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Study sets matching "chapter 8 captive insurance plans"

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Study sets matching "chapter 8 captive insurance plans"

33 terms
ARM 56 - Chapter 7: Captive Insurance Plans
Captive insurer
Single-parent captive, or pure captive
Group captive
Association captive
A subsidiary formed to insure the loss exposures of its paren…
A captive insurer owned by one company that insures all or pa…
A captive insurer owned by a group of companies, usually oper…
A group captive that is sponsored by an association. (type of…
Captive insurer
A subsidiary formed to insure the loss exposures of its paren…
Single-parent captive, or pure captive
A captive insurer owned by one company that insures all or pa…
40 terms
Government & State Insurance Plans - Chapter 8 Terms
Abuse
Adjudicated
Adjudication
Balance billing
Improper or harmful procedures or methods of doing business t…
How a decision was made regarding the payment of an insurance…
Process of a carrier reviewing a claim and deciding on its pa…
Practice of billing patients for any balance left after deduc…
Abuse
Improper or harmful procedures or methods of doing business t…
Adjudicated
How a decision was made regarding the payment of an insurance…
14 terms
Chapter 7 - Captive Insurance
Captive Insurer/Captive
Single-parent captive (pure captive)
Group Captive
Association Captive
a subsidiary formed to insure the loss exposures of its paren…
a captive insurer owned by one company that insures all or pa…
a captive insurer owned by a group of companies, usually oper…
a group captive sponsored by an association.
Captive Insurer/Captive
a subsidiary formed to insure the loss exposures of its paren…
Single-parent captive (pure captive)
a captive insurer owned by one company that insures all or pa…
13 terms
CFP Insurance Planning Chapter 8
Buy Sell Stock Redemption (Entity Purc…
Cross - Purchase (Stockholder purchase)
Benefits of Buy Sell
Split Dollar life insurance ... Endorseme…
Corporation purchases stockholder interest through life insur…
Purchase stockholder interest into the business (Life insuran…
1. Guarantees market of business interest ... 2. Provides liquid…
Endorsement: ... Employer is Owner and pays premium ... Employee is…
Buy Sell Stock Redemption (Entity Purc…
Corporation purchases stockholder interest through life insur…
Cross - Purchase (Stockholder purchase)
Purchase stockholder interest into the business (Life insuran…
17 terms
AU 67 Ch 4 Types of Captive Insurance Plans
Single-Parent Captive (pure captive)
Group Captive
Association Captive
Risk Retention Group
a captive insurer owned by one company that insurers all or p…
a captive insurer owned by a group of companies, usually oper…
a group captive sponsored by an association
a group captive formed under the requirements of the Liabilit…
Single-Parent Captive (pure captive)
a captive insurer owned by one company that insurers all or p…
Group Captive
a captive insurer owned by a group of companies, usually oper…
6 terms
AU 67 Ch 4 Purpose & Characteristics of Captive Insurance Plans
Captive Insurer, or Captive
Reinsurance
The primary purpose of a captive insur…
Captive insurers are usually part of a
a subsidiary formed to insure the loss exposures of its paren…
the transfer of insurance risk from one insurer to another th…
reduce the parent's cost of risk
hybrid risk financing plan
Captive Insurer, or Captive
a subsidiary formed to insure the loss exposures of its paren…
Reinsurance
the transfer of insurance risk from one insurer to another th…
6 terms
AU 67 Ch 4 Formation & Operation of Captive Insurance Plans
Fronting Company
Direct Writing Captive Insurer
The sacrifice of a potentially greater…
The capital and surplus requirements f…
a licensed insurer that issues an insurance policy and reinsu…
a captive insurer that issues policies directly to its parent…
opportunity cost
vary by domicile
Fronting Company
a licensed insurer that issues an insurance policy and reinsu…
Direct Writing Captive Insurer
a captive insurer that issues policies directly to its parent…
27 terms
HS 311 Fundamentals of Insurance Planning - Chapter 8
Human Life Value
Yearly Renewable Term Insurance
Cash Value Life Insurance
Legal Reserve
The present value of that portion of a person's estimated fut…
A plan that provides a level amount of insurance for 1 year,…
A type of insurance under which premiums are sufficient not o…
The minimum amount of the reserve, as specified by state law,…
Human Life Value
The present value of that portion of a person's estimated fut…
Yearly Renewable Term Insurance
A plan that provides a level amount of insurance for 1 year,…
12 terms
Chapter 7 Captive Insurance Arm 56
Captive insurer, or captive
Single parent captive
Group captive
Association captive
A subsidiary formed to insure the loss exposure of its parent…
A captive insurer owned by one company that insures all or pa…
A captive insurer owned by a group of companies, usually oper…
A group captive sponsored by an association.
