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Questions and Answers
What type of Accident and Sickness insurance provides a daily or weekly benefit for hospital stays?
What type of Accident and Sickness insurance provides a daily or weekly benefit for hospital stays?
What is the duration of benefit payments in Accident and Sickness insurance?
What is the duration of benefit payments in Accident and Sickness insurance?
Which principle of the Code of Ethics guides insurance professionals to make decisions based on facts, not personal interests?
Which principle of the Code of Ethics guides insurance professionals to make decisions based on facts, not personal interests?
What is the professional obligation of insurance professionals to provide clients with relevant information about policies and services?
What is the professional obligation of insurance professionals to provide clients with relevant information about policies and services?
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What type of Accident and Sickness insurance replaces income if unable to work due to illness or injury?
What type of Accident and Sickness insurance replaces income if unable to work due to illness or injury?
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What is the time before coverage begins in Accident and Sickness insurance?
What is the time before coverage begins in Accident and Sickness insurance?
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Study Notes
Accident and Sickness Insurance
- Definition: Accident and Sickness (A&S) insurance provides financial protection against unexpected medical expenses or loss of income due to injury or illness.
- Types of A&S Insurance:
- Disability insurance: replaces income if unable to work due to illness or injury.
- Critical illness insurance: pays a lump sum upon diagnosis of a specified illness (e.g. cancer, heart attack).
- Hospital cash insurance: provides a daily or weekly benefit for hospital stays.
- Key features:
- Premiums: usually paid monthly or annually.
- Waiting period: time before coverage begins.
- Benefit period: duration of benefit payments.
- Elimination period: time before benefit payments start.
Ethics and Professional Practice
- Code of Ethics: a set of principles guiding the conduct of insurance professionals.
- Key principles:
- Integrity: act with honesty and transparency.
- Competence: maintain knowledge and skills to provide quality service.
- Confidentiality: protect client information.
- Objectivity: make decisions based on facts, not personal interests.
- Fairness: treat clients fairly and without bias.
- Professional obligations:
- Disclosure: provide clients with relevant information about policies and services.
- Duty of care: act with reasonable care and skill when advising clients.
- Compliance: adhere to regulatory requirements and industry standards.
Insurance Contracts and Policy Provisions
- Insurance contract: a legally binding agreement between the insurer and policyholder.
- Key elements:
- Insuring agreement: outlines the coverage provided.
- Exclusions: lists what is not covered.
- Conditions: policy terms and requirements.
- Endorsements: changes or additions to the policy.
- Policy provisions:
- Premium payment provisions: specify how and when premiums are paid.
- Grace period: allows policyholders to pay premiums after the due date.
- Cancellation provisions: outline the process for canceling the policy.
- Renewal provisions: specify how and when the policy can be renewed.
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Description
Test your knowledge of insurance basics, including accident and sickness insurance, ethics and professional practice, and insurance contracts and policy provisions.
