A person being examined by the director of insurance shall provide the director with free access to Personal tax records Credit history for the past five years Personal bank records Insurance business records
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A person being examined by the director of insurance shall provide the director with free access to
- Personal tax records
- Credit history for the past five years
- Personal bank records
- Insurance business records
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- Health insurance exchanges in the U.S. eliminate moral hazard. True FalseA bank that provides financing for the purchase of an auto may require the insured to name the bank on an auto policy to this situation, the bank would have A fiduciary responsibility to the insurer An insurable interest in the auto A surety interest in the auto Rights of subrogationAn employee who owns an individual Disability Income policy is injured in an automobile accident and files Proof of Loss with the insurance company. Under he Payment of Claims provision in the policy, the company will likely pay the policy benefits to the A.insured's employer b.insured's attending physician if the insured has assigned the benefits c.insured's beneficiary D.insured
- Social insurance: is not found in the U.S. would most likely provide more extensive coverage for dementia treatments than family or private savings. is based on actuarially fair premiums. is funded by voluntary contributions from large corporations. does nothing for people who cannot afford to buy insurance or for people excluded from purchasing insurance (e.g., people with disabilities).An applicant for an insurance producer license is not required to Obtain a bond Successfully complete a pre-licensing course of study Maintain a good business Attain the age of twenty-one yearsA claims representative suspects that an insured has committed fraud in submitting a claim for stolen property by including items that were not stolen. The claims representative believes that the insurer can deny the claim because of the fraud but does not have sufficient evidence to meet the legal standards to prove fraud. The claims representative considers offering less that a fair amount to settle the claim in hopes that the insured will accept the settlement. This course of action would reduce the insurer’s loss from a fraudulent claim, close the claim, and avoid costs associated with trying to prove fraud. However, despite the claims representative’s suspicions, the insured not may not be guilty of fraud and may be entitled to the full amount of the claim. There are several factors to consider with his scenario. Considering the two primary goals of the claims function, which are keeping the insurer’s promise and supporting the insurer’s profit goal, how would they apply…
- The part of the policy which may request an insured to submit as a proof of loss is called the A.application B.arbitration C.conditions D.insuring agreementAn insured’s $3,000 outboard motorboat is struck by lightning. Under the insured’s homeowner policy the insurer will limit coverage for the loss to $500 pay up to the policy limit allowable for boat coverage cancel the policy deny the claimWhich problem is not an issue in a universal public insurance Moral hazard Adverse selection Overutilization None of the above
- Adverse selection occurs because of A) spreading of risks. B) diminishing marginal utility. C) of imperfect information. D) moral hazardConrad is an architect who has just been sued because a building he helped design has collapsed and injured several people. What type of insurance would help him with court costs and settlements. A. legal malpractice B. universal C. medical malpractice D. general liability E. catastrophicWhich of the following situation does not apply to claims presented under uninsured motorist property damage coverage? Disputes must be settled by arbitration Damages for losses of use are covered The at fault driver must be licensed There must be actual physical contact with the uninsured vehicle