Exam (elaborations)
Colorado Health Insurance Exam
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Colorado Health Insurance Exam
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Colorado Health Insurance ExamAgent - ANSWER Agents are the agents of the insurer
Producer - ANSWER Usually includes agents and brokers
Applicant or proposed insured - ANSWER A person applying for insurance
Consent - ANSWER permission to do something
Insurable Interest - ANSWER The policy owner must face the possibility of losing
money or something of value in the event of loss
insurance policy - ANSWER 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 - ANSWER Person covered by the insurance policy, may or may not be the
policy holder.
Insurer (principal) - ANSWER the company who issues an insurance policy
Policyowner - ANSWER the person entitled to exercise the rights and privileges in
the policy
Premium - ANSWER the money paid to the insurance company for the insurance
policy
Contracts to be legally binding: - ANSWER Agreement- Offer and acceptance
Consideration
Competent parties
Legal Purpose
Offer - ANSWER needs to be by one party and the other party accepts offer in
exact terms.
Applicant - ANSWER usually makes the offer when submitting the application.
Acceptance - ANSWER takes place when an insurer's underwriter approves the
application and issues a policy
Consideration - ANSWER Is the value that each party gives each other.
Insured - ANSWER person who makes payment of premium and rpresents made in
the application
Insurer - ANSWER 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 - ANSWER True
Parties to a contract - ANSWER 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 - ANSWER Must have both insurable interest and consent.
Insurable interest - ANSWER 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 - ANSWER True statements of validity of the insurance policy depend.
Breach of Warranty - ANSWER can be considered grounds for voiding policy or a
return of premium.
Representations - ANSWER statements believed to be true to the best of one's
knowledge, but they are not guaranteed to be true
Untrue statements - ANSWER statements on an application that are considered
misrepresentations and could void contract.
Material Misrepresentation - ANSWER Discovered after underwriting decision of
the insurance company.
If material misrepresentations are intentional - ANSWER They are considered
fraud.
Conditional Contract - ANSWER 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 - ANSWER 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 - ANSWER When someone loses job,
unemployment and premiums are current insure can't refuse to pay death benefit.
Contract of adhesion - ANSWER prepared by one of the parties (insurer) and
accepted or rejected by the other party (insured)
Insurance policies are - ANSWER drawn up as take it or leave it
Aleatory exchange - ANSWER unequal amounts or values and uneven exchange
of values.
Insurance contracts are? - ANSWER aleatory
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