DOCSLIB.ORG

Pearson Vue Florida Insurance Examination Content Outlines

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Pearson Vue Florida Insurance Examination Content Outlines Florida Insurance Examination Content Outlines Effective January 1, 2021 Florida Agent’s Life (including Annuities 4. Consideration & Variable Contracts) 5. Owner’s rights 6. Beneficiary designations 85 scored questions plus 15 pretest questions Time limit: 2 hours a. Primary and contingent b. Revocable and irrevocable GENERAL KNOWLEDGE c. Common disaster d. Minor beneficiaries I. TYPES OF POLICIES AND FEATURES ............................ 14% 7. Premium Payment A. Traditional whole life products a. Modes 1. Ordinary whole life b. Grace period 2. Limited-pay and single-premium life c. Automatic premium loan B. Interest/market-sensitive/adjustable life products d. Level or flexible 1. Universal life 8. Reinstatement 2. Variable whole life 9. Policy loans, withdrawals, partial surrenders 3. Variable universal life 10. Non-forfeiture options 4. Interest-sensitive whole life 11. Dividends and dividend options (eg. participating, non- 5. Indexed life participating) C. Term life 12. Incontestability 1. Types 13. Assignments a. Level 14. Suicide b. Decreasing 15. Misstatement of age and gender c. Return of premium 16. Settlement options d. Annually renewable 17. Accelerated death benefits 2. Special features C. Policy exclusions a. Renewable b. Convertible III. COMPLETING THE APPLICATION, UNDERWRITING, AND D. Annuities DELIVERING THE POLICES…. .................................. 14% 1. Single and flexible premium A. Completing the application 2. Immediate and deferred 1. Required signatures 3. Fixed and variable 2. Changes in the application 4. Indexed 3. Consequences of incomplete applications E. Combination plans and variations 4. Warranties and representations 1. Joint life 5. Collecting the initial premium and issuing the receipt 2. Survivorship life (second to die) 6. Replacement 7. Disclosures at point of sale (e.g., HIPAA, HIV consent) II. POLICY RIDERS, PROVISIONS, OPTIONS, AND 8. USA PATRIOT Act/anti-money laundering EXCLUSIONS ................................................................ 21% B. Underwriting A. Policy riders 1. Insurable interest 1. Waiver of premium and waiver of monthly deduction 2. Medical information and consumer reports 2. Guaranteed insurability 3. Fair Credit Reporting Act 3. Payor benefit 4. Risk classification 4. Accidental death and/or accidental death and 5. Stranger/Investor-owned life insurance (STOLI/IOLI) dismemberment C. Delivering the policy 5. Term riders 1. When coverage begins 6. Other insureds 2. Explaining the policy and its provisions, riders, 7. Long term care exclusions, and ratings to the client 8. Return of premium D. Contract law B. Policy provisions and options 1. Elements of a contract 1. Entire contract 2. Unique aspects of the insurance contract 2. Insuring clause a. Conditional 3. Free look FLORIDA Insurance Outline- Examination Content Outlines Effective: January 1, 2021 S1 Florida Insurance Examination Content Outlines Effective January 1, 2021 1. General duties and powers 2. Agency Actions b. Unilateral 3. Investigations c. Adhesion E. Definitions d. Aleatory 1. Insurance contract IV. TAXES, RETIREMENT, AND OTHER INSURANCE 2. Insurance transaction CONCEPTS .................................................................... 