Idaho Health Insurance Questions and Answers
Agen/Producer
a person who acts for another person or entitty known as the principal with regard to contractual arrangements with third parties; a legal rep of an insurance company
Agent/angency contract
a contract that is held between an insur...
Idaho Health Insurance Questions and
Answers
Agen/Producer - answer a person who acts for another person or entitty known as
the principal with regard to contractual arrangements with third parties; a legal rep of an
insurance company
Agent/angency contract - answer a contract that is held between an insurer and an
agent/producer, containing the expressed authority given to the agent/producer,
outlining the duties and responsibilities to the principal.
Applican or proposed insured - answer a person who requests or seeks insurance
from an insurer
Death benefit - answer the amount paid when a claim is issued against a policy of
insurance
insurance policy - answer a contract between a policyowner and an insurance who
may or may not be the applicant or policyowner
insured - answer the person covered by the policy of insurance who may or may not
be the applicant or policyowner
insurer - answer the company who issues a policy of insurance
life insurance - answer a coverage upon a person's life, and granting, purchasing or
disposing of annuities
policyowner - answer the person who is entitled to exercise the rights and privileges
in the policy and who may or may not be the insured
premium - answer the money paid to the insurance company for the policy of
insurance
agent, applicant, and the proposed insured - answer people who must sign the
application
Paramedical report - answer completed by a paramedic or a registered nurse
Attending Physician's Statement - answer completed by a medical practitioner who
treated the applicant for a prior medical problem
, paramedical report or attending physician's statement - answer two test that can be
required for applicants
Info from Medical Info Bureau - answer Non profit organization consisting of
insurance companies that maintain confidential medical records for comapnies to
compare. A person cannot be denied because of their MIB report
Fair Credit REporting Act - answer 1971, protects consumers against the circulation
of inaccurate or obsolete info
Consumer reports - answer written and/or oral info regarding a consumer's
credit,character, reputation, or habits collected by a reporting agency from employment
records, credit reports, and other public sources
Investigative Consumer Reports - answer similar to consumer reports but the info is
gathered through interviewing people associated with the consumer
Initial Premium - answer collected for a health insurance policy and sent to the
insurer with the application
Conditional receipt - answer given to the applicant by the agent, coverage does not
start until the insurer has approved the application and issued the policy
Agent Responsiblities - answer 1.Check application to make sure all questions have
been answered,
2. deliver the policy to the insured and collect any premium that may be due,
3. provide explanation of the policy's principal benefits and provisions.
Pre-existing condition - answer a medical condition for which the insured sought
medical advice or treatment within a specified period of time prior to the policy issue
4 Eelemnts for a Contract to be Legally Binding - answer 1. Agreement- offer and
acceptance
2. Consideration
3. Competent parties
4. Legal Purpose
consideration - answer something of value that each party gives to the other
Insurable Interest - answer proven by love and affection, economic or financial loss,
required at time of policy issuance
warranty - answer considered a statement of fact or something guaranteed to be true
representation - answer a statement that is believed to be true to the best of one's
knowledge but is not guaranteed to be true.
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