Pearson Vue NC Health Insurance Exam Questions And Correct Answers
6 views 0 purchase
Course
Pearson Vue
Institution
Pearson Vue
Pearson Vue NC Health Insurance Exam Questions And Correct Answers
Pure Risk
chance of loss or no loss but not gain insurable
Speculative Risk
there is possibility of loss but of gain no insurablility
exposure unit
subject to loss
peril
cause of loss
life insurance
death
Health insura...
Pearson Vue NC Health Insurance Exam
Questions And Correct Answers
Pure Risk
chance of loss or no loss but not gain insurable
Speculative Risk
there is possibility of loss but of gain no insurablility
exposure unit
subject to loss
peril
cause of loss
life insurance
death
Health insurance
accident and sickness
hazard
increases the likelihood or severity of loss
Three types of hazard
physical, moral, morale
physical hazard
arise from the inherent characteristic of the exposure unit
Moral Hazard
lifestyle of the insured person
Morale hazard
arise more from an outlook on life
risk avoidance
eliminating all risk altogether
risk retention
manage risk Deduction
self-insurance
instead of buying health insurance and saving $ in the bank
Pure risk that are not insurable
Flood, War, Catastrophic losses
Intentional losses
not insurable
Adverse selection
bad for insurance
insurance actuary
a specially trained mathematician who calculates premiums
underwriter
checks out the medical history of the proposed insured and other factors to eliminate
adverse selection against the insurance company, issue policy premium restrictions
Days for applicant to requests an explanantion
90 days
, Days insurance company must furnish an explanation
21 days
A dispute must begin within in
30 days
Law of Large numbers
the larger the number the easier it is to predict losses
how much $ must a insurance company have in reserve at all times
4 million
Reinsurance agreements
enable an insurance company the ceding company to transfer risk to the reinsurer
(seller)
Capital Stock companies are owned by
stock holders and most common
Main purpose of the stock company
make a profit for its investors
Mutual companies are owned by
policy holders
Assessment insurers
charge additional premiums at the end of the specified time period
Fraternal benefit societies are similar to
mutual companies
who is only eligible to buy insurance policies from a Fraternal?
its members
Fraternal agents can only sell which policies
life, health and annuity policies
self insurers
only insure themselves
Reciprocal exchanges
all its members to to insure each other
who manages a reciprocal?
attorney-in-fact
who often steps in to cover risks too large or too catastrophic for private
insurers?
government insurers
Social Security
a federal program funded by employers, employees and the selfemployed
What agency does not fund social security?
FEderal Government
Insurers must be in a state to sell insurance
Authorized
What does Insurer get to sell in the insurance in a certain state?
Certificate of Authority
What are insurers classified as in their own state?
Domestic
What are insurers classified as in another state?
Foreign
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICAIDSTORE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
