What methods do insurers used to protect themselves against catastrophic losses Show When applying for an individual life insurance policy an applicants status that he went to the doctor for nausea, but fails to mention that he was also having severe chest pains. This is an example of what Every expressed warranty made at or before the execution of a policy must be what Contained in and referred to in the policy or other document and signed by the insured True or false: Information the other party already knows must be communicated in an insurance contract True or false: the seller must be terminally ill pertaining to life settlements An agent felicitated a policy for a client who originally qualified for standard premiums. During the underwriting process the applicant was rated as a sub standard risk an assigned a higher premium. Upon policy delivery the agent failed to mention that the premiums would be higher and the client filed a lawsuit against the insurance. This is an example of what Omission and will be covered by in errors and omissions policy The type of insurance that guarantees the behavior of persons in the performance of contract other than insurance policies is known as what An agent is a legal person who acts on behalf of who What is the purpose of all the California laws regulating production agencies To provide protection for the clients by requiring producers to maintain professional standards of conduct Anyone convicted of committing insurance fraud maybe find to the greater amount of double the value of the fraud or An agent that has a contract with one company is called what During the cancellation. And then share must re-find any premiums in policy peas within how many days of written cancellation notice by the insured True or false signing and dating a delivery receipt for a life insurance policy helps to establish the grace period What is the maximum amount of coverage that may be extended to the insured dependence under a group life insurance policy All life and disability policies issued to individuals who are age 65 or older must offer a right to return period And at least how many days The notice to senior consumers regarding their right to cancel a policy must be printed on the cover or policy jacket and at least what type of print Any insurance agent who commits a repeated violation of the insurance code with respect to insurance replacement will be liable for what And administrative penalty of no less than 5000 and no more than 50,000 per violation California law permits and insured to return a long term policy for a full refund of premium is paid for any reason within how many days True or false: the Medicare part a deductible is covered under her plan a Medigap insurance All applicants for long-term care insurance receive an outline of coverage which does what Must be presented at the time or initial solicitation for long-term care insurance True or false: in regards to 24 hour coverage it can be distributed through a life insurance policy True or false: hospice care is part of a standard level of care True or false: providers must be under the jurisdiction of either department of insurance or other governmental agencies In which Medicare supplemental policies are the core benefits found Plans and a through D only How would you define 24 hour coverage And employee is provided with Worker’s Compensation coverage and medical insurance coverage True or false: caregiving in an acute care unit of a hospital is not covered by an LTC policy When an insurer cancels an automobile insurance policy for a reason other than nonpayment of premium, the insurer must meet all of the following requirements except what Offer the insured to renew the policy at a different rate True or false the insured’s address would be included and property insurance policies A type of policy that is issued to provide a specific amount of replacement cost for a given risk after an insured property has been destroyed is called a what What is a characteristic of a purchasing group It purchases liability insurance covering all members of a group basis True or false: risk retention groups are prohibited from engaging in liability insurance Any risk retention group must submit to an examination upon the request of the commissioner within how many days What type of policy only establishes the value of an insured object when a loss occurs This was designed to regulate the operation of risk retention group’s in purchasing groups in California Federal liability risk retention act Bob surrenders his policy what return of premium will he receive Prorated premium for the insured days in the future that he has already paid for, minus other deductions related to loss What type of policy specifies the value of the insured object in the policy itself An Unincorporated, nonprofit association representing all insurance companies in the state of California license to trans at workers compensation insurance is known as what California workers comp inspection rating Bureau The rate charged for a good driver discount policy should be at least what percent below the rate that insured would otherwise have been charged for the same coverage True or false: the type and model of the vehicle is one of the three factors that by state law for determining rates in premiums an automobile insurance policy True or false: coverage for an earthquake is, they provided through a federally funded program Even though the standard fire policy is a named peril contract, under which circumstances with the policy provide all risk of loss coverage if insured property When the loss is to insured property that has to be removed because of endangerment by peril insured against under the policy True or false a person must have been license to drive a motor vehicle for the previous five years as a requirement for purchasing a good driver discount policy During a house fire and insured moves an antique chair listed on the policy to a storage unit. In the standard fire policy, how many days will an antique chair be covered at the new location True or false: an eligibility requirement for the fair plan is the property must be located in a riot prone area True or false manuscripts and bullion are excluded from coverage under a standard fire policy And employer is on the verge of bankruptcy. To save money the plan, what is a result? The business may be closed under a cease and desist order issued by the Department of industrial relations What is the purpose of California’s State compensation insurance fund To make workers compensation insurance available, especially to smaller companies with more limited payrolls True or false: employees eligible for 24 hour coverage may be covered under the employers liability policy Bob works as a forklift driver, he has covered by workers compensation insurance and is included in a major medical plan as part of his benefit package. Which insurance term best describes this arrangement True or false: while the insurance code defines acts that are illegal, it is not possible to list every action that may be considered unethical True or false: illegal actions, As defined by the insurance code, can be presumed to be unethical. However, actions not included in the insurance code maybe also unethical What is the purpose of a risk retention group?Issue: Risk Retention Groups (RRGs) are liability insurance companies owned by its members. RRGs allow businesses with similar insurance needs to pool their risks and form an insurance company that they operate under state regulated guidelines.
What is an example of a risk retention group?Risk Retention Groups usually form in industries that face extremely high risks, such as malpractice. In fact, medical malpractice coverage currently makes up the bulk of Risk Retention Group activity. Example: A group of 400 medical businesses are finding it difficult to obtain liability insurance coverage.
Are risk retention groups safe?Although risk retention groups give businesses more control over their liability programs, they can also face significant financial risk. A group's owners must provide all of the funds to back up insurance policies, which can put extreme pressure on each business in a risk retention group.
Are Risk Retention Groups mutual insurers?Risk retention groups are mutual companies, meaning that they are owned by the members of the group. They can be licensed as a standard mutual insurer, but they can also be licensed as a captive insurer, which is a company organized by a parent company specifically to provide insurance coverage to the parent company.
|
California prohibits a risk retention group from engaging in which of the following
zusammenhängende Posts
Urheberrechte © © 2024 paraquee Inc.
