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OHIO STATE HEALTH LICENSE EXAM STUDY GUIDE #20.
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OHIO STATE HEALTH LICENSE EXAM STUDY GUIDE #20.
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OHIO STATE HEALTH LICENSE EXAM STUDY GUIDE #20Mandatory Provisions - correct answer Entire Contract
Time Limit on Certain Defenses
Grace Period
Reinstatement
Notice of Claim
Claim Form Provision
Proof of Loss
Payment of Claim
Time of Payment of Claims
Physical Exam and Autopsy
Legal Action
Change of Beneficiary
Optional Provisions - correct answer Change of Occupation
Misstatement of Age
Other Insurance with THIS Insurance
Insurance with OTHER Insurers
Relationship of Earnings to Insurance
Unpaid Premium
Conformity to State Statutes
Illegal Occupation & Activity
Intoxicants and Narcotics
Cancellation
First Dollar Coverage - correct answer Eligible for coverage after first dollar paid, no
deductible or out of pocket expenses.
Renewability Provisions - correct answer Noncancelable
Guaranteed Renewable
Conditionally Renewable
Optionally Renewable
Cancellable
Period of Time (Nonrenewable)
Insurance Pyramid - correct answer Insurance companies -> Insurance Agencies ->
Insurance Producers (Agents) -> Insured -> Owner (pays prem)
NAIC - correct answer National Association of Insurance Commissioners
NO Legal Authority
NOT the "regulators"
Provides resources and research and promotes uniformity.
Stock Insurance Company - correct answer Owned by stockholders
May pay stockholders dividends
, NON PARTICIPATING POLICIES
Mutual Insurance Companies - correct answer Owned by policyholders
Policyholders MAY receive dividends
PARTICIPATING POLICIES
Reciprocal Insurance Companies - correct answer Risk SHARING
Unincorporated
Additional premium may be assessed
Lloyds of London - correct answer Syndicates not producers
SPECIFIC types of risk
EX: Tina Turner insuring her legs, JLo insuring her booty, etc
Risk Retention Group - correct answer Group owned
Licensed in 1 state, can cover other states
SPREADS the liability
MUST be a homogenous group
EX: Themeparks, waterslides, etc
Reinsurance Company - correct answer Accept all/some FINANCIAL risk from a
primary insurance
Does NOT have contract with consumers
TREATY = auto accepts all risk
FACULTATIVE = can reject/reprice due to risks presented
Domicile - correct answer Jurisdiction where the insurer is formed/incorporated
EX: Starbucks incorporated in Seattle
3 Types of Insurers - correct answer Domestic (formed in THIS state), Foreign (formed
in ANY state), Alien (formed OUTSIDE the US)
Admitted Insurer - correct answer An insurer to which a state insurance department has
granted a license to do business within that state.
Forms of Distribution - correct answer Exclusive/Captive Agent
Direct Writing System
Independent Agency
Career Agency
Personal Producing Gen Agent
Direct Mail
Mass Marketing
Forms of Authority - correct answer Express (written into contract)
Implied (assumed to be had - like providing quotes)
Apparent (when exceeds authority in contract like issuing a binder)
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