New Mexico Life And Accident Health And Exams Questions 86 Questions And Answers
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Terms in this set
86
What is Risk?
The chance of something bad happening.
What is a Peril?
The thing that causes the bad event.
What are the 3 types of hazards?
Physical, Moral, and Morale.
What is the purpose of underwriting?
To evaluate risk and decide eligibility for insurance.
What is the Medical Information Bureau (MIB)?
A group that collects health info to prevent fraud.
What happens if you lie on an application?
Your policy might be canceled, or claims denied.
What is HIPAA's main role?
Protects private health information.
What is a Beneficiary?
The person who gets the money from the policy.
What does Insurable Interest mean?
You must have a valid reason to insure someone.
Why do people buy life insurance?
To help their family pay for expenses, debts, or future needs