Exam (elaborations)
Life and Health Insurance Exam Webce 2024
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- WebCE Exam Tutor Q&As 2024
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- WebCE Exam Tutor Q&As 2024
Life and Health Insurance Exam Webce 2024
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Life and Health Insurance Exam Webce2024
Risk - ANS-Chance of loss
Loss - ANS-Unplanned reduction of economic value
Peril - ANS-cause of loss
Hazard - ANS-a condition that increases the chance of peril
Risk Transfer - ANS-buying insurance to shift the risk to insurance company
Underwriting - ANS-assessing applicant to determine insurability Adverse
Selection - ANS-people with greater risk of loss trying to buy insurance
Mutual Companies - ANS-owned by policyholders and issue participating polices
dividends which aren't guaranteed or taxable
Stock Companies - ANS-Owned by stockholders whose stock can be publicly traded
and pay dividends that are taxable
Federal Insurance Programs - ANS-Medicare and Social Security
State Insurance Programs - ANS-Medicaid and Workers' comp
Producers Authority - ANS-Expressed
Implied
Apparent
Required Disclosures - ANS-Buyer's guide and policy summary
Offer - ANS-signed application and initial premium
Acceptance - ANS-issuing of policy as applied for by insurer
, Contract of Adhesion - ANS-ambiguities in the contract that are interpreted to the
benefit of the policyowner
Representations - ANS-applicants truthful statements on application
Ways to manage risk - ANS-Transfer
Avoid
Retain
Reduce
Share with others
Speculative Risk - ANS-result in loss or gain, noninsurable
Moral Hazard - ANS-character weakness like habits or lifestyle
Morale Hazard - ANS-State of mind or carless attitude
Physical Hazard - ANS-physical condition that increases ones less like heavy drinking
or smoking
Managed Care Service Providers - ANS-blend of commercial and medical insurance
like blue cross blue shield
Fraternal benefit society - ANS-An organization formed to provide insurance benefits for
affiliated members
Self Insurer - ANS-large companies that can cover losses, must follow laws and pay for
itself
Risk Retention groups - ANS-Self-run insurance programs set up by insurance
companies to do own admin tasks
Surplus Line insurers - ANS-property and causality market for insurance not covered by
state
Reinsurance - ANS-The transfer of insurance risk from one insurer to another through a
contractual agreement
Difference between Admitted and Non-admitted insurers - ANS-certification to due
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