9% 3. Insurer A. Third-party ownership 4. Reinsurance B. Viatical Settlements 5. Domestic company C. Life Settlements 6. Foreign company D. Group life insurance 7. Alien company 1. Conversion privilege 8. Fraternals 2. Contributory vs. noncontributory 9. Authorized and unauthorized companies/admitted E. Retirement plans and non-admitted companies 1. Qualified plans 10. Stock and mutual companies 2. Nonqualified plans 11. Unlicensed entities F. Life insurance needs analysis/suitability 12. Certificate of authority 1. Personal insurance needs F. Licensing 2. Business insurance needs 1. Purpose a. Key person 2. License types b. Buy sell a. Agent G. Social Security benefits b. Agency H. Tax treatment of insurance premiums, proceeds, and 3. Appointments dividends a. Company 1. Individual life b. Unaffiliated 2. Group life 4. License Requirements 3. Modified Endowment Contracts (MECs) a. Education b. Application FLORIDA STATUTES, RULES, AND REGULATIONS c. Background Check d. Examination I. FLORIDA STATUTES, RULES, AND REGULATIONS 5. Maintaining a license COMMON TO ALL LINES ............................................. 24% A. Financial Services Regulation a. Continuing education 1. Chief Financial Officer b. Communicating with the Department 2. Financial Services Commission c. Record keeping a. Office of Financial Regulation d. Criminal and administrative actions b. Office of Insurance Regulation G. Agent responsibilities B. Department of Financial Services 1. Fiduciary capacity 1. General duties and powers a. Definition a. Agent and adjuster licensing and investigations b. Premium accountability b. Consumer services c. Separate account requirements c. Insurance Fraud 2. Commissions and compensation/ charges for d. Receivership extra services e. Unclaimed Property 3. Reply to DFS and/or Office of Insurance Regulation f. Other powers 4. Ethics C. Office of Insurance Regulation H. Insurance guaranty fund 1. General duties and powers I. Marketing practices a. Policy approval authority 1. Unfair methods of competition b. Rates and forms a. Sliding 2. Market Conduct Examinations b. Coercion 3. Agency Actions c. Misrepresentation 4. Investigation d. Defamation D. Office of Financial Regulation e. False advertising FLORIDA Insurance Outline- Examination Content Outlines Effective: January 1, 2021 S2 Florida Insurance Examination Content Outlines Effective January 1, 2021 f. Unfair discrimination g. Unfair claims practices h. Fraud i. Controlled business j. Twisting k. Churning l. Rebating m. Concealment II. FLORIDA STATUTES, RULES, AND REGULATIONS PERTINENT TO LIFE AND ANNUITY INSURANCE, INCLUDING VARIABLE PRODUCTS…. ...................... 18% A. Marketing methods and practices 1. Agent Responsibilities 2. Disclosure a. Buyer’s guide b. Policy summary 3. Advertising and sales 4. Prohibited practices and penalties 5. Suitability B. Policy or contract replacement 1. Duties of agent 2. Duties of replacing insurance company C. Individual contracts 1. Standard provisions a. Protection of beneficiaries from creditors b. Prohibited provisions c. Free Look d. Grace period e. Designation of beneficiary f. Secondary addressee 2. Non-forfeiture options 3. Policy settlement D. Group Life 1. Standard provisions / required provisions 2. Conversion rights 3. Types of groups/eligible groups 4. Dependent coverage 5. Employee life 6. Assignment of proceeds FLORIDA Insurance Outline- Examination Content Outlines Effective: January 1, 2021 S3 Florida Insurance Examination Content Outlines Effective January 1, 2021 12. Change of beneficiary 13. Misstatement of age or sex Florida Agent’s Health Insurance 14. Change of occupation 85 scored questions plus 15 pretest questions 15. Illegal occupation Time limit: 2 hours 16. Relation of earning to insurance B. Other provisions and clauses GENERAL KNOWLEDGE 1. Insuring clause I. TYPES OF POLICIES ........................................................ 