What is an insurance contract that identifies individuals by relationship to a specific organization?
Asked by: Dr. Novella Zboncak | Last update: February 19, 2025Score: 4.2/5 (14 votes)
What is a contract between a person and an insurance company called?
An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company's responsibilities if a loss occurs.
What is the contract between an individual and the insurer that specifies the terms of the insurance arrangement?
Insurance policy. In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay.
What is an insurance contract written for a company for its employees called?
Group Accident and Health - coverage written on a group basis (e.g., employees of a single employer and their dependents) that pays scheduled benefits or medical expenses caused by disease, accidental injury, or accidental death.
What is a group insurance contract?
Group health insurance plans offer medical coverage to members of an organization or employees of a company. They may also provide supplemental health plans—such as dental, vision, and pharmacy—separately or as a bundle. Risk is spread across the insured population, which allows the insurer to charge low premiums.
Representations and Warranties - Life Insurance Exam Prep
What is a group contract?
A group contract is a document that a group creates to formalize the expectations of group members. A group contract should contain the following: Group members' names and contact information.
What are the differences between an individual and group insurance contract?
Group insurance is typically offered through employers and provides coverage to a group of employees, while individual insurance is purchased by individuals directly from insurance providers, offering personalized coverage outside of employer-sponsored plans.
What is a written contract between you and an insurance company called?
A policy is considered to be a contract between the insurance company and the policyholder. Conversion privilege - The right to change (convert) insurance coverage from one type of policy to another. For example, the right to change from an individual term insurance policy to an individual whole life insurance policy.
What is a contract called that is issued to an employer for a group medical insurance plan?
Policy - The written contract between an individual or group policyholder and an insurance company.
What is a contract that insures a person called?
Policy. The written contract of insurance. Policy Limit. The maximum amount a policy will pay, either overall or under a particular coverage.
What is an insurance contract that identifies individuals by a relationship to a specific organization?
(2) Group life insurance contract The term “group life insurance contract” means any life insurance contract— (A) which covers a group of individuals defined by reference to employment relationship, membership in an organization, or similar factor, (B) the premiums for which are determined on a group basis, and (C) the ...
Which of the following is a contract between an individual and an insurance company in which the company promises to make periodic payments to the individual?
An annuity is a contract between you and an insurance company in which the company promises to make periodic payments to you, starting immediately or at some future time.
What kind of contract is an insurance contract the insurer is the only party who make a legally enforceable promise?
A unilateral insurance contract obligates only one party (the insurer) in the contract. In a bilateral contract, both parties make legally enforceable promises.
What is a document attached to a policy that its coverage is called a rider?
An endorsement, also known as a rider, adds, deletes, excludes or changes insurance coverage.
What is a contract between two companies called?
Bilateral contracts
The parties that enter into a bilateral contract have what are called “reciprocal obligations,” which are obligations owed by one party to another and vice versa.
What are the four elements of an insurance contract?
Answer and Explanation: Offer, acceptance, capacity, and legality are four requirements that must be met to form a valid insurance contract.
What is the contract called that is issued to an employer?
A contract of employment is a formal legal agreement between an employee and the employer. It's usually drafted by legal professionals to specify the conditions of employment and the responsibilities of each party. Employment contracts are typically signed when an employee is hired or their position is renewed.
What is a contract between the client and the insurance company called?
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee.
What are the two types of contracts in healthcare?
With that being said, there are two general types of contracts for healthcare services you should be familiar with: fee-for-service and predetermined per-person agreements.
What is a personal contract in insurance?
Definition of personal contract
Dictionary of Insurance Terms: personal contract. personal contract. agreement concerning an insured individual, not the insured's property. A property and casualty insurance contract cannot be assigned, since it follows the insured, not the property.
What is a written contract between two parties called?
A contract is an agreement between two or more parties who intend to be legally bound. At a basic level, the terms of a contract will state what the parties have agreed to, which usually means that it sets forth what the parties have agreed to exchange.
What is an individual who has a contract with an insurance company to represent it called quizlet?
an individual who has a contract with an insurance company to represent it is called a. producer. during an insurance transaction who does the producer represent. the insurance company.
What is the meaning of individual insurance contract?
Personal Insurance Contract means an insurance contract with any Member effected in the name of an individual person or persons for his own benefit and/or the benefit of his dependents, and insured in a private capacity only; Sample 1.
What is the nickname for the Affordable Care Act?
The Affordable Care Act (ACA), formally known as the Patient Protection and Affordable Care Act (PPACA) and informally as Obamacare, is a landmark U.S. federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010.
How long after getting health insurance can you use it?
So, you do not get any coverage within 30 to 90 days of purchase of your health insurance plan in case of any type of hospitalization. This is called the initial waiting period and it may vary from insurer to insurer. Usually, this waiting period is a minimum of 30 days.