Which of the following Statements Best Describes What the Legal Actions Provision

Risk – uncertainty as to the possibility of loss due to a hazard for which insurance is purchased. Asset – likely future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. An asset has three main characteristics: it has a likely future benefit, which includes the ability to contribute, individually or in combination with other assets, directly or indirectly, to future net inflows; A particular entity may gain the advantage and control the access of others to it; and The transaction or other event giving rise to the right or control of the benefit by the Company has already occurred. Medicare + Choice – a major initiative of the Balanced Budget Act of 1997 (also known as Medicare Part C) that allows Medicare beneficiaries to choose from several managed care options or a Medicare system. Liability – the specific or likely future sacrifice of economic benefits arising from a particular company`s current obligations to transfer assets or provide services to other companies in the future as a result of past transactions or events. (a) it embodies a current obligation or liability to one or more other entities involving resolution by a probable future transfer or use of assets at a particular or determinable time, on the occurrence of a particular event or upon request; (b) duty or responsibility binds a particular entity and leaves it little or no latitude to avoid the future victim; and (c) the transaction or other event requiring the Company has already taken place. Subrogation – a situation in which an insurer, on behalf of the insured, has the right to bring an action for liability against a third party who has caused damage to the insured. The insurer reserves the right to claim compensation for damage suffered by the insurer through the fault of a third party. Protection and Indemnity Insurance (P&I) – a broad form of statutory liability insurance for maritime transport. National insurer – an insurance company that resides and is licensed in the state where it sells insurance.

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. 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. Modified coverage – an annuity that contains a provision that adjusts the value of funds withdrawn based on a formula in the contract. The formula takes into account market value adjustments. 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. Simultaneous causation – property damage caused by two or more hazards where only one damage is covered, but both are paid by the insurer following a simultaneous incident. Passenger Cars (PPA) – documents that include individual or combined coverage, such as: motor vehicle liability, personal injury protection (PIP), medical payments (MP), uninsured/underinsured (EUTM/UIM); Reported causes of loss, global and collision. Product liability – insurance coverage that protects the manufacturer, distributor, seller or lessor of a product from legal liability arising from a defective condition that causes bodily injury or damage to a natural or legal person associated with the use of the product. Viaticum settlements – contracts or agreements in which a buyer agrees to purchase a life insurance policy in whole or in part. Proof of loss prevention means that the insured must provide the insurer with proof that the damage actually occurred and to what extent. The applicant has 90 days to provide evidence if reasonably possible. 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) does not have the capacity to exercise control over the insurer, for example through voting shares or management contracts.

Financial reporting – insurance companies are required to maintain annual records and records and file quarterly financial statements with supervisory authorities in accordance with accounting standards (AMPs). 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. Contractual liability – liability coverage of an insured person who has assumed the legal liability of another party by written or oral contract. Includes a contractual liability policy that covers all obligations and liabilities of a service contract provider under the terms of service contracts issued by the provider. Underwriting – The process by which an insurance company reviews the risk and determines whether or not the insurer assumes the risk, ranks the accepted risks, and determines the appropriate rate for the coverage provided. Moral hazard – negligence or disregard on the part of the insured that could lead to probable damage. Underwriter – A person who determines, reviews and classifies the degree of risk presented by a proposed insured to determine whether coverage should be provided and, if so, at what rate. Motor vehicle liability – coverage that protects against financial loss due to legal liability for motor vehicle-related injuries (bodily injury and medical payments) or damage to the property of others caused by accidents resulting from the possession, maintenance or use of a motor vehicle (including recreational vehicles such as recreational vehicles). Businesses are defined as all motor vehicle policies that include vehicles used primarily in connection with a business, business facilities, activities, employment or activities operated for profit.

No error is defined by the State concerned. The provision relating to physical examination and autopsy gives the insurer the right to have the insured examined regularly; And if the insured dies, the insurer has the right to order an autopsy of the deceased. 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. The amendment of the beneficiary provision allows the policyholder to change policyholder if he so wishes, provided that the designation of the beneficiary is revocable. This provision also gives the policyholder the right to conclude or assign the policy without the beneficiary`s permission. Insurance period – the period during which insurance coverage exists. Policy – a written contract confirming the legality of an insurance contract. Independent agent – representative of several insurance companies who sells and maintains policies for the documents they own and operate under the U.S. agency system.

Bank statement type – refers to the type of main business under which the company submits its annual and quarterly statement, such as life, property, health, fraternity, title. Major medical – a hospital/surgical/medical expense contract that provides comprehensive services as defined in the state where the contract is delivered. The provisions on claims specify how and to whom claims are to be submitted. When you`re logged into your account, this site remembers which cards you know and which ones you don`t, so they`ll be in the same box the next time you log in. Recourse clause – a section of insurance policies that gives an insurer the right to take legal action against a third party liable for damage suffered by an insured for whom a claim has been paid. Earned premiums – the part of the premium for which insurance cover or coverage has already been granted during the part of the insurance period that has just expired. Special revenue obligation – any guarantee or other instrument under which a payment obligation is created, issued by or on behalf of a government entity to finance a project that serves a significant public purpose and is not payable from sources related to the payment of municipal bonds. Fronting – An agreement in which a primary insurer acts as a registered insurer by issuing a policy, but then transfers all risk to a reinsurer in exchange for a commission. Often, the front-end insurer is allowed to do business in a state or country where the risk is located, but the reinsurer is not. Risk analysis should be an ongoing process in which a covered entity regularly reviews its records to track access to electronic PHI and detect security incidents,12 regularly evaluates the effectiveness of the security measures taken,13 and regularly reassesses potential risks to e-PHIs.14 Universal life insurance – customizable life insurance where premiums and coverage are adjustable, Business costs are not explicitly communicated to the insured, but a financial report is provided annually to the policyholder.