16% 2. Free look A. Disability income 3. Consideration clause 1. Individual disability income policy 4. Probationary period 2. Business overhead expense policy 5. Elimination period 3. Business disability buyout policy 6. Waiver of premium 4. Group disability income policy 7. Exclusions and limitations 5. Key employee policy 8. Preexisting conditions B. Accidental death and dismemberment 9. Coinsurance C. Medical expense insurance 10. Deductibles 1. Basic hospital, medical, and surgical policies 11. Eligible expenses 2. Major medical policies 12. Copayments 3. Health Maintenance Organizations (HMOs) 13. Pre-authorizations and prior approval requirements 4. Preferred Provider Organizations (PPOs) 14. Usual, reasonable, and customary (URC) charges 5. Point of Service (POS) plans 15. Lifetime, annual, or per cause maximum benefit limits 6. Flexible Spending Accounts (FSAs) C. Riders 7. High Deductible Health Plans (HDHPs) and related 1. Impairment/exclusions Health Savings Accounts (HSAs) 2. Guaranteed insurability D. Medicare supplement policies D. Rights of renewability E. Group insurance 1. Noncancelable 1. Differences between individual and group contracts 2. Cancelable 2. General characteristics 3. Guaranteed renewable 3. COBRA III. SOCIAL INSURANCE ..................................................... 4% F. Individual/Group Long Term Care (LTC) A. Medicare (Parts A, B, C, D) G. Other policies B. Medicaid 1. Dental C. Social Security benefits 2. Vision 3. Cancer IV. OTHER INSURANCE CONCEPTS .................................. 5% 4. Critical illness or specified disease A. Total, partial, recurrent and residual disability 5. Worksite (employer-sponsored) B. Owner’s rights 6. Hospital indemnity C. Dependent children benefits 7. Short-term medical D. Primary and contingent beneficiaries 8. Accident E. Modes of premium payments F. Nonduplication and coordination of benefits (e.g., II. POLICY PROVISIONS, CLAUSES, AND RIDERS ............ 23% primary vs. excess) A. Mandatory and optional provisions G. Occupational vs. non-occupational 1. Entire contract H. Tax treatment of premiums and proceeds of insurance 2. Time limit on certain defenses (incontestable) contracts (e.g., disability income and medical 3. Grace period expenses, etc.) 4. Reinstatement I. Managed care 5. Notice of claim J. Workers Compensation 6. Claim forms K. Subrogation 7. Proof of loss 8. Time of payment of claims V. FIELD
Load more

Recommended publications
  • Insurance Special Report 2018 by Kim Rosenlof Industry Players Outline Challenges, Opportunities
    SPECIAL report Insurance Special Report 2018 by Kim Rosenlof Industry players outline challenges, opportunities Keynote speaker Dr. Doris Höpke, a mem- ber of the Board of Management of Ger- man insurance giant Munich Reinsurance Company (Munich RE) since 2014, painted a cautiously optimistic picture of the U.S. general aviation insurance industry at the 2018 Aviation Insurance Association (AIA) conference held April 29 to May 1 in Austin, Texas. Höpke noted that while profitability remains a challenge in an environment where a judgment in excess of US$100 million can wipe out nearly 10 percent of aggregate annual premiums, new technologies and markets provide opportunities to return to profitability. JOHN A. MANFREDO “These days we are facing some chal- lenges that…could potentially change insurers can make a living on investment loss premium. This is an exposure show- that everybody adds value beyond capac- the entire business model of what we gains,” said Höpke. “This is in essence a ing that certainly the market cannot stand ity and beyond simply taking risks onto do,” said Höpke, “The biggest challenge misunderstanding of what insurance is on its own and it requires reinsurance to your balance sheet.” for us as a reinsurer is the [low] interest about. Our core is assessing and bearing transfer risk…But if historically the largest rate environment.” risk, and if we are not able to make a loss is 16 percent of the largest policy limit, New Insurance Markets: living on our underwriting results, there what about the remaining 84 percent? Cyber, Space, and Drones are many reasons to rethink how this This is capacity that is not needed.
