Term
| Identify three work-related benefits provided by Workers Compensation plans. |
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Definition
-Any necessary health care costs.
-Replacement for lost earnings for time missed from work
-A death benefit |
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Term
| Indicate who would purchase an individual Accident and Sickness Insurance policy. |
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Definition
-Self-employed persons
-People who do not have a group plan at their place of work
-Hish income employees
-People seeking better coverage terms than those provided through their own group plan. |
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Term
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Definition
Generally a physical or mental inability to work.
Coverage may be limited to ability to work in "Any Occupation", "Regular Occupation", or "Own Occupation". |
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Term
| Define Elimination Period. |
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Definition
| The period of self-insurance between the onset of the disability and the commencement of disability benefits. |
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Term
| Identify three types of information about the applicant which are important in determining the premium to be charged. |
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Definition
-Type of Policy
-Applicant's personal information
- Type of benefits requested |
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Term
a) Identify who has insurable interest under an individual contract of Accident and Sickness insurance.
b) What is the effect on coverage when such interest is not present? |
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Definition
a)A person has an insurable interest in his or her own life and well-being, including that of their:
-Spouse
-Employee
-Child or grandchild
-Any person in whom their have a pecuniary interest.
-Any person upon whom they depend for support and education.
b) If insurable interest is not present, contract is considered void. |
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Term
| Summarize the 'Incontestability' provision. |
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Definition
Statements made on the application are incontestable after two years, except for:
-Fraudulent statements
-Misstatement of age |
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Term
| Indicate the term(s) of travel accident policies. |
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Definition
| Policy insures against an unforeseen and unintended occurrence due to an external, violent, sudden, fortuitous cause beyond the insured's control. |
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Term
| Indicate the factors used to rate travel accident policies. |
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Definition
-Individual or family plan
-Single or Annual policy
-Number and duration of trip(s)
-Area of travel
-Policy limits
-Age and health of the individuals |
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Term
| Indicate who would qualify as a dependent. |
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Definition
Considered dependent if:
Under the age of 20 (26 if attending accredited educational facility),
Unmarried,
Residing with and receiving full support from applicant
or
Regardless of age, dependent upon applicant due to mental or physical informity. |
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Term
| Summarize the 'Pre-Existing Condition' provision. |
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Definition
Coverage does not automatically extend to hospitalization or medical treatment required for any illness or injury that existed prior to the commencement of travel.
Some policies will respond if the condition had been under control for a certain period of time. |
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