Captive insurer, or captive
A subsidiary formed to insure the loss exposure of its parent…
Single parent captive
A captive insurer owned by one company that insures all or pa…
26 terms
Health Insurance Exam: Chapter 8 | Dental Care Plans
2 types of Dental Insurance Plans
Dental insurance differs from medical…
Preventative Procedures:
2 types of Dental Insurance Plans
-Indemnity Plans... -Employer Group Dental Expense Insurance
diagnostic and preventive care
-Periodic Teeth Cleaning... -Fluoride Treatments... -Periodic Exami…
-Indemnity Plans... -Employer Group Dental Expense Insurance
2 types of Dental Insurance Plans
-Indemnity Plans... -Employer Group Dental Expense Insurance
Dental insurance differs from medical…
diagnostic and preventive care
Fundamentals of Insurance - Chapter 8
Cognitive impairment
Cost of living adjustment (COLA)
Custodial care
Daily maximums
a loss of mental capacity that requires you to have substanti…
in disability insurance, a rider that prevents your benefits…
assistance with the activities of daily living, such as bathi…
in long-term care insurance, daily fixed amounts of coverage…
Cognitive impairment
a loss of mental capacity that requires you to have substanti…
Cost of living adjustment (COLA)
in disability insurance, a rider that prevents your benefits…
30 terms
Chapter 8 Business Insurance
estate planning
vehicles of transferring ownership
joint ownership(tenancy)
tenancy by the entirety
an organized effort to give heirs the maximum amount of wealt…
...
two or more persons owning the same property. Types of joint…
...
estate planning
an organized effort to give heirs the maximum amount of wealt…
vehicles of transferring ownership
...
20 terms
ATCC - Consumer Economics Chapter 8 - Insurance
Rider
Cash value
Accelerated benefit
10 day free look
is a document attached to an insurance policy that modifies t…
is an amount that increases over the years and that you recei…
allows the insured to receive a % of the death benefits from…
is a period where you can change your mind and the company wi…
Rider
is a document attached to an insurance policy that modifies t…
Cash value
is an amount that increases over the years and that you recei…
47 terms
Medical insurance chapter 8
Administrative services only (ASO)
Blue card
BlueCross BkueShield Association (BCBS)
Carve out
Contract under which a third party administrator or insurer p…
program that provides benefits for subscribers who are away f…
National health care licensing association
Part of a standard health plan changed under an employer-spon…
Administrative services only (ASO)
Contract under which a third party administrator or insurer p…
Blue card
program that provides benefits for subscribers who are away f…
71 terms
Insurance chapter 8
After world war II, group health insur…
Medicare covers all health care expens…
All claims in the United States will e…
A co-payment is a fixed percentage of…
True
False
True
False
After world war II, group health insur…
True
Medicare covers all health care expens…
False
27 terms
Insurance Chapter 8
Insurance regulation
Paul v. Virginia (1868)
U.S. v. South-Eastern Underwriters Ass…
McCarran-Ferguson Act (1945)
maintain insurer solvency; compensate for inadequate consumer…
the supreme court ruled that insurance was not interstate com…
the court ruled that insurance was interstate commerce when c…
states that continued regulation and taxation of the insuranc…
Insurance regulation
maintain insurer solvency; compensate for inadequate consumer…
Paul v. Virginia (1868)
the supreme court ruled that insurance was not interstate com…
15 terms
Insurance Chapter 8
Reasons for insurance regulation
Paul v Virginia
US v Southeastern Underwriters Associa…
McCarran-Ferguson Act
- maintain insurer solvency ... - compensate for inadequate cons…
1868 Supreme Court ruled that insurance was not interstate co…
1944 Supreme Court ruled insurance was interstate commerce wh…
1945 states that continued regulation and taxation by the ins…
Reasons for insurance regulation
- maintain insurer solvency ... - compensate for inadequate cons…
Paul v Virginia
1868 Supreme Court ruled that insurance was not interstate co…
38 terms
Insurance - Chapter 8
Fixture
Money
Securities
Auto
Any personal property affixed to real property in such a way…
Currency, coins, bank notes, and sometimes traveler's checks,…
Written instruments representing either money or other proper…
As defined in commercial general liability and auto forms, a…
Fixture
Any personal property affixed to real property in such a way…
Money
Currency, coins, bank notes, and sometimes traveler's checks,…
41 terms
Insurance Chapter 8
Abuse
Adjudicated
Balance Billing
Capitation
Improper or harmful procedures or methods of doing business t…
How a decision was made regarding the payment of an insurance…
Practice of billing pts for any balance left after deductible…
Common method of reimbursement used primarily by HMOs in whic…
Abuse
Improper or harmful procedures or methods of doing business t…
Adjudicated
How a decision was made regarding the payment of an insurance…
12 terms
chapter 8 insurance
Clearhousing
2 weeks or less
accounts receivable
Password
entity that recieves transmission of insurance claims, separa…
Insurance claims transmitted electronically are usuallu paid…
the most important function of a practice management system
a combination of letters,numbers, or symbols that each indivi…
Clearhousing
entity that recieves transmission of insurance claims, separa…
2 weeks or less
Insurance claims transmitted electronically are usuallu paid…
10 terms
Chapter 8: Social Insurance
Medicare
Part A
Part B
Part C
federal medical expense insurance program for people who:... are…