    [Show full text]
  • 563-4101 Discount Medical Plan Organiza
    INSURANCE COMPANY NAME PHONE NUMBER INSURANCE COMPANY TYPE 20/20 EYECARE PLAN, INC (954) 563-4101 DISCOUNT MEDICAL PLAN ORGANIZATION 21ST CENTURY INSURANCE COMPANY OF CALIFORNIA (302) 252-2060 PROPERTY AND CASUALTY INSURER 21ST SERVICES, LLC (612) 371-3008 LIFE EXPECTANCY PROVIDER 5 STAR LIFE INSURANCE COMPANY (703) 299-5794 LIFE AND HEALTH INSURER A I CREDIT CORP. (201) 631-5400 PREMIUM FINANCE COMPANY A-S ENERGY, INC. (903) 509-7255 SERVICE WARRANTY ASSOCIATION A.A.L.D., INC. (212) 440-7878 RISK PURCHASING GROUP A.G.I.A., INC. (805) 566-9191 THIRD PARTY ADMINISTRATOR AAA LIFE INSURANCE COMPANY (734) 591-6329 LIFE AND HEALTH INSURER AAFP INSURANCE SERVICES, INC. (816) 444-2644 THIRD PARTY ADMINISTRATOR ABCO PREMIUM FINANCE, INC. (305) 461-2555 PREMIUM FINANCE COMPANY ACA ASSURANCE (603) 625-8577 FRATERNAL BENEFIT SOCIETY ACA FINANCIAL GUARANTY CORPORATION (212) 375-2087 PROPERTY AND CASUALTY INSURER ACA INTERNATIONAL (202) 966-3934 RISK PURCHASING GROUP ACACIA LIFE INSURANCE COMPANY (800) 745-6665 x87759 LIFE AND HEALTH INSURER ACC CLIENT SERVICE COMPANIES RISK PURCHASING GROUP, INC. (941) 746-5531 RISK PURCHASING GROUP ACCENDO INSURANCE COMPANY (801) 350-6505 LIFE AND HEALTH INSURER ACCEPTANCE INDEMNITY INSURANCE COMPANY (919) 833-1600 PROPERTY AND CASUALTY INSURER ACCESS ADMINISTRATORS, INC. (972) 915-3234 THIRD PARTY ADMINISTRATOR ACCESS INSURANCE COMPANY (770) 234-3600 PROPERTY AND CASUALTY INSURER ACCESS ONE CONSUMER HEALTH, INC. (888) 804-7000 DISCOUNT MEDICAL PLAN ORGANIZATION ACCIDENT FUND INSURANCE COMPANY OF AMERICA (517) 367-1457 PROPERTY AND CASUALTY INSURER ACCIDENT INSURANCE COMPANY, INC. (866) 234-6484 PROPERTY AND CASUALTY INSURER ACCOUNTANTS INSURANCE PURCHASING GROUP ASSOCIATION (781) 449-7711 RISK PURCHASING GROUP ACCREDITED SURETY AND CASUALTY COMPANY, INC.
    [Show full text]
  • The Insurability of Claims for Restitution
    ARTICLE 1 (FRENCH) (DO NOT DELETE) 5/22/16 9:34 PM THE INSURABILITY OF CLAIMS FOR RESTITUTION Christopher C. French* Does and should a wrongdoer’s liability insurance cover an aggrieved party’s claim for restitution (e.g., a claim for the disgorgement of ill-gotten gains)? This article answers those questions. It does so by first answering the question of whether claims for restitution are covered under the terms of liability insurance policies. Then, after concluding that they are, it addresses the question of whether claims for restitution should be insurable as a matter of public policy and insurance law theory. There are long- standing legal and equitable principles that, on the one hand, dictate that a wrongdoer should not be allowed to benefit from its wrongdoing, which the wrongdoer would if insurance were allowed to cover claims for restitution. On the other hand, there are competing public policies that favor enforcing contracts and compensating innocent victims. If a claim for restitution is covered by the terms of an insurance policy, but such claims are viewed as uninsurable as a matter of public policy, then policyholders would have paid millions of dollars in premiums for policies that provide illusory coverage and thousands of innocent victims with billions of dollars of claims would not receive compensation. In analyzing these issues, this article does so by using two common examples where the insurability of claims for restitution are regularly implicated—intellectual property infringement claims under Commercial General Liability insurance policies (CGL policies) and shareholder fraud claims under Directors and Officers liability insurance policies (D&O policies).
