What type of private insurance increases the subscriber’s choice of provider and improves access to services financially or through an increased approved network of providers? A. Exclusive B. Substitutive C. Supplementary D. Complementary

Q: Briefly explain the difference between an insurance and an assurancepolicy?

A: Insurance policy and Assurance policy are two different policies.  Insurance policy provides…

Q: Describe a private insurance. what is it? Discuss the primary strengths and advantages, and…

A: Private Insurance means an insurance plan which is not operated by the government. It comes under…

Q: What type of private insurance increases the subscriber’s choice of provider and improves access to…

A: Insurance - It is contract between an insured person and insurance company upon an unforeseen event,…

Q: 3, Which of the following principles of insurance denotes a positive duty of the person seeking…

A: Utmost good faith principle of insurance: As a general rule, insurance contracts are governed by the…

Q: Differentiate the follo

A: Retirement                Personal Investment Plan Advantages Government decides interest…

Q: Differentiate between “Compensatory contract” and “Non-Compensatory contract”. Does the concept of…

A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…

Q: Which is not a management practice for reducing the problems of adverse selection and moral hazard…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: in insurance terminologies this means that a life insurance policy has been paid and active?

A: In insurance terminology premium means that a life insurance policy has been paid and active.

Q: 11. Which of the following is NOT the features of investment-linked insurance? O A. The insured can…

A: A life insurance plan that combines investment and protection is referred to as an investment-linked…

Q: Which of the following is the main objective of P2P insurance   O a. Less Fraudulent Claims   O…

A: The acronym P2P insurance stands for peer to peer insurance. It is formed by a group of people who…

Q: 1. (a) “Insurance is a method of reducing risk”. Justify the statement. Briefly discuss the various…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: What’s are the advantages and disadvantages of a single Payer system of a national health insurance…

A: Due to uncertain factors, risk arises. To reduce or manage the risk and possibility of arises of…

Q: Explain the differences between a collision deductible and a health insurance deductible. In health…

A: Health insurance deductible refers to the amount paid by the insurer from his/her own resource…

Q: Insurance producers who must maintain Premium Fund Trust Accounts (PFTAS) may withdraw funds from…

A: The withdrawal from premium fund trust accounts are permitted for following purposes 1) As payment…

Q: Which of the following actions represents consideration in an insurance contract? a. paying the…

A: Insurance contract is a contract entered between Policyholder (Insured) and the Insurance company…

Q: An insurance refers to a signed agreement between the insured and the insurer. O a. Certificate O b.…

A: Insurance policies are beneficial to people as it provides cover against uncertainties, significant…

Q: An implied condition of pooling risks with insurance is that the event being insured against is…

A: Insurance: An arrangement between the two parties( Insurer & Insured) where the insurer company…

Q: What type of information is entered for insurance and why is insurance important?

A: Insurance is a way to protect oneself from financial loss. It is a type of risk management that is…

Q: dissimilar to the other three options? d. Motor insurance b. Personal property insurance С. Life…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: Insuring clause in an Accident & Health policy states which of the following information? A. The…

A: There are different clause in the insurance policy that what is covered and what is not covered and…

Q: Which is Idemenity Plan and which is Managed Care Plan? Insureds create contract with an insurer…

A: Only managing the funds, not about financial planning. Financial planning also includes the steps…

Q: How does insurance commission assures the investing public on the safety of the insurance products…

A: Insurance Commission is an amount paid to the broker or agent of insurance products for selling the…

Q: What have been the consequences of BC/BS conversion from not-for-profit to for-profit status in…

A: Consequences of BC/BS conversion form profit motive to non profit motive.   BC/BS an organisation…

Q: 5. Which of the following actions showcases the principle of "uberrima fides"? O A. Lying about…

A: Uberrima fides is a Latin word which means "utmost good faith".

Q: eived. a. amount charged

A: UCR costs are the rates that are usually levied or prevalent for health services in a certain…

Q: What will making a prepayment for insurance have the effect of?

A: The insurance paid in advance means the expense has been paid but it is not due yet.

Q: Entity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B…

A: Account for Insurance Contract Here the actual facts which was incurred was Entity A can obtain life…

Q: What is participating in insurer management? What is treaty reinsurance? What is facultative…

A: Participating Policy: When a policyholder receives a dividend, such types of an insurance contract…

Q: 2) Explain why offer and acceptance is essential to the formation of a binding insurance contract?

A: An insurance contract is a legally binding agreement between the insurer and the insured. It is a…

Q: Which of the following statements about prepaid insurance is true?

A: Prepaid insurance is a current asset which is created when the insurance paid comprises of a portion…

Q: How does the Insurance Commission assure the investing public on the safety of the Insurance…

A: Insurance Commission is an amount paid to the broker or agent of insurance products for selling the…

Q: What are the pro and cons of third-party insurance?

A: Third-party insurance is an insurance policy purchased for the protection against the claims of…

Q: Please give and explain the numerical example of adverse selection that arises in life insurance…

A: In Insurance adverse selection refers to situations in which an insurance company extends insurance…

Q: Which of the following is an arrangement by which one party promises to pay a sum of money to…

A: Options a,b and d are not correct. This is because investments are amount deposited in different…

Q: How does the imperfect information in insurance markets cause an  increase in health care costs?…

A: Imperfect information  Imperfect information is referred to as the lack of information to either of…

Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.