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Study sets matching "life and health insurance exam"

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Study sets matching "life and health insurance exam"

44 terms
Life & Health Insurance Terms
A & H
Absolute Assignment
Accident
Accidental Death Insurance
Accident and Health
Assignment by the policy owner of all control and rights to a…
A fortuitous event, unforeseen and unintended
Form of health insurance that provides payment if death of in…
A & H
Accident and Health
Absolute Assignment
Assignment by the policy owner of all control and rights to a…
283 terms
Life, Accident and Health Insurance
Qualified Plan
Qualified Plan Requirements
Advantages of Qualified plans
Qualified Plan distributions
-approved by IRS for favorable tax treatment... - tax deffered…
1) Be in writing 2)provided for benefit of employee 3) must s…
- employer and employee contributions are tax deductivble and…
- taxable upon withdrawl... - 10% penalty upon withdrawl before…
Qualified Plan
-approved by IRS for favorable tax treatment... - tax deffered…
Qualified Plan Requirements
1) Be in writing 2)provided for benefit of employee 3) must s…
51 terms
Life and Health Insurance
What are the stages of the financial l…
Actuaries
Deductible
Patient Protection and Affordable Care…
Stage 1: Securing Basics ... Stage 2: Financial Foundation ... Stag…
statisticians who specialize in estimating the probability of…
the amount that you are responsible for paying before insuran…
signed into law in 2010 and put in place comprehensive health…
What are the stages of the financial l…
Stage 1: Securing Basics ... Stage 2: Financial Foundation ... Stag…
Actuaries
statisticians who specialize in estimating the probability of…
255 terms
Life and Health Insurance Terms
Life insurance policy
Valid life insurance contracts must id…
Insurable interest
Indemnify
Written contract to transfer risk of premature death from one…
1: parties to contract; 2: insured party or life; 3: insurabl…
Financial interest in insured party that must exist @ time of…
To "make whole again" w/out benefit or detriment; neither mon…
Life insurance policy
Written contract to transfer risk of premature death from one…
Valid life insurance contracts must id…
1: parties to contract; 2: insured party or life; 3: insurabl…
343 terms
Life & Health Insurance
In insurance, a type of risk that invo…
A hurricane is an example of a(n)
Which of the following is an example o…
Which of the following is defined as i…
speculative risk: Speculative risk is risk that may result in…
Peril: A hurricane is an example of a peril. A peril is a con…
the loss of life: The loss of a life is a good example of pur…
Hazard: A hazard does indeed increase the number of, or the s…
In insurance, a type of risk that invo…
speculative risk: Speculative risk is risk that may result in…
A hurricane is an example of a(n)
Peril: A hurricane is an example of a peril. A peril is a con…
436 terms
Insurance - Wisconsin Health and Life
Accident
Accident Insurance
Accidental Bodily Injury
Accidental Death and Dismemberment
An unplanned, unforeseen event which occurs suddenly and at a…
A type of insurance that protects the insured against loss du…
Unplanned, unforeseen traumatic injury to the body.
An insurance policy which pays a specified amount or a specif…
Accident
An unplanned, unforeseen event which occurs suddenly and at a…
Accident Insurance
A type of insurance that protects the insured against loss du…
12 terms
Chapter 35 - Life and Health Insurance
life insurance
proceeds
beneficiary
cash-value insurance
Insurance that is paid to a person or people designated to re…
The value of an insurance policy (life insurance).
A survivor who receives part or all of the proceeds.
This type of permanent insurance provides both savings and de…
life insurance
Insurance that is paid to a person or people designated to re…
proceeds
The value of an insurance policy (life insurance).
