Catastrophic coverage - Study guides, Class notes & Summaries

What is insurance? (Ans- protection against financial loss what is a premium (Ans- a scheduled amount to be paid for an insurance policy. What are premiums used for (Ans- premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? (Ans- the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity (Ans- payment for...

CEBS - GBA Practice Exam 1 Questions and Answers 1. Which of the following statements correctly describes minimum require- ments that group benefit plans typically must meet in order to be prospec- tively rated on contract renewal?: The more unpredictable the event that will trigger a claim, the larger the minimum group size and premium requirements 2. Which of the following statements correctly describes the term graduation as it applies to mortality tables?: It is a mathematica...

UHC Medicare Basics Test A consumer currently has original Medicare and is enrolled in a stand alone prescription drug plan what will happen if the consumer enrolls in an MA plan that has integrated prescription drug coverage - ANSWER-the consumer will be automatically disenrolled from the standalone PDP upon in Roman in the MA plan that has integrated prescription drug coverage aside from a standalone Medicare prescription drug plan how else could a Medicare eligible consumer get Part ...

Some well-known lawsuits, which involved corporate malfeasance and alleged improper accounting practices, include - ️️Worldcom, Enron, and Cedant. Each of these cases resulted in tremendous costs for litigation, generating settlements of $6.2 billion, $7.2 billion, and $3.7 billion respectively Define reinsurance and describe its role in the insurance industry. - ️️Reinsurance is called insurance for insurance companies or a form of financial risk transfer. It is a mechanism insura...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

California property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

Margaret currently has an MAPD Plan. What would happen if you enrolled her into a stand-alone PDP? She would be disenrolled automatically from her MAPD Plan. What is Medicare Part D? A voluntary program, offered by private insurance companies that are contracted with the federal government, that provides prescription drug coverage for an additional monthly plan premium 00:24 01:42 Which of the following statements is true about eligibility requirements for stand-alone M...

INTRODUCTORY MEDICAL SURGICAL NURSING 12TH EDITION TIMBY SMITH TEST BANK [Author name] [COMPANY NAME] [Company address] INTRODUCTORY MEDICAL SURGICAL NURSING 12TH EDITION TIMBY SMITH TEST BANK 1. CHAPTER 1 Managed care organizations are insurers that carefully plan and closely supervise the distribution of healthcare services. What is one of the goals of managed care? A) Preventing illness through screening and promotion of health activities B) Improving training of healthcare professionals C) E...

Insurance Adjuster Exam Questions and Answers Rated A+ Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insur...

alifornia property and casualty exam questions and answers graded A The process where by a mutul insurer becomes a stock company is called Demutalization The process whereby a stock company a mutal insurer is called Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is Valuation clause The part of the policy that states the amout of coverage the insured property policy period is Declaration Part of the policy that establ...