Private insurer - Study guides, Class notes & Summaries

A medical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as Usual, customary and reasonable What provision would prevent an insurance company from paying a reimbursement claim to someone other than the policyowner? Payment of Claims All of the following are true about gr...

Primerica Life Insurance 2023/ 2024 Updated Exam | (Questions and Verified Answers with Rationales) 100% Correct Q: which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting? A. Reciprocal B. Fraternal C. Stock D. Mutual Answer: C. Stock Only stock insurance companies are owned and controlled by stockholders Q: which of the following best describes the concept that the insured pays a small amount of prem...

Florida 240 Practice Exam Questions And Answers 100% Verified A medical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as - answerUsual, customary and reasonable What provision would prevent an insurance company from paying a reimbursement claim to someone other than the policyow...

ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024 What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER-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? - CORRECT ANSWER-the insurer collect...

1. Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest Utmost Good Faith Indemnity 2. Explain the meaning and disadvantage of the following approaches: Avoid- ance of Risk & Control of Risk: Avoidance: Avoidance means that...

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...

The coverage territory of the Business Auto form provides for "worldwide liability coverage" for private passenger autos that the insured: a) Hires, leases, rents or borrows without a driver while outside the United States, its territories and possessions. b) Purchases while outside the United States, its territories and possessions. c) Sells while outside the United States, its territories and possessions. d) Occupies while outside the United States, its territories and possession...

Texas Property and Casualty Exam Questions and Answers Verified 100% ____ is uncertainty of loss - risk ____ is a transfer of risk from the insured to the insurer - insurance ____ risk means there is no chance of gain. It is insurable. - pure ____ risk means there is a chance of a loss or a gain. It is not insurable. - speculative a ____ is something that increases the risk. - hazard the principle of _____ governs property and casualty policies. It states that the purpose of th...

New York State General Adjuster 17-70 Exam 2023-2024 With 100% Complete solutions An employee has been asked to use his own personal vehicle to perform certain tasks on behalf of his employer. What coverage is used under the business auto policy to protect the employer for lawsuits when the employee has an accident that causes legal action against the employer? {{Correct Ans- Employers non-ownership coverage. This coverage protects the employer and not the employee. The employee is covered unde...

AINS 21 Types of Private Insurers Assignment 1 with Complete Solutions