22 terms
Life and Health Insurance and Annuities
Who elects the governing body of a mut…
Which of these describe a participatin…
The stated amount or percent of liquid…
An insurance applicant MUST be informe…
Policyholders
Policyowners are entitled to receive dividends"
reserves
Fair Credit Reporting Act
Who elects the governing body of a mut…
Policyholders
Which of these describe a participatin…
Policyowners are entitled to receive dividends"
112 terms
Life and Health Insurance Glossary
Absolute Assignment
Accumulation at Interest Option
Actuary
ADB
Assignment by the policy owner of all control and rights to a…
A dividend or settlement option under which the policyholder…
One concerned with the application of probability and statist…
Accidental Death Benefit, also known as Double or Triple Inde…
Absolute Assignment
Assignment by the policy owner of all control and rights to a…
Accumulation at Interest Option
A dividend or settlement option under which the policyholder…
12 terms
Life and Health Insurance
life insurance
proceeds
beneficiary
cash-value insurance
insurance paid to a person or people designated to receive th…
when the policyholder dies the insurance company pays the sur…
who is a survivor, is someone who receives part or all of the…
provides both savings and death benefits
life insurance
insurance paid to a person or people designated to receive th…
proceeds
when the policyholder dies the insurance company pays the sur…
104 terms
Health And Life Insurance
Elements of Insurable Risk
Adverse Selection
Express Authority
Consideration
Loss due to chance,predictable, Not Catastrophic, Insurance n…
More prone to lose, sicker people
Written in contract
Binding for force - something of value
Elements of Insurable Risk
Loss due to chance,predictable, Not Catastrophic, Insurance n…
Adverse Selection
More prone to lose, sicker people
181 terms
Life and Health Insurance Vocab
Insurance Rate Factors
Insuring Clause
Inter Vivos Trust
Interim Term
Mortality ( life insurance rates) or Morbidity (health insura…
States that the insurer agrees to provide life insurance prot…
A trust that takes effect during the lifetime of the grantor
When a person wants immediate protection and is thinking of s…
Insurance Rate Factors
Mortality ( life insurance rates) or Morbidity (health insura…
Insuring Clause
States that the insurer agrees to provide life insurance prot…
12 terms
35 life and health insurance
life insurance
proceeds
beneficiary
cash-value insurance
insurance that is paid to a person or people designated to re…
the value of an insurance policy (life insurance)
a survivor who receives part or all of the proceeds
(permanent insurance) provides both savings and death benefits
life insurance
insurance that is paid to a person or people designated to re…
proceeds
the value of an insurance policy (life insurance)
14 terms
Health and Life Insurance
Health Insurance
Group Insurance
COBRA
Coordination of Benefits
Plan for sharing risk of high medial costs resulting from inj…
All insureds have the same coverage and pay a set premium - u…
Consolidate Omnibus Budget Reconciliation Act
Group health insurance provision that specified how the insur…
Health Insurance
Plan for sharing risk of high medial costs resulting from inj…
Group Insurance
All insureds have the same coverage and pay a set premium - u…
62 terms
life and health insurance
absolute assignment
accelerated benefits rider
acceptance
accident and health insurance
The assignee receives full control over the policy and also f…
A life insurance rider that allows for the early payment of s…
an acceptance must be unconditional and unqualified
insurance under which benefits are payable in case of disease…
absolute assignment
The assignee receives full control over the policy and also f…
accelerated benefits rider
A life insurance rider that allows for the early payment of s…
Life and Health Insurance Exam
Define: Insurance
Define: Indemnify
Define: 1. Policy-owner, 2. Premium, a…
The name for the agreement between the…
A contract that indemnifies another against loss, damage, or…
To make a person whole by restoring that person to the same f…
1. The insured individual... 2. Set amount of money paid to insu…
A policy. The legal contract between the two parties.
Define: Insurance
A contract that indemnifies another against loss, damage, or…
Define: Indemnify
To make a person whole by restoring that person to the same f…
33 terms
Health and Life Insurance
Risk
Insurance
Policy
Policy Holder
Uncertain, unpredictable factors that can lead to losses or d…
An arrangement in which an insured pays money to an insurer t…
A written contract stating the arrangement b/w insured and in…
A consumer who has purchased an insurance policy
Risk
Uncertain, unpredictable factors that can lead to losses or d…
Insurance
An arrangement in which an insured pays money to an insurer t…
338 terms
Arkansas Life and Health Insurance
Absolute Assignment
Accident and Sickness
Accident Insurance
Accidental Bodily Injury
assignment by the policyholder of all the policy control and…
insurance against bodily injury, death or disability by accid…
a form of health insurance against loss by accidental bodily…
generally, traumatic damage to the body, of external origin,…
Absolute Assignment
assignment by the policyholder of all the policy control and…
Accident and Sickness
insurance against bodily injury, death or disability by accid…
551 terms
California Life and Health Insurance
Medical expense premiums paid by sole…
What is the Eligibility of a Qualified…
If an insurance contract has "variable…
What insurance product has a flexible…
They are fully deductible.
ERISA prescribes that all full time employees who have worked…
It is under the Federal Securities Laws. They have met the de…
A flexible premium deferred annuity.
Medical expense premiums paid by sole…
They are fully deductible.
