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26 Cards in this Set
- Front
- Back
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Percentage of premium dollar a company spends on claims and expenses.
100%means no profit, broke even. |
Loss Ratio
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Giving up a right/ Agent acts in a misleading way so the insured is not
required to perform. Releases the owner from having to pay premiums in the event of a disability |
Waiver & Estoppel
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Insurance company nearing bankruptcy or unable to pay expected losses.
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Insolvency
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7 areas – Race, Color, National Origin, Religion, Sexual Orientation, Mental Impairment
that is not material, Ancestry |
Non-Discrimination
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Carried over required x loss – deductible= Loss payment
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Co-Insurance
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Limit of insurance for all claims within a policy period, typically annual.
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Aggregate
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Punitive, Compensatory, Specific, General
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Damages that may be awarded
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3 Types - Manual/Judgment/Merit Rating
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Types of Rating Methods
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Estimate of an amount the insurer may have to pay for future claims.
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Loss Reserve
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Transferring the policy from one person to another
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Assignment
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a) On an indemnity basis
b) On a service basis c) On a reimbursement basis are all what policy? |
basic medical expense policy
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when expenses reach a certain dollar amount, the insured no longer shares the costs of expenses
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stop loss feature
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deductible is paid by the insured after benefits from a basic policy are exhausted
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A corridor deductible
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Limited nursing home benefits
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Medicare
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_____ may not be conceled, non-rewarded or otherwise terminated on the grounds of age or deteriotion of helath
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LTC
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common law suit
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Employer's liability
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allows an insured to purchase more insurance in the future. There is no requirement to provide any proof they are insurable
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Guaranteed Insurability Option
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when expenses reach a certain dollar amount, the insured no longer shares the costs of expenses. The insurer pays 100% of remaining covered charges
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stop loss feature.
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after benefits from a basic policy are exhausted, and allow the benefits of the major medical policy to begin
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A corridor deductible
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common law suit
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Employer's liability
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totally blind is....
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total disabilty
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loss of sight,2 limps , could still work, paid in a lump sum
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Presumptive disability
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the RESULT be unforseen
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Aciidental Bodily Injury
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individual represents to be authorized by a principal but in reality is not.
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Ratification
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premiums that come due but which are paid by dividends and other cash values
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Vanishing premiums
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legal term that describes the relationship between 2 parties
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an agency
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