Concepts in Insurance
This feature allows you to exchange a term life insurance policy for one that has cash value.
What is the Convertibility provision?
Federal legislation enacted in 1945 permitting insurance to be regulated by the various states.
What is the McCarran-Ferguson Act?
Rental car policy limits are $30 per day. A claimant rents a car for 20 days. How much will his homeowner’s policy pay?
What is $0?
This would be covered under the auto policy.
A specified sum payable at certain regular intervals during the lifetime of one or more persons, or payable for just a specified period.
What is an Annuity?
I CAN get this first one since it’s easy.
What is NAIC?
This type of insurance must usually be purchased if you don’t put down at least 20% when purchasing a home.
What is Private Mortgage Insurance (PMI)?
First known as the National Insurance Conference, this organization was formed in 1871.
What is the National Association of Insurance Commissioners (NAIC)?
A life insurance policy has a death benefit of $100,000. When the beneficiary dies, how much will the policy pay?
What is $0?
The “insured” must die for the policy to pay benefits.
Extended for a fourth time, this federal program provides a backstop for insurers in the event that another 9/11 event occurs?
What is the Terrorism Risk Insurance Program Reauthorization Act?
When she discovered a big pimple, she realized that ACNE RUINS her day.
What is INSURANCE?
The failure to take ordinary or reasonable care to prevent accidents.
What is negligence?
This company issued its first life insurance policy in 1794 to a sea captain against death during a voyage.
What is New York Life?
A doctor is sued under his Professional Liability policy for policy limits of $1 million. He has a $1,000 deductible. How much will the policy pay on a valid limits claim if the deductible is waived?
What is $1 million?
This type of insurance would be valuable to have in the event that a person cannot perform certain activities of daily living (ADL’s) and/or is cognitively impaired.
What is Long-Term Care Insurance?
When being collated, the policy forms moved along the DOCUMENT TRACK.
What is MARKET CONDUCT?
The full name of “Obamacare”.
What is the Patient Protection and Affordable Care Act (PPACA)?
The largest life insurance policy in history, issued in 2014 to a California Tech billionaire, was in this amount … so large it had to be split between 19 life insurance companies.
What is $201 million?
Under a dental policy, regular cleanings are allowed 4 times per year without charge. If an insured only goes to the dentist twice a year for cleanings, how much of the premium will they get refunded?
What is $0?
The insured can go 4X per year, but they get no refund if they don’t go.
In 2009, Dean Winters contracted a bacterial infection, collapsed in his doctor's office and suffered a heart stoppage for 2 ½ minutes. It took him a year to recover and make his debut as “Mayhem” for this company.
What is Allstate?
The examiner became INFURIATED SOON after realizing he would have to do an exam in Alaska in January.
What is IRES FOUNDATION?
Also called Use and Occupancy Insurance, many Superstorm Sandy commercial claimants collected on this coverage, even though they had no Flood Insurance to cover their property.
What is Business Interruption?
The first state to appoint an Insurance Commissioner in 1851.
What is New Hampshire?
An insured has comprehensive, but no collision coverage under her auto policy with a $100 deductible. During a storm a tree falls on her car causing $5,000 in damage. How much will she have to pay toward the repair?
What is $100?
Yes…she only has to pay the amount of her deductible toward the car repair.
This pop music star not only wrote State Farm's enduring "Like a Good Neighbor" jingle in 1971, but also performed it for years at concerts in what was termed the "Very Strange Medley" of themes.
Who is Barry Manilow?
The company directions said to take A MAIN EXIT ON the wrong road and the examiners ended up at the beach.
What is EXAMINATION?