Policy, Terms of 8. User: More than 50 Weegy: In the ICS, the Incident Command (IC) has overall responsibility for managing the incident by establishing An insurer's responsibilities include A. clarifying policy questions for OASIS dependents. c.The benefit must be paid in a lump sum. What term best describes this arrangement? Once the numbers are crunched, the insurer will come back to you with a quote, which tells you how much youll pay for your policy. of Use, Privacy Appointed by the Department of Insurance, c.Hired through an application process, d.Appointed by the other company officials. We work to advance government policies that protect consumers and promote competition. 11. Generally, what are ABCs obligations in this situation? Insuranceopedia What are the primary obligations of the insured? What is the maximum amount of accelerated death benefit that the insurer could legally pay? a. So if you got a home insurance plan through Lemonade, Lemonade would be your insurer, and you would be the insured! Bobtail Liability Insurance (Trucking Industry), Associate in Reinsurance (ARe) - Explained, Underinsured Motorist Coverage - Explained, Excess Insurance and Umbrella Insurance Policy - Explained. An insurance agent's responsibilities include all of the following EXCEPT Represent the client An insurance company receives an application with some information missing and issues the policy anyway. a. b. An insurance representative serves as a client's point of contact in insurance companies. The policy will terminate when cash value is reduced to nothing, c.The face amount of the policy will be reduced by the automatic premium loan amount, d.The cash value will continue to increase. A Question Of Ethics: A Producer's Responsibility To Recommend Coverage ", Another commonly found skill for being able to perform insurance representative duties is the following: communication skills. "@type": "FAQPage", These situations show when an adverse action notice must be given to insurance applicants. "name": "Who is the insurer and insured? An insurer's responsibilities include fixing the terms of coverage. The insurer will start out by evaluating how risky an investment you are. 5.1. Here are examples of responsibilities from real insurance representative resumes representing typical tasks they are likely to perform in their roles. b. Best interest obligations. If an insured continually uses the automatic premium loan option to pay the policy premium: a. Which one of the following statements is true as a result of the Balanced Budget Act? Perform professionally c. Represent the client d. Perform faithfully 2. The insurer credits the cash value in the policy with a guaranteed interest rate or the current rate, whichever is higher, b. Who is the insurer and insured | Insurance Dictionary by Lemonade ", Which of the following must an agent receive to sell variable life insurance policies? A. 7. The correct answer is: States that the insurer's promise to pay benefits is contingent upon the policyowner's premium payments Which of the following provisions is not optional? D. writing the terms of union contracts. Yes, most insurance policies require you to report a loss within a timely manner, generally within 60 days. If you dont comply with the FCRA, you may be sued by the FTC, Consumer Financial Protection Bureau (CFPB), state governments, or in some cases, consumers. The word "profession" means any calling requiring academic training and specialized knowledge. Products or issue ages may not be available in all jurisdictions. a. An official website of the United States government. Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. The applicant is entitled to a Section 615(a) adverse action notice, because adverse action includes an increase in the charge for existing insurance or another unfavorable change in the terms of existing insurance, such as the amount of coverage or the policys terms. The policy remains active for some time after the policy owner opts for cash surrender, c.The policyholder receives the original cash value of the policy, d.The excess is taxable as ordinary income if the cash value exceeds the premium paid. D. writing the terms of union contracts. B. cover eligible military personnel and dependents. b. Who will select the settlement option to be used? Section 604(g) of the FCRA requires an insurance company or any other user of medical information to get the consumers consent orally, electronically or in writing before getting medical information. The other drive sues Eric. Track enforcement and policy developments from the Commissions open meetings. Term Life insurance policies are issued on North American Company for Life and Health Insurance policy form LS181 and LS182, or state version including all applicable endorsements and riders. [Note: Edited February 2023 to reflect Inflation-Adjusted Civil Penalty Maximums. Their responsibilities include researching client opportunities, reaching out to potential clients to offer products and services, discussing terms and policies, providing detailed advice, and assisting in every procedure, ensuring convenience and client satisfaction. D. managed care suppliers. 11. 