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LIFE, HEALTH & ACCIDENT INSURANCE GLOSSARY QUESTIONS WITH COMPLETE ANSWERS

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LIFE, HEALTH & ACCIDENT INSURANCE GLOSSARY QUESTIONS WITH COMPLETE ANSWERS

Institution
Life, Accident And Health Insurance
Course
Life, accident and health insurance

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The company issuing a bond. Guarantees the performance by the principal.


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Surety




A provision that specifies a period of time during which the recurrence of a condition
is considered a continuation of a prior disability.


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Recurrent Disability Clause

,Gross salary, wages, commissions, fees, etc., derived from active employment. This
does not include non-earned income, such as income from investments, rents,
annuities, insurance policies, etc.


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Earned Income




Estimated value for real or personal property established by a taxing entity.


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Assessed Value




In a Health Maintenance Organization (HMO) gatekeeper system, the physician
selected to provide or authorize all care for a particular subscriber of the HMO.


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Primary Care Physician (Gatekeeper)




Liability coverage for those who have been discriminated against, falsely arrested,
illegally detained, libeled, maliciously prosecuted, slandered, suffered from identity
theft, mental anguish or alienation of affections, or have had their right of privacy
violated.


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, Personal Injury Liability




Fair value or the price that could be derived from current sale of an asset.


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Market Value




Coverage for property loss liability as the result of separate negligent acts and/or
omissions of the insured that allows a spreading fire to cause bodily injury or property
damage of others. An example is a tenant who, while occupying another party's
property, through negligence causes fire damage to the property.


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Fire Legal Liability




A form of suretyship. Bonds of various types guarantee a payment or a reimbursement
for financial losses resulting from dishonesty, failure to perform and other acts.


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Bond




Adjustable life insurance under which premiums and coverage are adjustable,
company expenses are not specifically disclosed to the insured but a financial report

, is provided to policyholder's annually.


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Universal Life Insurance




Assignment by a policy owner of all control and ownership rights of an insurance
policy.


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Absolute Assignment




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Time of Payment of Claims Provision -A health insurance provision that
requires that claims be paid immediately on receipt of proofs of loss.




Policies that provide coverage for vision, prescription drug, and/or any other single
service plan or program. Also include short-term care policies that provide coverage
for less than one year for medical and other services provided in a setting other than
an acute care unit of the hospital.


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Limited Benefit

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Institution
Life, accident and health insurance
Course
Life, accident and health insurance

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Uploaded on
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Written in
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Type
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