General Insurance
For life and health insurance what must exist at time of application
What is Insurable Interest
The person who controls the policy and makes all premium payments.
Who is the policyholder
This is the primary source for underwriting information.
What is the application?
What is a general report that contains applicants finances, character, morals, work and hobbies information.
What is an inspection/investigative report?
The name of the insurance company that covers the military?
What is Tricare?
Insurance company owned by it's policyholders
What is Mutual Insurance?
A take it or leave it contract. Non-negotiable
What is a contract of adhesion?
A prior medical condition for which a applicant has received a diagnosis or treatment.
What is a preexisting condition?
An insurance company owned by stockholders?
What is stock insurance?
Up to what age can a dependent child be covered?
What is 26?
Regulatory support organization governed by insurance regulators and commissioners with no legal authority to enact or enforce laws
What is the NAIC
A contract with an unequal exchange of consideration for an uncertain event.
What is an Aleatory Contract
This report alone cannot be used alone to deny applicant coverage.
What is MIB report?
To compensate for a loss and make whole again.
What is Idemnify?
Material statements in the applications that are guaranteed true.
What are warranties?
Insurance company organized under the laws of another state in the US?
What is Foreign
A contract where one party is legally bound to obligations.
What is a unilateral contract?
Managed care service that combines PPO & HMO.
What is POS (Point of Service)?
Which branch of government enforces insurance laws?
What is Executive?
This can only be established through an employer established plan and is payroll deducted.
What is a FSA?
This is for high deductible plans, it cannot exceed the amount of the deductible.
What is an HSA?
Initial premium paid so the producer will issue a _____ this provides that the coverage will become effective on either the date of the application or the date of the medical exam.
What is a conditional receipt?
Name 2 parts of the application.
What is the time that a newborn will be covered prior to receiving birth certificate?
What is 31 days?
Charitable and social organizations with life insurance to its members
What is fraternal?