19. Many policies will specify that for coverage to be available for this type of loss, you must either maintain heat in the building or alternately, shut off the water and drain the water supply. Theres tons of confusion around the difference between the insurer and the insured, so were here to clear things up. Select one: a. Which settlement option was chosen when the policy owner specifies a dollar amount in which installments are to be paid? Also, permit us to take samples of damaged and undamaged property for inspection, testing and analysis, and permit us to make copies from your books and records. Insurers will also provide financial compensation for stuff thats damaged or lost as long as its covered under your policy. 14. Read more about this and your right to opt-out in our Privacy Policy. Use & Privacy OAR 436-009-0030 - Insurer's Duties and Responsibilities Oregon In fact, licensed insurance producers salary difference is $30,068 higher than the salary of insurance representatives per year. NREIG specializes in building custom coverage options for real estate investors, whether you own one property or hundreds. 6. Include a description of the property involved. Then, theyll ask for some of your info, such as your name, address, and birthday, via phone, an online form, or, in some cases, a chatbot. D. include chiropractic benefits. The FCRA provides for maximum penalties of $4,705per violation in the case of lawsuits brought by the FTC. Which of the following statements is correct? 604(g)(1)(A). Duties of the insured refer to the responsibilities of the policyholder, which generally requires the exercise of good faith and maintenance of fair dealing. A traditional Joint Life policy has a lower premium than a Survivorship Life policy, c.Joint Life policies can cover more than two individuals, while Survivorship Life is limited to two people, d.The premiums for both are determined by a combined general heath rating. After that he will be charged a reduced rate. Federal government websites often end in .gov or .mil. That means burning, pulverizing or shredding paper documents, and disposing of electronic information so that it can't be read or reconstructed. C. capitation. Morale a notice of the individuals right to dispute the accuracy or completeness of any information the CRA furnished, and the persons right to a free report from the CRA, within 60 days, if the person asks for it. Liability Only Insurance, Tenant Protector Plan It does include the types of losses your insurance carrier will reimburse and what types of losses are excluded. This. What is Renters Insurance and What does it Cover? Excessive length of hospital stay is a reason that an insurance claim may be denied. What If policy owner for a life insurance policy and the person to be insured by the policy are two different people, the underwriter would be concerned about: a. While insurance representative responsibilities can utilize skills like "patients," "health insurance," "medicaid," and "insurance coverage," some licensed insurance producers use skills like "work ethic," "strong work ethic," "lead generation," and "financial services.". The type of insurance sold to a debtor and designed to pay the amount due on a loan, if the debtor dies before the loan is repaid is called: 10. An individual's tendency to be dishonest would be indicative of: a. Cold-Cal to generate leads for individual life and disability insurance and annuities. Weegy: Depending on the incident size and complexity, various types of support facilities may be established by: Weegy: The five major personality traits are openness, conscientiousness, extroversion, agreeableness and neuroticism. business. An insurer's responsibilities include Question 4 options: A - Weegy ", Initiative is also an important skill for insurance representatives to have. Additionally, they're 1.0% more likely to graduate with a Master's Degree, and 0.0% more likely to earn a Doctoral Degree. Aside from securing sales, an insurance representative may also process applications and claims while adhering to the company's policies and regulations. Obligations of Insurance Companies When Handling Claims Always drives over the speed limit, b. C. No new applications are required for TAFT recipients. This answer has been confirmed as correct and helpful. 1. Is it Covered? Duties of the Insured - Insurance - NREIG Licensed insurance agents are known to earn similar educational levels when compared to insurance representatives. Terms of Use - While adverse action notices are not required to be in writing, many insurers provide them in writing and keep copies for two years to prove compliance with the FCRA. 8. Health Insurance Agents are salespeople whose primary product is health insurance. When a life insurance policy is surrendered and the insured has selected the extended term non-forfeiture option, the cash value will be used to purchase term insurance that has a face value: a. Lemonade Insurance Agency, LLC (LIA) is acting as the agent of Lemonade Insurance Company and Lemonade Life Insurance Agency, LLC (LLIA) is acting as the agent of North American Company for Life and Health Insurance. In this event, youd turn to an insurer, a company that sells insurance and underwrites risk. As often as may be reasonably required, permit us to inspect the property proving the loss or damage and examine your books and records. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Why or why not? Responsibilities of the Insured. A rider attached to a life insurance policy that provides coverage on a spouse or other family members is called the: 5.