The purpose of insur - Study guides, Class notes & Summaries

ERISA - Answer- Employee Retirement Income Security Act 1974 SOC Reports - Answer- Service Organization Controls: for external vendors SOC 1 - Answer- Internal Controls & Financial reports; used by auditors SOC 2 - Answer- Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 - Answer- Same as SOC2, but available for public use. Tribble V Edison - Answer- Landmark court case re fiduciary resp...

Misrepresentation of material fact, made knowingly with intent to be deceptive? - ANSWER ☑☑Fraud Insurable Interest must exist when for property/casualty and life insurance? - ANSWER ☑☑Property/Casualty: Time of loss or claim occurs Life Insurance: Only at time of application when policy is purchased In order for a group to be eligible for group life insurance what must the group not have done? - ANSWER ☑☑The group must not have formed for the purpose of purchasing life ins...

1. A financial counselor/Financial Assistance: In accordance with Section 501(r) regulations through the Affordable Care Act, a hospital must establish a written financial assistance policy and make it available to patients. 2. Batch Processing: Execution of a series of jobs in a computer program without manual intervention; it is used to help maximize the use of computer resources and stabilize response time by performing system-intensive work during hours when users are less likely to require...

Connecticut Life Insurance Exam Questions & Answers 2024 1. What is the purpose of the Connecticut Life and Health Insurance Guaranty Association? 2. If an employer decides to cancel a group life insurance plan, it must give at least --- days notice to the employees prior to the date of cancellation or discontinuation. 3. Rebating is 4. G purchased a Family Income policy at age 40. The policy has a 20-year rider period. If G were to die at age 50, how long would G's fami...

principle of indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) - ANSWER-the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as historical cost!) actual cash value (ACV) - ANSWER-- replacement cost - depreciation - in property insurance, indemnification is usually based on the actual cash value of the property at the tim...

Pro Rata Liability Clause is included in an insurance policy to deal with the problem of CORRECT ANSWER Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit bears to the total coverage carried. pro rata liability CORRECT ANSWER If a loss occurs that is covered by more than 1 insurance policy that was purchased by the ...

PROPERTY AND CASUALTY INSURANCE EXAM WITH VERIFIED ANSWERS 1. Specific insur- ance 2. Blanket insur- ance This type of insurance designates a particular item to be insured This type of insurance covers more than one item of property at a single location or one more items of prop- erty at multiple locations. 3. Speculative possibility of both gain and loss. Not insurable. 4. Pure only the possibility of loss. Insurable. 5. What are the 5 methods of man- aging or handling risk? avo...

NEW YORK STATE PROPERTY AND CASUALTY INSURANCE EXAM with Verified Solutions 2024 Physical damage coverage under a garage policy is a blanket limit for covered auto, an accurate statement? - Answer -Yes; The dealer's physical damage limit would be done on a blanket limit basis. This would apply to comprehensive and collision losses to the auto inventory of the dealer. This is done because it is simply not practical to schedule each dealer owned vehicle for physical damage. This is general...

Cbt 222 questions with 100% correct answers / already passed You are the COR are at the government training installation during a Session there is a... To discontinue work until after class you should request of the contractor take a break - answer-False What ethical issue may be encountered bye see you ours during the performance of their duty - answer-All of these answers are correct Of the following list which one is not an accurate list of the documents required to be maintained in a...

Accident and Health Insurance Exam Questions and answers (multiple choices) graded A+ H has suffered a covered disability away from her job and will shortly begin collecting benefits. The insurer sends a letter to H stating that she will not receive any benefit amounts greater than her income. This clause is known as: A: Over-insurance clause B: free look C: relation of earning to insurance D: relation of economic value - C: relation of earning to insurance The insured should be awar...