Moral hazard – negligence or disregard on the part of the insured that could lead to probable damage. Property and casualty insurance – personal and commercial property insurance that combines several types of property insurance into one policy. Under which of the following policies can insurers increase premiums if the policy is extended? Warrant – an agreement that gives the holder the right to purchase an underlying financial instrument at a specified price and time or at a series of prices and times according to a schedule or warrant contract. Bonds – a form of debt security in which the creditor has a creditor interest in the company. commitments issued by commercial entities, government entities and certain not-for-profit entities with a fixed schedule for one or more future monetary payments; These include commercial paper, negotiable certificates of deposit, repurchase agreements and equipment trust certificates. Broker – a person who receives commissions from the sale and service of insurance policies. These individuals work on behalf of the client and are not limited to the sales policies of a particular company, but commissions are paid by the company with which the sale was made. Allied Lines – coverage typically purchased with property insurance, such as glass, tornado, storm and hail; sprinklers and water damage; explosions, riots and civil unrest; crop cultivation; High tide; Rain; and damage caused by aircraft and vehicles, etc. The Hawaii Temporary Disability Insurance (TDI) Act was enacted in 1969, requiring employers to provide their eligible employees with partial „wage replacement“ insurance coverage for non-work-related injuries or illnesses, including pregnancy. This means that if an employee is unable to work outside the workplace due to injury or illness and the employee meets the legal requirements, the disabled employee will receive a disability or sickness award to partially compensate for the loss of wages. However, the TDI does not include medical care. Only accident or AD insurance policies that, individually or in combination, provide coverage for death, dismemberment, disability, or hospital and medical care caused or required by an accident or certain types of accidents.

Types of coverage include student accidents, sports accidents, travel accidents, ceiling accidents, certain accidents, or accidental death and dismemberment (AD&D). Universal Life Insurance – customizable life insurance where premiums and coverage are adjustable, business expenses are not explicitly disclosed to the insured, but a financial report is provided to the policyholder each year. Valued policy – an insurance contract whose value is agreed in advance and is not related to the amount of insured damage. Workers` compensation – Insurance that covers an employer`s liability for injury, disability, or death of people in their employment, regardless of their fault, as required by state or federal workers` compensation laws and other laws. The law requires that a claim be filed within 90 days of the date of disability. If the claim is filed after 90 days, the employee may lose some or all of the benefits, unless just cause can be proven. If the claim is made more than 26 weeks after the disability, the employee is not entitled to benefits. To avoid partial or total loss of benefits, submit the application within 90 days. Continued requirement of care – a statutory or contractual provision that requires providers to provide care to a member for a specified period of time after the insolvency date of a health insurance company. Non-controlled share insurers – insurers in which a parent company has an interest: (1) has a financial interest represented by the direct or indirect ownership of less than 50% of the voting shares, and (2) is unable to exercise control over the insurer, e.g. through voting shares or event management contracts – an accident, including harmful exposure to conditions, which results in bodily injury or property damage during the term of the contract that is neither foreseen nor foreseen from the point of view of the insured. (Bickelhaupt and Magee) Variable annuity – an annuity contract in which premium payments are used to purchase shares and the value of each unit is relative to the value of the investment portfolio.

NREB – Earned, but not reported – The amount of premium that the insurer reasonably expects to receive, for which the contracts are not yet final and the exact amounts are not final. Long-Term Care – Guidelines that provide at least one year of coverage for diagnostic, preventive, therapeutic, rehabilitation, maintenance or personal care services provided in an environment other than an acute care unit of a hospital, including policies that provide benefits for cognitive impairment or loss of function. These include policies that only provide nursing home care, home health care, community care, or any combination of that care. The policy does not include coverage under comprehensive/important medical guidelines, Medicare Advantage, or for accelerated health care products. Funds represent the insurer`s liability for damages that did not occur, but for which premiums were paid. The funds represent the insurer`s liability for damages that have occurred but have not yet been settled. Viaticum settlements – contracts or agreements in which a buyer agrees to purchase a life insurance policy in whole or in part. Liability for Compensation Benefits – Protection of an employer`s liability for claims arising under the provisions of an occupational pension scheme for the economic and social welfare of employees. Items covered include pension plans, group life insurance, group health insurance, group disability insurance and accidental death and dismemberment insurance.

Life Insurance Regulations – A contract or arrangement whereby a policyholder agrees to sell or transfer ownership of a life insurance policy, in whole or in part, to a third party in order to obtain compensation less than the expected death benefit of a policy. Financial reporting – Insurance companies are required to maintain records and file annual and quarterly financial statements with regulators in accordance with statutory accounting standards (AMP). The legal provisions also govern how insurers make provisions for invested assets and losses and under what conditions they may use loans for affected reinsurance. Mortgage-backed securities – a type of asset-backed security secured by a mortgage or set of mortgages. These securities must also be grouped into one of the two best ratings set by an accredited rating agency and typically make regular payments similar to coupon payments. In addition, the mortgage must come from a regulated and licensed financial institution. Health – Surplus/Stop Loss – this type of insurance can be extended to a health plan or a self-insured employer plan. Its purpose is to insure against the risk that a claim exceeds a certain amount or that the losses of an entire plan exceed a certain amount.

Incontestability provision – a life insurance and annuity provision that limits the period during which the insurer is entitled to declare the contract invalid due to material inaccuracies in the insurance application. Fair value – the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in an ongoing transaction between consenting parties, i.e. not in a forced sale or liquidation. Prices quoted in active markets are the best evidence of fair value and, where available, should serve as a basis for valuation. If a quoted market price is available, the fair value is the product of the number of trading units multiplied by the market price. Claim Form – A type of liability insurance form that only pays if the event that causes (triggers) the claim and the actual claim is filed with the insurance company during the term of the contract – a reinsurance contract between the assignor and the reinsurer. Annual accounts – an annual report that must be submitted to each state in which an insurer operates. This report provides an overview of a corporation`s financial position and significant events that occurred during the reporting year.

Which of the following would NOT be considered a basic form of health insurance coverage? Industrial Life Insurance – Industrial life insurance, also known as „debit“ insurance, is insurance where premiums are paid monthly or more frequently, the nominal amount of the policy does not exceed a certain amount, and the words „industrial policy“ are printed in conspicuous characters on the front of the policy. Self-insurance – a type of insurance often used for high-frequency, low-severity risks, where the risk is not transferred to an insurance company, but retained and accounted for internally. Lifetime disability benefit – provision in certain disability income policies to compensate for loss of wages for the duration of the disability or the rest of the insured`s life in the event of permanent disability. Joint Underwriting Association (JUA) – a loss-sharing mechanism in which several insurance companies are combined to provide additional capacity depending on the nature or magnitude of the risk.