hospital insurance - financed through payroll tax (FICA)
medical insurance - financed by insureds and general revenues
medicare advantage allows for receipt of health care services…
Medicare
federal medical expense insurance program for people who:... are…
Part A
hospital insurance - financed through payroll tax (FICA)
13 terms
Billing Insurance- Chapter 8
5.DATA ELEMENTS
EDI
BATCH
ERA
medical code sets used uniformly to document why patient are…
electronic data interchange is the exchange of data in a stan…
a group of claims for different patients sent at the same tim…
electronic remittance advice is an online transaction about t…
5.DATA ELEMENTS
medical code sets used uniformly to document why patient are…
EDI
electronic data interchange is the exchange of data in a stan…
9 terms
Chapter 8 insurance
True or False - An underwrite will use…
Group health insurance is written to c…
The geographical area is used to rate…
____ ___ displays a relationship betwe…
False
True
True
Group insurance
True or False - An underwrite will use…
False
Group health insurance is written to c…
True
27 terms
Chapter 8 Insurance
risk
pure risk
speculative risk
risk management
is a measure of the likelihood that something will be lost
is a risk with a possibility of loss but no possibility of gain
is a risk that may result in either financial gain or financi…
is the process of measuring risk and finding ways to minimize…
risk
is a measure of the likelihood that something will be lost
pure risk
is a risk with a possibility of loss but no possibility of gain
9 terms
Chapter 8 insurance
Paul v. Virginia (1868)
U.S. v. South eastern underwriters ass…
McCarran-Ferguson Act (1945)
Financial Modernization Act (1999)
Supreme court ruled that insurance was not interstate commerc…
The court ruled that insurance was interstate commerce when c…
States that conducted regulation and taxation of the insuranc…
Changed federal law that earlier prevented banks, insurers, a…
Paul v. Virginia (1868)
Supreme court ruled that insurance was not interstate commerc…
U.S. v. South eastern underwriters ass…
The court ruled that insurance was interstate commerce when c…
27 terms
Chapter 8 Insurance Vocabulary
Risk
Pure Risk
Speculative Risk
Risk Management
A measure of the likelihood that something will be lost
A risk with a possibility of loss but possibility of gain
A risk that may result in either financial gain or financial…
The process of measuring risk and finding ways t minimize or…
Risk
A measure of the likelihood that something will be lost
Pure Risk
A risk with a possibility of loss but possibility of gain
13 terms
Chapter 8 Commercial Property Insurance
Common Policy Declarations Page
Condominium Association Form
Electronic Data
Extra Expense
Shows the who, what, when, where, and how much that applies t…
Used in place of the Building and Personal Property Coverage…
Includes information, facts, computer programs, and the cost…
The necessary expenses incurred by the insured during the "pe…
Common Policy Declarations Page
Shows the who, what, when, where, and how much that applies t…
Condominium Association Form
Used in place of the Building and Personal Property Coverage…
27 terms
Chapter 8 Insurance
risk
pure risk
speculative risk
risk management
is a measure of the likelihood that something will be lost
is a risk with a possibility off loss but no possibility of g…
is a risk that may result in either financial gain or financi…
is the process of measuring risk and finding ways to minimize…
risk
is a measure of the likelihood that something will be lost
pure risk
is a risk with a possibility off loss but no possibility of g…
21 terms
Chapter 8- Insurance
Risk
Pure Risk
Speculative RIsk
Risk Management
measure of the likelihood that something will be lost
risk with possibility of loss but no possibility of gain
risk that may result in either financial gain or financial loss
process of measuring risk and finding ways to minimize or man…
Risk
measure of the likelihood that something will be lost
Pure Risk
risk with possibility of loss but no possibility of gain
27 terms
chapter 8 insurance
risk
pure risk
speculative risk
risk maanagement
measure of the likehood that something will be lost
risk with a possibility of loss but no possibility of gain
risk that may result in either financila gain or loss
process of measuring risk and finding ways to minimize or man…
risk
measure of the likehood that something will be lost
pure risk
risk with a possibility of loss but no possibility of gain
27 terms
Fundamentals of Insurance Chapter 8
Human life value
Yearly renewable term insurance
Cash value life insurance
Net amount at risk
Earning capacity and the financial dependence of other lives…
Provides protection for a period of 1 year and permits the po…
Premiums are sufficient not only to pay the insurers mortalit…
The difference between the face amount of the policy and the…
Human life value
Earning capacity and the financial dependence of other lives…
Yearly renewable term insurance
Provides protection for a period of 1 year and permits the po…
27 terms
Chapter 8: Insurance
Risk
Pure Risk
Speculative Risk
Risk Management
A measure of the likelihood that something will be lost
A risk with possibility of loss but no possibility of gain
A risk that may result in either financial gain or financial…
The process of measuring risk and finding ways to minimize or…
Risk
A measure of the likelihood that something will be lost
Pure Risk
A risk with possibility of loss but no possibility of gain
27 terms
Chapter 8 Insurance
Risk
Pure Risk
Speculative Risk
Risk Management
A measure of likelihood that something will be lost.
