Insurance Needs Flashcards

1
Q

What are the steps in risk management process?

A

1) Est Objectives and specific sub-objectives, includes determining income levels and future needs.
2) Identify Loss Exposure by compiling relevant quantitative and qualitative data, including info regarding assets, income, savings programs, liabilities and final expenses.
3) Measure Loss Exposure involves measuring and analyzing the relevant data and loss exposures (incurred) and their financial effects.

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2
Q

How are HI policies classified?

A

medical expense insurance, long-term care insurance and disability income insurance

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3
Q

What are insuring arrangements?

A

Sources of comprehensive medical insurance: Traditional life insurers, Blue Cross/Blue Shield insurers, and Health maintenance organizations (HMOs)

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4
Q

What are benefit provisions under disability income policies?

A

Elimination period
Benefit period
Amount of monthly indemnity.

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5
Q

On what basis is disability coverage issued?

A

guaranteed renewable or noncancelable basis

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6
Q

What are categories of commercial property?

A

buildings, personal business property, and property of others

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7
Q

Health insurance can be classified into each of the following categories

A

Medical expense insurance,
Long-term care insurance, and
Disability income insurance.

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