Insurance industry - Study guides, Class notes & Summaries

CIP C16 - CH01 - The Insurance Industry in Canada

The McCarran-Ferguson Act was passed by Congress to - Redefine the authority of the state and federal government to regulate the insurance industry The principle that insurance is not a transaction of commerce and so should be regulated by the state was established in: - Paul v. Virginia In New Jersey, a producer who violates a New Jersey insurance law for the first time may be fined up to - $5,000 The New Jersey Banking and Insurance Commissioner has the authority to do all of the follo...

CSBI HFMA Exam With 100% Correct verified Answers 2024 Patient-centric - CORRECT The healthcare industry is shifting towards this approach. Based on the patient's condition and prospects for improvement, services are rendered in relation to the situation, as opposed to only considering how an individual progress through a series of facilities. HIPAA Act - CORRECT Health Insurance Portability and Accountability Act HITECH Act - CORRECT Health Information Technology Economic and Clinical...

What must you have signed by the customer before entering into a contract on a property that is currently under an active wdo warranty? - Form 13671 (consumer consent form) The eastern sub termite belongs to what family? - Rhinotermitidae Drywood and dampwood termites belong to the family? - Kalotemritidae according to the revised taxonomy of termites, these insects belong in the order ____ along with cockroaches - Blattodae the Old House Borer is a example of? - Longhorned wood borer whi...

Who is considered a field underwriter? An agent When must insurable interest exist in life insurance? Application or issue date If no receipt is issued at the time of application, a statement of good health is usually required at the time of? Policy delivery The Medical Information Bureau is?(MIB) a source of medical information to alert insurers to adverse medical history A substandard risk compared to a standard risk would pay? a higher premium Which doc...

Types of Stakeholders - ANSWER managers and employees customers insurers vendors industry associations government Transfer - ANSWER Insurance: transfer of financial consequence to an insurance company Non Insurance: when a customer transfers financial consequences to another by contract or agreement Retention - ANSWER Active: when a customer knows before the loss that they are responsible for all or part of the loss Passive: Whoops! when a client finds out after a loss occurs that ...

Insurance - Transfer of risk from one person or organization to an insurance company Indemnity - The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder - Temporary insurance contr...

what are the 4 most common injuries? - Answer 1. falls 2. caught in 3. struck by (head trauma) 4. electrical (T/F) OSHA is required to provide and pay for most PPE (personal protection) - Answer true what are the 5 groups of OSHA standards? - Answer 1. general industry 2. construction 3. maritime 4. agriculture 5. record keeping each employer shall furnish employment free from recognized hazards (general duty clause) section? - Answer section 5 (a)(1) each employer shall...

Loma 311 module 1 Exam Answers 100% Verified Constitution - ANSWER- One of the primary sources of law. The other three are statutes, administrative regulations, and treaties and international agreements. A constitution is a document or group of documents that set out the fundamental principles that determine the powers and duties of the government and the rights of the people. -meant to be relatively permanent and a primary source of law Branches of Government - ANSWER- Legislative,...

Which of the following statements is NOT TRUE regarding the "Extended Period of Indemnity" option of the Business Income form? - ANSWER-The coverage applies for 120 days following the period of restoration When a Hawaii employee sustains an injury requiring medical treatment beyond first aid, how long does the employer have to report the accident to the Director of Labor and Industry relations? - ANSWER-7 working days After paying a claim an insurance company may have the right to pursue...