What is the Eligibility of a Qualified…
ERISA prescribes that all full time employees who have worked…
51 terms
Life and Health Insurance
Insurance
Indemnify
Risk
Pure risk
Contract that indemnifies another
To make a person whole by restoring that person to the same f…
The uncertainty of financial loss
there is only a chance of loss-the loss may or may not happen…
Insurance
Contract that indemnifies another
Indemnify
To make a person whole by restoring that person to the same f…
10 terms
Life And Health Insurance Glossary
Absolute Assignment
Accident
Accident and sickness
Accidental Means
A transfer by the policyholder of all control and rights to a…
A sudden event, unforeseen and unintended
Insurance against bodily injury, disability or death by accid…
The unexpected cause of an accidental bodily injury. Under an…
Absolute Assignment
A transfer by the policyholder of all control and rights to a…
Accident
A sudden event, unforeseen and unintended
17 terms
Health and Life Insurance
Out of Pocket Maximum
Shared Risk
Co-Pay
Co-Insurance
A set dollar amount that is the most an insured person will h…
An insurance concept that means the risk of some sort of loss…
A set dollar amount that you always have to pay for something…
A "split" of health insurance costs, usually expressed as two…
Out of Pocket Maximum
A set dollar amount that is the most an insured person will h…
Shared Risk
An insurance concept that means the risk of some sort of loss…
97 terms
Health and Life Insurance
Job of an insuraner
Speculative Risk
Example of a speculative risk
Example of speculative risk
Make a plan, educating them on their risk ans manage exposed…
Voluntarily, results in profit or loss
Purchase of Stock
Purchase of lottery ticket
Job of an insuraner
Make a plan, educating them on their risk ans manage exposed…
Speculative Risk
Voluntarily, results in profit or loss
16 terms
Health and Life Insurance
Term life insurance
Primary care physician
COBRA
Medicaid
Life insurance that pays a death benefit if the policyholder…
Doctor in a managed care health plan that you select to coord…
Federal law that requires your employer to offer to continue…
Government-sponsored health insurance designed for people wit…
Term life insurance
Life insurance that pays a death benefit if the policyholder…
Primary care physician
Doctor in a managed care health plan that you select to coord…
110 terms
life and health insurance
Adverse Selection
Insurance
Agent
Insurer
Fraud
Transfer of risk
the producer
the Principle
Adverse Selection
Fraud
Insurance
Transfer of risk
283 terms
Life, Accident and Health Insurance
Qualified Plan
Qualified Plan Requirements
Advantages of Qualified plans
Qualified Plan distributions
-approved by IRS for favorable tax treatment... - tax deffered…
1) Be in writing 2)provided for benefit of employee 3) must s…
- employer and employee contributions are tax deductivble and…
- taxable upon withdrawl... - 10% penalty upon withdrawl before…
Qualified Plan
-approved by IRS for favorable tax treatment... - tax deffered…
Qualified Plan Requirements
1) Be in writing 2)provided for benefit of employee 3) must s…
228 terms
Florida Life and Health Insurance!
Insured
Rider
What is a unilateral contract?
What law protects consumers from the c…
The person covered by the insurance policy.
A written modification attached to a policy that increases or…
A contract in which only one of the parties is legally bound…
The Fair Credit Reporting Act.
Insured
The person covered by the insurance policy.
Rider
A written modification attached to a policy that increases or…
384 terms
Life and Health Insurance
Dividends (mutual/policy)
Fair Credit Reporting Act (FCRA)
Fraud and False Statements
Adverse Selection
never guaranteed, paid only from participating policies; not…
protects consumer privacy and from overly intrusive informati…
knowingly presenting false or fraudulent information on an in…
tendency of more bad risks than good risks to purchase and ma…
Dividends (mutual/policy)
never guaranteed, paid only from participating policies; not…
Fair Credit Reporting Act (FCRA)
protects consumer privacy and from overly intrusive informati…
519 terms
Life and health insurance
Sar suspicious activity reporting rules
Sar reporting
Fair credit reporting act
Fair credit reporting act
Deposits and withdrawals transfers or any other business deal…
Filed with fincen within 30 days of initial discovery
Establish procedures that consumer reporting agencies must fo…
Law also protects consumers against the circulation of inaccu…
Sar suspicious activity reporting rules
Deposits and withdrawals transfers or any other business deal…
Sar reporting
Filed with fincen within 30 days of initial discovery
9 terms
Life & Health Insurance
beneficiary
cash value
co-payment
deductible
(n) one who benefits from something; a person who is left mon…
The amount of money saved in a whole life policy that the pol…
a small fixed fee paid by the patient at the time of an offic…
A certain amount of money that the patient must pay each year…
beneficiary
(n) one who benefits from something; a person who is left mon…
cash value
The amount of money saved in a whole life policy that the pol…
226 terms
Life and Health Insurance
Absolute Assignment
Accident
Accident and Sickness
Accidental Means
a transfer by the policyholder of all control and rights to t…
a sudden event, unforeseen and unintended.
