UTAH LIFE AND HEALTH INSURANCE NEWEST ACTUAL

UTAH LIFE AND HEALTH INSURANCE NEWEST ACTUAL

QUESTIONS WITH ANSWERS!! VERIFIED /GRADED

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Coinsurance - ----Answers---In health insurance, a provision that the insured and insurance company will share a covered loss is in agreed proportion. In health insurance, coinsurance is often a percentage participation, with the insurer paying 80% and the client paying 20%, up to a maximum stop loss amount.Coinsurance applies after the deductible has been satisfied.The purpose of coinsurance is to keep the insured from overutilizing the coverage, since he has to pay part of every claim. HMOs utilize copayments for office visits, rather than coinsurance.

Collateral assignment - ----Answers---Assignment of part of the proceeds of an insurance policy to the bank as collateral to settle the loan balance that may exist at the insured's death.

Common disaster provision - ----Answers---A provision in a life contract that provides that the primary beneficiary must out live the insured by a specified period of time in order to receive the proceeds. If not, then the contingent beneficiary receives the proceeds. The provision is designed to protect the rights of the contingent beneficiary in the event of simultaneous (or nearly simultaneous) death of the insured and the primary beneficiary. This time limit is usually 10, 15, or 30 days, depending on state law. Also known as the uniform simultaneous death law.

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Comprehensive health insurance - ----Answers---A form of health insurance that combines the coverage of major medical and basic medical expense contracts into one broad contract provides coverage for almost all types of medical expense, usually subject to a Corridor deductible and to a percentage participation clause (sometimes called coinsurance) applicable to all or some of the cover expenses.

Concealment - ----Answers---The deliberate withholding the facts by an applicant for insurance that materially affects an insurance risk or loss.

Conditional receipt - ----Answers---In life and health insurance, this provides that if premium accompanies the application, coverage shall be in force from the date of application (whether the policy has yet been issued or not) provided the insurance company would have issued the coverage on the basis of facts as revealed by the application and other usual sources of underwriting information.Remember, there is never any coverage unless the premium has been paid!

Conditionally renewable - ----Answers---A contract of health insurance that provides that the insured may renew the contract to state a date or age, subject to the right of the insured to decline renewal only under conditions defined in the contract.

Conditions - ----Answers---The part of an insurance contract setting up the responsibilities of both the insured and the

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