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Barnett Insurance 6
Semester Test Review
| Question | Answer |
|---|---|
| base year | typically four quarters |
| driving a car | common risk people take on a daily bases |
| group plan | a contract under which everyone belongs to a specified group |
| point of service organization | -A managed-care plan in which physicians or other providers form a network offering care at a reduced rate is a- ____ |
| personal injury protection- | A product option that adds medical coverage to a policy is |
| insurance score | A rating that predicts the likelihood of an individual to file an insurance claims is an |
| defined benefit plan | A retirement plan in which the employee knows in advance what benefit will be paid is an ___. |
| small claims court | A special court designed to quickly resolve disputes over small amount of money is a _____. |
| actual cash value | coverage that compensates loss at current cash value considering depreciation |
| captive agent | An agent who sells the products of only one insurance company is a |
| Better Business Bureau | An alliance of U.S. and Canadian business that promote consumer education and ethical business practices is the |
| annuity | is an investment vehicle in which, in exchange for payment of premiums, an insurer, bank or entity agrees to pay a specified income for a specified period of time |
| fixed annuity | An annuity that pays a stable return based on current interest rates is called a |
| personal auto policy | An auto insurance policy designed for personal use of a private passenger vehicle is called a |
| health care industry | An easy target for fraud is the |
| independent agent | An insurance agent who sells the products of different companies is an |
| policy | Another name for a written insurance contract is |
| benefit period | ____is a specified amount of time during which benefits will be paid. |
| churning | _____is the unethical business practice of persuading customers to buy unnecessary new policies for the sake of increased commission; also called twisting |
| COBRA | is a federal law that enables eligible individuals to continue health coverage at their own expense after losing their job or the relationship with the persons through whose job they were insured. |
| collision insurance | Coverage for damage to a car from a collision, no matter which driver is liable is |
| property damage insurance | Coverage for damage to other vehicles in an accident for which the insured is liable is . |
| comprehensive insurance | Coverage for physical damage to a car caused by something other than a collision is |
| underinsured motorist | Coverage that compensates the insured for losses greater than those covered by the liable drive is |
| credit score | is a rating that summarizes individuals' credit history and likelihood of paying back loans |
| custodial care | is assistance with the activities of daily living; also called personal care. |
| endorsement | an amendment to an individual policy that reflects any changes to the standard policy |
| exclusion | the section of an insurance policy specifying the losses that are not covered |
| flood insurance | insurance that covers damage caused by a flood |
| hard fraud | is when someone deliberately fakes an accident, injury, theft, arson or other less to collect money illegally. |
| hazard | is defined as any source of potential damages or adverse health effects on something or someone under certain work conditions |
| HIPAA | The ______ provides federal protections for personal health information held by covered entities and gives patients an array of rights with respect to that information. |
| homeowner's inflation guard clause | a clause which increases the policy coverage each year based on the changes in building costs in your area |
| identification badges | is an effective example of an identifying an unwanted person on the premises. |
| self insured | If you are _____ you are not your own insurance company. |
| unemployment benefits | If you quit your job you are NOT eligible for ____ |
| three or more employees | In Arkansas, an employer must have worker's compensation if he has ____ |
| Indemnification | means putting the policy holder back in the same financial condition he or she was in before a loss occurred |
| disability insurance | Insurance that replaces income loss because of disability is called |
| statistical probability | Insurers set premiums based on |
| Loss of use | coverage that pays for living expenses while repairs are made to a home or rental properly that is uninhabitable because of loss |
| Medigap | ____is any of a number of private health insurance plans designed to cover the expenses that Medicare does not cover |
| NAIC | stands for National Association of Insurance Commissioners. |
| no fault insurance- | can be describing as the parties involved agree not to assign liability |
| notifying the employer | -is the first step when filing for worker's compensation. |
| stabilize the economy | One objective of unemployment insurance is to help |
| fired based on a reasonable cause | One reason someone may not receive unemployment is because they were |
| OSHA | -stands for Occupations Safety and Health Administration |
| premium | Payment made by the insured to the insurer is called a |
| perils | in reference to homeowner's insurance, a cause of loss |
| personal liability | coverage that protects policy holders from claims or judgments made against them |
| persons who settle claims | can be called an agent, company adjuster, independent adjuster, adjustment bureau, public adjustor, claims adjuster. |
| risk assessment | is a systematic study of risk |
| tax deferred | is a term that describes investments on which earnings are not taxed until retirement |
| benefits of having insurance | peace of mind, protection against financial ruin, sharing the risk. |
| pure risk | The chance of loss with no chance for gain is |
| slips and falls | The number one workplace injury according to OSHA is |
| declaration | The page of an insurance policy that summarizes the term of that particular policy is a |
| predatory pricing | The practice of undercutting competitor's prices to drive them out of business and take over their share of the market is |
| underwriting | The process of assessing applicants for insurance to determine whether they are a good risk is called |
| preapproval | The requirement that health care providers receive permission from the insurer before performing non-emergency surgery or unusual treatments is |
| misrepresentation | The unethical practice of making false claims about an insurance policy, or a competitors' policy, to make the sale is |
Created by:
SheilaBarnett
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