Insurance against bodily injury, disability or death by accid…
The unexpected cause of an accidental bodily injury. Under an…
Absolute Assignment
a transfer by the policyholder of all control and rights to t…
Accident
a sudden event, unforeseen and unintended.
288 terms
Life and Health Insurance Terms
Life insurance policy
Valid life insurance contracts must id…
Insurable interest
Indemnify
Written contract to transfer risk of premature death from one…
parties; insured party or life; insurable interest, if 3rd pa…
Financial interest in insured party that must exist @ time of…
To "make whole again" w/out benefit or detriment; neither mon…
Life insurance policy
Written contract to transfer risk of premature death from one…
Valid life insurance contracts must id…
parties; insured party or life; insurable interest, if 3rd pa…
42 terms
Life and Health Insurance
Absolute Assignment
accident
accidental means
accumulation at interest option
a transfer by the policy holder of all control and rights to…
a sudden event, unforeseen and unintended
the unexpected cause of an accidental bodily injury
a dividend or settlement option under which the policyholder…
Absolute Assignment
a transfer by the policy holder of all control and rights to…
accident
a sudden event, unforeseen and unintended
338 terms
Arkansas Life and Health Insurance
Absolute Assignment
Accident and Sickness
Accident Insurance
Accidental Bodily Injury
assignment by the policyholder of all the policy control and…
insurance against bodily injury, death or disability by accid…
a form of health insurance against loss by accidental bodily…
generally, traumatic damage to the body, of external origin,…
Absolute Assignment
assignment by the policyholder of all the policy control and…
Accident and Sickness
insurance against bodily injury, death or disability by accid…
283 terms
Life, Accident and Health Insurance
Qualified Plan
Qualified Plan Requirements
Advantages of Qualified plans
Qualified Plan distributions
-approved by IRS for favorable tax treatment... - tax deffered…
1) Be in writing 2)provided for benefit of employee 3) must s…
- employer and employee contributions are tax deductivble and…
- taxable upon withdrawl... - 10% penalty upon withdrawl before…
Qualified Plan
-approved by IRS for favorable tax treatment... - tax deffered…
Qualified Plan Requirements
1) Be in writing 2)provided for benefit of employee 3) must s…
283 terms
Life, Accident and Health Insurance
Qualified Plan
Qualified Plan Requirements
Advantages of Qualified plans
Qualified Plan distributions
-approved by IRS for favorable tax treatment... - tax deffered g…
1) Be in writing 2)provided for benefit of employee 3) must s…
- employer and employee contributions are tax deductivble and…
- taxable upon withdrawl... - 10% penalty upon withdrawl before…
Qualified Plan
-approved by IRS for favorable tax treatment... - tax deffered g…
Qualified Plan Requirements
1) Be in writing 2)provided for benefit of employee 3) must s…
103 terms
Life and Health Insurance Glossary
Accident and Health
Absolute Assignment
Accident
Accidental Death Insurance
A&H
Assignment by the policy owner of all control and rights to a…
A fortuitous event, unforeseen and unintended
Form of Health Insurance that provides payment, if death of t…
Accident and Health
A&H
Absolute Assignment
Assignment by the policy owner of all control and rights to a…
137 terms
life, accident & health insurance
insurer
insured
policyowner
producer
insurance company
party that is covered by the policy and has insurance
party who purchased the policy and pays the premiums. only th…
insurance agent. sells, solicits, and markets insurance for a…
insurer
insurance company
insured
party that is covered by the policy and has insurance
115 terms
Life and Health Insurance Exam
How is the commission calculated when…
An agent, broker, or other person who…
Under part A of Medicare who submits t…
Adult day care coverage in a LTC polic…
Based on the difference between the annual premium of the rep…
Immediately
The provider
It will cover part time care in a facility.
