Which of the following terms defines an illness that first appears while the policy is in force?
Sickness
is defined as an illness which first manifests itself while the policy is in force.
Which of the following is considered to be point of service plan?
A point-of-service plan (POS) is a type of managed care plan that is
a hybrid of HMO and PPO plans
. Like an HMO, participants designate an in-network physician to be their primary care provider. But like a PPO, patients may go outside of the provider network for health care services.
What is the term used to describe the frequency and severity of certain illnesses and accidents?
As we move through the COVID-19 pandemic, you may have encountered two terms:
morbidity and mortality
. These related terms are commonly used in the field of epidemiology. Morbidity and mortality describe the frequency and severity of specific illnesses or conditions.
What is a field underwriter's main task?
Field underwriters
inspect the property listed in insurance applications to determine whether or not their employer should approve the application and provide coverage for the home
, building, car, or other property.
Which of the following factors is NOT considered by an underwriter when determining the premium rates for an individual seeking insurance?
Age, medical history, and sex
provide sound statistical data for determining the probability of loss. … Underwriters must guard against this.
What are the 36 critical illnesses?
- Heart attack.
- Heart valve replacement due to defects or abnormalities.
- Coronary artery diseases requiring a bypass or other surgery.
- Aorta surgery via thoracotomy or laparotomy.
- Stroke.
- Cancer.
- Kidney failure.
Which of the following is correct regarding credit life insurance quizlet?
The correct answer is:
Endowment contracts
endow only upon the insured's death. Credit life insurance is issued on the life of the person who has the debt (debtor) and the creditor owns and is the beneficiary of the policy. You just studied 14 terms!
What is a POS plan type?
A
type of plan in which you pay less if you use doctors, hospitals, and other health care providers
that belong to the plan's network. POS plans also require you to get a referral from your primary care doctor in order to see a specialist.
Is a POS plan good?
POS plans often
offer a better combination of in-network and out-of-network benefits
than other options like HMO. While you can expect to pay higher out-of-network fees compared to in-network fees, members have wider access to health providers and specialists.
What is a point of service option?
The POS (Point-of-Service) option is
the right of managed care plan members to partial coverage for certain services they get outside the managed care plan's network of providers
.
Why is it called underwriting?
What Is Underwriting? … The term underwriter
originated from the practice of having each risk-taker write their name under the total amount of risk they were willing to accept for a specified premium
. Although the mechanics have changed over time, underwriting continues today as a key function in the financial world.
What is an alternative for field underwriting?
insurance underwriter
insurance firm nondepository financial institution insurance company insurer
.
Is an insurance agent a field underwriter?
Field underwriting refers to
the initial decision an insurance agent
or producer makes about a potential client's ability to meet the insurer's underwriting requirements. The agent decides after performing an initial evaluation of the asset or person. The role of an insurance advisor has many facets.
What are the two components of a universal policy?
Universal life insurance has two components:
death benefit coverage and an accumulating cash value
. When you pay your monthly premium, it's split between the two parts of your policy, with a portion going to each.
What are the principles of underwriting in insurance?
Underwriting principles. Underwriting has to do with the selection of subjects for insurance in such a manner that general company objectives are met. The main objective of underwriting is
to see that the risk accepted by the insurer corresponds to that assumed in the rating structure
.
What is the most important factor in underwriting?
In the insurance industry, each type of insurance deals with its own types of insurance risk.