A risk with possible los but no possibility of gain.
A risk that may result in either financial gain or financial…
The process of measuring risk and finding ways to minimize or…
Risk
A measure of likelihood that something will be lost.
Pure Risk
A risk with possible los but no possibility of gain.
25 terms
Insurance chapter 8
Admitted assets
Alien insurer
Assessment method
Credit-based insurance score
Assets that an insurer can show on its statutory balance shee…
Insurance company chartered by a foreign country and meeting…
Method used to raise the necessary funds to pay unpaid claims
Derived from the applicant's credit history and is combined w…
Admitted assets
Assets that an insurer can show on its statutory balance shee…
Alien insurer
Insurance company chartered by a foreign country and meeting…
37 terms
Chapter 8: INSURANCE
Four Major Rating Companies
flexible benefits plan
flexible spending account
insurance rate
A.M Best ,Fitch, Moody's, Standard & Poor
AKA cafeteria plan; employees choose among variety of benefit…
tax favored account offered by large employees, set aside fix…
once your medical bills exceed the annual deductible, you wil…
Four Major Rating Companies
A.M Best ,Fitch, Moody's, Standard & Poor
flexible benefits plan
AKA cafeteria plan; employees choose among variety of benefit…
16 terms
Medical Insurance Chapter 8
BlueCross BlueShield Association (BCBS)
Consolidated Omnibus Budget Reconcilia…
credentialing
elective surgery
national healthcare licensing association
law requiring employers with more than twenty employees to al…
periodic verification that a provider or facility meets profe…
nonemergency surgical procedure
BlueCross BlueShield Association (BCBS)
national healthcare licensing association
Consolidated Omnibus Budget Reconcilia…
law requiring employers with more than twenty employees to al…
14 terms
Estate planning chapter 8
Guardian of the person
Guardian of the property
Supplemental security income(SSI)
Informal trust
Responsible for the supervision of a person known as a ward.…
Has the fiduciary responsibility for mangling the wards prope…
Provides a small monthly income for eligible disabled persons…
Not actually a trust , but rather an informal request to carr…
Guardian of the person
Responsible for the supervision of a person known as a ward.…
Guardian of the property
Has the fiduciary responsibility for mangling the wards prope…
23 terms
Chapter 8 - Property Insurance
What is the history behind the develop…
What are the major loss exposures that…
Hull Insurance
Protection and Indemnity (P&I)
Historical restrictions/separation on insurer's business:... 1.…
1. imports and exports... 2. domestic shipments - railroad, truc…
- covers physical damage to the ship or vessel(collision insu…
- provides comprehensive liability coverage(real estate along…
What is the history behind the develop…
Historical restrictions/separation on insurer's business:... 1.…
What are the major loss exposures that…
1. imports and exports... 2. domestic shipments - railroad, truc…
14 terms
Risk and Insurance Chapter 8
Paul v. Virginia (1868)
U.S. v. South-Eastern Underwriters Ass…
McCarran-Ferguson Act (1945)
Financial Modernization Act (1999)
affirmed the right of the states to regulate insurance... - The…
the court ruled that insurance was interstate commerce when c…
- states that continued regulation and taxation of the insura…
changed federal law that earlier prevented banks, insurers, a…
Paul v. Virginia (1868)
affirmed the right of the states to regulate insurance... - The…
U.S. v. South-Eastern Underwriters Ass…
the court ruled that insurance was interstate commerce when c…
10 terms
Insurance: Chapter 8
alien insurer
domestic insurer
financial modernization act of 1999
foreign insurer
insurance company chartered by a foreign country and meeting…
insurance company domiciled and licensed in the state in whic…
a federal law that allows banks, insurers, investment firms,…
insurance company chartered by one state but licensed to do b…
alien insurer
insurance company chartered by a foreign country and meeting…
domestic insurer
insurance company domiciled and licensed in the state in whic…
27 terms
Chapter 8 Insurance
Risk
Pure Risk
Speculative Risk
Risk Management
Measure of the likelihood that something will be lost
Possibility of loss but no gain
Risk that could end in financial gain or loss
process of measuring risk and finding ways to minimize loss
Risk
Measure of the likelihood that something will be lost
Pure Risk
Possibility of loss but no gain
27 terms
Chapter 8 Insurance
Risk
Pure Risk
Speculative Risk
Risk Management
Is a measure of the likelihood that something will be lost.
