Exam (elaborations)
ARKANSAS LIFE & HEALTH INSURANCE EXAM QUESTIONS AND ANSWERS
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ARKANSAS LIFE & HEALTH INSURANCE EXAM QUESTIONS AND ANSWERS
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1-208 of 208A written contract where one party promises to indemnify another against loss from
an unknown event.
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Policy
,-A.M Best
-Fitch Ratings
-Standards and Poor's
-moodys
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Rating service company
Gives chief financial officers the power to investigate insurances companies and
producers, to issue cease and desist orders, and impose penalties.
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unfair trade practice acts
Group insurance plan issued to an employer, where both the employer and employee
contribute to the cost of the plan.
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Contributory
Previous coverage under another insurance plan where there has not been a break in
coverage for 63 days.
-an individuals waiting period for pre-existing conditions is reduced or eliminated
altogether when shows proof.
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Creditable Coverage
Pays the stated sum regardless of the actual loss that occured.
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Valued Contract
A contract that can be made void a the option of one or more parties to the
agreement.
(Ex. If the insured stops paying the premium, the contract is then voidable. The
insurance company has the right to cancel the contract and revoke the coverage.)
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Voidable Contract
A piece of paper which provides basic information about an insurance policy.
Typically the first page is the declaration page. Specifies name of insured, address,
policy period, location of property, policy limits, and other key information.
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Declaration Page
, a written statement describing the features and elements of the policy being issued.
Includes conditions, coverage, limitations, and premiums.
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Policy Summary
The PRIMARY purpose is to determine the financial strength of the company being
rated.
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Rating Service
Covers unusual hazards normally not covered under ordinary accident and health
insurance.
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Special risk policy
An illness or medical condition that existed before a policy's effective date; usually
excluded from coverage through the policy standard provisions or by waiver.
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