How is the commission calculated when…
Based on the difference between the annual premium of the rep…
An agent, broker, or other person who…
Immediately
283 terms
Life, Accident and Health Insurance
Qualified Plan
Qualified Plan Requirements
Advantages of Qualified plans
Qualified Plan distributions
-approved by IRS for favorable tax treatment... - tax deffered…
1) Be in writing 2)provided for benefit of employee 3) must s…
- employer and employee contributions are tax deductivble and…
- taxable upon withdrawl... - 10% penalty upon withdrawl before…
Qualified Plan
-approved by IRS for favorable tax treatment... - tax deffered…
Qualified Plan Requirements
1) Be in writing 2)provided for benefit of employee 3) must s…
171 terms
Life, Accident, Health & Disability Insurance
Insurance
Insurance Interest
Foreign Insurance Company
Renewable Term Insurance
Transfers risk of loss from the insured to the company
Financial interest in having the life of the insured continued
An insurance company that is incorporated outside the state w…
Term insurance where the insured has the option of continuing…
Insurance
Transfers risk of loss from the insured to the company
Insurance Interest
Financial interest in having the life of the insured continued
28 terms
Life & Health Insurance Ratemaking
Risk Class
Preferred risk class
Standard risk class
Top 10 health conditions that impact l…
A group of risks as defined by an insurer's underwriting guid…
Risk class with ower premiums due to lower health risks
Risk class applicable to average health risks
High blood pressure, High cholesterol, Depression, Asthma, Ty…
Risk Class
A group of risks as defined by an insurer's underwriting guid…
Preferred risk class
Risk class with ower premiums due to lower health risks
LIFE AND HEALTH INSURANCE
INSURABLE INTEREST
PURE RISK
NONPARTICIPATING POLICES
MODIFIED ENDOWMENT CONTRACT
...
...
Non-participating policy is also known as a without-profit or…
a tax qualification of a life insurance policy where the poli…
INSURABLE INTEREST
...
PURE RISK
...
283 terms
Life, Accident and Health Insurance
Qualified Plan
Qualified Plan Requirements
Advantages of Qualified plans
Qualified Plan distributions
-approved by IRS for favorable tax treatment... - tax deffered…
1) Be in writing 2)provided for benefit of employee 3) must s…
- employer and employee contributions are tax deductivble and…
- taxable upon withdrawl... - 10% penalty upon withdrawl before…
Qualified Plan
-approved by IRS for favorable tax treatment... - tax deffered…
Qualified Plan Requirements
1) Be in writing 2)provided for benefit of employee 3) must s…
318 terms
Life and Health Insurance
Accelerated Benefits
Accident
Accident Insurance
Accidental Bodily Injury
Riders attached to life insurance policies which allow death…
An unplanned, unforeseen event which occurs suddenly and at a…
A type of insurance that protects the insured against loss du…
Unplanned, unforeseen traumatic injury to the body.
Accelerated Benefits
Riders attached to life insurance policies which allow death…
Accident
An unplanned, unforeseen event which occurs suddenly and at a…
283 terms
Life, Accident and Health Insurance
Qualified Plan
Qualified Plan Requirements
Advantages of Qualified plans
Qualified Plan distributions
-approved by IRS for favorable tax treatment... - tax deffered…
1) Be in writing 2)provided for benefit of employee 3) must s…
- employer and employee contributions are tax deductivble and…
- taxable upon withdrawl... - 10% penalty upon withdrawl before…
Qualified Plan
-approved by IRS for favorable tax treatment... - tax deffered…
Qualified Plan Requirements
1) Be in writing 2)provided for benefit of employee 3) must s…
551 terms
California Life and Health Insurance
Medical expense premiums paid by sole…
What is the Eligibility of a Qualified…
If an insurance contract has "variable…
What insurance product has a flexible…
They are fully deductible.
ERISA prescribes that all full time employees who have worked…
It is under the Federal Securities Laws. They have met the de…
A flexible premium deferred annuity.
Medical expense premiums paid by sole…
They are fully deductible.
What is the Eligibility of a Qualified…
ERISA prescribes that all full time employees who have worked…
94 terms
Health & Life Insurance
A & H
Accident
Absolute Assignment
Accidental Death Insurance
Accident and Health
A fortuitous event, unforeseen and unintended
Assignment by the policy owner of all control and rights to t…
A form of Health insurance that provides payment, if death of…
A & H
Accident and Health
Accident
A fortuitous event, unforeseen and unintended
283 terms
Life, Accident and Health Insurance
Qualified Plan
Qualified Plan Requirements
Advantages of Qualified plans
Qualified Plan distributions
-approved by IRS for favorable tax treatment... - tax deffered…
1) Be in writing 2)provided for benefit of employee 3) must s…
- employer and employee contributions are tax deductivble and…
- taxable upon withdrawl... - 10% penalty upon withdrawl before…
Qualified Plan
-approved by IRS for favorable tax treatment... - tax deffered…
Qualified Plan Requirements
1) Be in writing 2)provided for benefit of employee 3) must s…
519 terms
Life and health insurance
Sar suspicious activity reporting rules
Sar reporting
Fair credit reporting act
Fair credit reporting act
Deposits and withdrawals transfers or any other business deal…
Filed with fincen within 30 days of initial discovery
Establish procedures that consumer reporting agencies must fo…
Law also protects consumers against the circulation of inaccu…
Sar suspicious activity reporting rules
Deposits and withdrawals transfers or any other business deal…
Sar reporting
Filed with fincen within 30 days of initial discovery
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