Indemnity payment - Study guides, Class notes & Summaries

Insurance (General concept) - ANSWER - transfers the risk of loss from an individual to an insurer - based on the principle of indemnity - based on the principle of risk (risk pooling) insurable interest (General Concept) - ANSWER - must exist at the time of the application - insuring one's own life, family member, or a business partner Solicitation and sales presentation - ANSWER - illustration- presentation of nonguaranteed elements - buyer's guide is generic information abo...

California Life, Accident, and Health Insurance Final Exam Questions and Answers Already Passed What distinguishes a deferred annuity from an immediate annuity? The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? 60 payments What is a common reason people purchase an annuity? To protect against the risk of outlivin...

GEORGIA PROPERTY & CASUALTY INSURANCE EXAM Prep (Latest 2024/ 2025 UPDATE) QUESTIONS AND VERIFIED ANSWERS| 100% CORRECT| GRADE A Q: Which insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount lost? Answer: Indemnity Q: legal process that gives the insurer, after payment of a loss, the right to seek recovery from a third party that was responsible for the loss Answer:...

Xcel Life Insurance Exam Actual Test Questions and Answers with complete solution Replacement regulation is designed to protect Answers>> Policyowners from mirepresentation and loss of benefits All Health Benefit Plans issued after January 1, 2014 must provide Answers>> Preventative health services Which of these will have the highest monthly payout upon annuitization Answers>> Straight life Which of the following is included in the entire contract according t...

AORN Periop 101 Final Exam Study Guide with Complete Solutions Indemnity Payment - Correct Answer Payment made on behalf of the policy holder Liability - Correct Answer A legal responsibility Negligence - Correct Answer An act or failure to act that deviates from the standard of care Nursing Malpractice - Correct Answer A nurse's negligence or any intentional act that causes physical, financial, emotional, psychosocial, and/or cognitive damage to the person in the nurse's care Re...

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...

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 collects premiums from all policy holders and uses them to pay out the claims of a few. w...

AORN Periop 101 Final Exam; Questions and Answers |Latest Update 100% Verified Indemnity Payment Answer-Payment made on behalf of the policy holder Liability Answer-A legal responsibility Negligence Answer-An act or failure to act that deviates from the standard of care Nursing Malpractice Answer-A nurse's negligence or any intentional act that causes physical, financial, emotional, psychosocial, and/or cognitive damage to the person in the nurse's car

Aorn Periop 101 Final Exam Practice Test Indemnity Payment - CORRECT ANSWER-Payment made on behalf of the policy holder Liability - CORRECT ANSWER-A legal responsibility Negligence - CORRECT ANSWER-An act or failure to act that deviates from the standard of care Nursing Malpractice - CORRECT ANSWER-A nurse's negligence or any intentional act that causes physical, financial, emotional, psychosocial, and/or cognitive damage to the person in the nurse's care Respondeat Superior - C...

PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM ALREADY PASSED Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as thereafter a...