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Flashcards in Accident Health Or Sickness Ins Basics Deck (38)
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1

Under a credit disability policy, payments to the creditor will be made for the insurer until what point in time?

Until the period of disability ends or until the debt is repaid

2

Who is a field underwriter?

Agent/producer

3

Most health policies will pay the accidental death benefits if the death is caused by an accident and occurs within how many days?

90 days

4

What is the term used for a written request for an insurer to issue an insurance contract based on the provided information?

Application

5

What is adverse selection?

People who are more likely to submit insurance claims are seeking insurance more often than preferred risks

6

What is the capital sum in accidental death and dismemberment coverage?

A percentage of the principal sum

7

What is the entire contract in health insurance underwriting?

The application and the policy issued

8

In health insurance, what is considered a sickness?

An illness that first arises while the policy is in force

9

Who is responsible for paying the cost of a medical examination required in the process of underwriting?

Insurer

10

Who must sign a health insurance application?

The policyowner, the insured (if different), and the agent

11

What are the two types of expenses covered by health ins?

Expenses related to health care, and expenses that compensate for loss of income

12

What type of hospital policy pays a fixed amount each day that the insured is in the hospital?

Hospital indemnity

13

In health insurance, the policy itself and the insurance application form what?

The entire contract

14

During which stage in the insurance process do insurers evaluate information that identifies adverse selection risks?

Underwriting

15

What do limited health policies cover?

A specified accident or disease

16

When should an agent obtain a statement of good health from the insured?

When the premium was paid upon policy delivery and not at the time of application

17

If an agent makes a correction on the application for health insurance, who must the initial the correct answer?

The applicant

18

Under an individual disability income policy, the benefits must be paid on at least what schedule?

Monthly

19

What health policy provision defines the insureds duty to provide the insurer with reasonable notice in the event of loss?

Notice of claim

20

What will determine the length of the grace period in a health insurance policy?

The mode of the premium payment

21

What health policy renewability provision allows the insurer to terminate coverage for any reason, and to increase the premiums for any class of insureds?

Optionally renewable

22

What health policy provision prevents the insured from bringing a lawsuit against the insurance company for at least 60 days after proof of loss is provided?

Legal actions

23

What health policy provision states to whom the claim benefits must be paid?

Payment of claims

24

Who pays the expense for an autopsy under the physical examination and autopsy provision?

The insurer

25

Who decides which optional provisions would be included in a health policy?

The insurance company

26

Health policy provision that allows the insured a period of time to examine the policy and determine whether or not to keep it?

Free-look period

27

What renewability provision will most likely appear on a travel accident policy?

Period of time

28

Monthly premium payment grace period length?

10 days

29

What will happen if there is no payment during the grace period?

The policy will be cancelled

30

If a health ins policy has a 31 day grace period, what does that mean?

The policy remains in effect for 31 days after the premium is due and not paid