Best describe the mib - Study guides, Class notes & Summaries

What do individuals use to transfer their risk of loss to a larger group? - ANSWERSInsurance Best Describe the MIB - ANSWERSNonprofit organization that maintains underwriting information on applicants for life and health insurance An Insurer neglects to pay a legitimate claim that is covered under the terms of the policy. What insurance principles has the insurer violated? - ANSWERSConsideration The term "illustration" in a life insurance policy refers to... - ANSWERSA presentation of...

Florida 2-40 health license chapter 1 questions and answers rated A+ Health insurance contracts are unilateral. What does that mean? Only one party makes a legally enforceable promise What are the two types of expenses that are covered by health insurance? Expenses related to health care, and expenses that compensate for loss of income Who is responsible for paying the cost of a medical examination required in the process of underwriting? Insurer When must The Outline of Coverage be provided ...

Tennessee Health Exam Questions and Answers Graded A+ What are the 4 elements of an insurance contract? -Answer The elements of this are: Agreement - Offer and Acceptance Consideration Competent Parties Legal Purpose How can an insurance company use the information it obtains from the MIB? -Answer The information from this can be used to conduct further investigation into an applicant's current insurability. Explain the concept of coverage on a first-dollar basis. -Answer This cove...

1. Which of the following best describes the MIB? - It's a nonprofit organization that maintains underwriting information on applicants for life and health insurance. 2. According to the rights of renewability rider for cancellable policies, all of the following are correct about the cancellation of an individual insurance policy EXCEPT - Unearned premiums are retained by insurance company. 3. In long-term care insurance, what type of care is provided with intermediate care? - Occasion...

1 FINAL EXAM REVIEW - TEXAS LIFE AND HEALTH EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ If, at the time of an insured's death, the insurance company discovers that the insured's age was misstated on the application for life insurance, the company will most likely Correct Answer: pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age The provision in a health insurance policy that suspends premiums being paid to ...

1 FINAL EXAM REVIEW - TEXAS LIFE AND HEALTH EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ If, at the time of an insured's death, the insurance company discovers that the insured's age was misstated on the application for life insurance, the company will most likely Correct Answer: pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age The provision in a health insurance policy that suspends premiums being paid to ...

To determine whether or not long-term care policies can be considered similar policy forms, they are classified as all of the following EXCEPT Independent When referring to an activity of daily living, the term "transferring" means Moving in or out of bed, wheelchair or chair Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen All of the following are factors that point to an increasing need for long-ter...

Life and Health Insurance Study Guide Graded A A life insurance producer's agency agreement normally authorizes the licensee to do all of the following EXCEPT: A. solicit insurance B. sell insurance C. issue policies D. collect premiums ️C. issue policies at what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? A. before the appt is scheduled B. upon completion of the application C. at the policy's delive...

1 PENNSYLVANIA STATE HEALTH AND LIFE INSURANCE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Which of the following must be present in all medicare supplement plans? Correct Answer: Plan A What was created to keep telemarketers from calling consumers who do not wish to be contacted? Correct Answer: National Do not call registry Which insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may o...

1 NORTH CAROLINA XCEL TESTING LIFE & HEALTH INSURANCE EXAM STUDY EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated: Correct Answer: 1970 - Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their risk exposure? Correct Answer: Treaty What is the name of the law that requires insurers to d...