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NC Health Insurance Exam Pearson Vue With Verified Solutions
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NC Health Insurance Exam Pearson Vue With Verified Solutions...
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NC Health Insurance Exam Pearson Vue WithVerified Solutions
Pure Risk - Answer chance of loss or no loss but not gain insurable
Speculative Risk - Answer there is possibility of loss but of gain no insurablility
exposure unit - Answer subject to loss
peril - Answer cause of loss
life insurance - Answer death
Health insurance - Answer accident and sickness
hazard - Answer increases the likelihood or severity of loss
Three types of hazard - Answer physical, moral, morale
physical hazard - Answer arise from the inherent characteristic of the exposure unit
Moral Hazard - Answer lifestyle of the insured person
Morale hazard - Answer arise more from an outlook on life
,risk avoidance - Answer eliminating all risk altogether
risk retention - Answer manage risk Deduction
self-insurance - Answer instead of buying health insurance and saving $ in the bank
Pure risk that are not insurable - Answer Flood, War, Catastrophic losses
Intentional losses - Answer not insurable
Adverse selection - Answer bad for insurance
insurance actuary - Answer a specially trained mathematician who calculates premiums
underwriter - Answer 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 - Answer 90 days
Days insurance company must furnish an explanation - Answer 21 days
A dispute must begin within in ________ Answer 30 days
Law of Large numbers _________ Answer the larger the number the easier it is to predict
losses
how much $ must a insurance company have in reserve at all times _________ Answer 4
million
, Reinsurance agreements _________ Answer enable an insurance company the ceding
company to transfer risk to the reinsurer seller
Capital Stock companies are owned by - Answer stock holders and most common
Main purpose of the stock company - Answer make a profit for its investors
Mutual companies are owned by - Answer policy holders
Assessment insurers - Answer charge additional premiums at the end of the specified
time period
Fraternal benefit societies are similar to - Answer mutual companies
who is only eligible to buy insurance policies from a Fraternal? - Answer its members
Fraternal agents can only sell which policies - Answer life, health and annuity policies
self insurers - Answer only insure themselves
Reciprocal exchanges - Answer all its members to to insure each other
who manages a reciprocal? - Answer attorney-in-fact
who often steps in to cover risks too large or too catastrophic for private insurers? -
Answer government insurers
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