history of the proposed insured and other
factors to eliminate adverse selection against the insurance company, issue policy
premium restrictions
Days for applicant to requests an explanantion - ANS-90 days
Days insurance company must furnish an explanation - ANS-21 days
A dispute must begin within in - ANS-30 days
Law of Large numbers - ANS-the larger the number the easier it is to predict losses
how much $ must a insurance company have in reserve at all times - ANS-4 million
Reinsurance agreements - ANS-enable an insurance company the ceding company to
transfer risk to the reinsurer (seller)
Capital Stock companies are owned by - ANS-stock holders and most common
Main purpose of the stock company - ANS-make a profit for its investors
Mutual companies are owned by - ANS-policy holders
Assessment insurers - ANS-charge additional premiums at the end of the specified time
period
Fraternal benefit societies are similar to - ANS-mutual companies
who is only eligible to buy insurance policies from a Fraternal? - ANS-its members
Fraternal agents can only sell which policies - ANS-life, health and annuity policies
self insurers - ANS-only insure themselves
Reciprocal exchanges - ANS-all its members to to insure each other
who manages a reciprocal? - ANS-attorney-in-fact
who often steps in to cover risks too large or too catastrophic for private insurers? -
ANS-government insurers
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