Is a risk with a possibility of loss but no possibility of ga…
Is a risk that may result in either financial gain or financi…
Is the process of measuring risk and finding ways to minimize…
Risk
Is a measure of the likelihood that something will be lost.
Pure Risk
Is a risk with a possibility of loss but no possibility of ga…
27 terms
Chapter 8 Insurance
Risk
Pure Risk
Speculative Risk
Risk Management
A measure of the likelihood that something will be lost.
A risk with a possibility of loss but no possibility of gain.
A risk that may result in either financial gain or financial…
The process of measuring risk and finding ways to minimize or…
Risk
A measure of the likelihood that something will be lost.
Pure Risk
A risk with a possibility of loss but no possibility of gain.
37 terms
Insurance Chapter 8
Qualified plans have the following fea…
Nonqualified plans are characterized by:
In order for a retirement plan to be q…
Distributions from a qualified retirem…
Employer's contributions are tax-deductible as a business exp…
Do not need to be approved by the IRS... Can discriminate in fav…
Be approved by the IRS... Be established for the exclusive benef…
The age when an employee retires,... The employee ceases employm…
Qualified plans have the following fea…
Employer's contributions are tax-deductible as a business exp…
Nonqualified plans are characterized by:
Do not need to be approved by the IRS... Can discriminate in fav…
27 terms
Chapter 8 Insurance
risk
pure risk
speculative risk
risk management
Degree of uncertainty of return on an asset; in business, the…
A situation in which there are only the possibilities of loss…
An uncertainty or chance of a loss occurring in a situation t…
All efforts designed to preserve assets and earning power ass…
risk
Degree of uncertainty of return on an asset; in business, the…
pure risk
A situation in which there are only the possibilities of loss…
27 terms
chapter 8 insurance
risk
pure risk
speculative risk
risk management
is a measure of the likelihood that something will be lost
is a risk with a possibility of loss but no possibility of gain
is a risk that may result in either financial gain or financi…
is the process of measuring risk and finding ways to minimize…
risk
is a measure of the likelihood that something will be lost
pure risk
is a risk with a possibility of loss but no possibility of gain
27 terms
Chapter 8 Insurance
risk
pure risk
speculative risk
risk management
is a measure of the likelihood that something will be lost
is a risk with a possibility off loss but no possibility of g…
is a risk that may result in either financial gain or financi…
is the process of measuring risk and finding ways to minimize…
risk
is a measure of the likelihood that something will be lost
pure risk
is a risk with a possibility off loss but no possibility of g…
27 terms
Chapter 8 Insurance
risk
pure risk
speculative risk
risk management
measure of the likelihood that something will be lost.
risk with a possibility of loss but no possibility of gain.
risk that may result in either financial gain or financial lo…
process of measuring risk and finding ways to minimize or man…
risk
measure of the likelihood that something will be lost.
pure risk
risk with a possibility of loss but no possibility of gain.
27 terms
Chapter 8 insurance
Risk
Pure risk
Speculative Risk
Risk Management
Degree of uncertainty of return on an asset; in business, the…
A situation in which there are only the possibilities of loss…
An uncertainty or chance of a loss occurring in a situation t…
All efforts designed to preserve assets and earning power ass…
Risk
Degree of uncertainty of return on an asset; in business, the…
Pure risk
A situation in which there are only the possibilities of loss…
71 terms
Chapter 8 Insurance
after what group health insurance beca…
does medicare cover all health care ex…
all claims in the united states will e…
a co-payment is a
WW2
no
electronically
small fee paid at the time of service
after what group health insurance beca…
WW2
does medicare cover all health care ex…
no
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