    [Show full text]
  • Aspects of Insurance in Aviation Finance Rod D
    Journal of Air Law and Commerce Volume 62 | Issue 2 Article 4 1996 Aspects of Insurance in Aviation Finance Rod D. Margo Follow this and additional works at: https://scholar.smu.edu/jalc Recommended Citation Rod D. Margo, Aspects of Insurance in Aviation Finance, 62 J. Air L. & Com. 423 (1996) https://scholar.smu.edu/jalc/vol62/iss2/4 This Article is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in Journal of Air Law and Commerce by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. ASPECTS OF INSURANCE IN AVIATION FINANCE ROD D. MARGO* TABLE OF CONTENTS I. INTRODUCTION .................................. 424 II. THE NATURE OF INSURANCE ................... 428 A. INSURABLE INTEREST ............................ 430 B. THE DUTY OF DISCLOSURE ...................... 430 1. Good Faith .................................. 430 2. Nondisclosure and Misrepresentation.......... 431 III. THE INTERNATIONAL AVIATION INSURANCE M A RKET ........................................... 433 IV. THE ROLE OF THE INSURANCE BROKER ...... 435 V. CERTIFICATES OF INSURANCE AND LETTERS OF UNDERTAKING ............................... 437 VI. TYPES OF COVERAGE ............................ 439 A. HULL INSURANCE ............................... 439 B. LIABILITY INSURANCE ............................ 442 1. PassengerLiability Insurance ................. 443 2. Third Party Liability Insurance ............... 444 C. WAR AND ALLIED PERILS INSURANCE ............ 445 VII. PROTECTING THE INTERESTS OF FINAN CIERS ....................................... 449 A. PROTECTING THE INTERESTS OF FINANCIERS UNDER A HULL POLICY ......................... 449 1. Additional Insured Endorsement .............. 450 2. Loss Payable Clause.......................... 450 * Member of the California and District of Columbia bars; Partner, Condon & Forsyth, Los Angeles; Lecturer in law, UCLA School of Law, Los Angeles. I have received helpful advice and comments from individuals too numerous to men- tion.
    [Show full text]
  • Reduce Premium Subsidies on Buy-Up Coverage by 5 (Against a Loss of Revenue Caused by Low Prices, Low Yields Percentage Points
    58 ANALYTICAL PERSPECTIVES • Reduce premium subsidies on buy-up coverage by 5 (against a loss of revenue caused by low prices, low yields percentage points. or a combination of both) or yield protection (for produc- tion losses only), all within the same policy. RMA also • Increase the government’s share on underwriting continues to pursue a number of avenues to increase pro- gains to 20 percent from 5 percent. gram participation among underserved States and com- • Reduce the face value premium on Catastrophic modities by working on declining yield issues and looking Crop Insurance (CAT) by 25 percent and charge an at discount programs for good producers who pose less administrative fee on CAT equal to the greater of risk. $300 or 25 percent of the (restated) CAT premium, subject to a maximum fee of $5,000. Insurance against Security-Related Risks In addition to these changes, the Farm Bill authorized Terrorism Risk Insurance the Federal Crop Insurance Corporation (FCIC) to have the option of renegotiating the financial terms and condi- The Terrorism Risk Insurance Program (TRIP), autho- tions of the Standard Reinsurance Agreement with the rized under P.L. 107-297, helped stabilize the insurance crop insurance companies during FY 2010. If the FCIC industry during a time of significant transition follow- exercises this authority, it could result in more efficiency ing the terrorist attacks of September 11, 2001. Initially, for risk sharing between the government and the crop in- TRIP was a three-year Federal program that provided surance companies. a system of shared public and private compensation for There are various types of insurance programs.
    [Show full text]
  • Lloyd's Policy Signing Office, Quoting the Lloyd's Policy Signing Office Number and Date Or Reference Shown in the Table
    Lloyd’s Policy of the Syndicates whose definitive numbers We, Underwriting Members and proportions are shown in the Table attached hereto (hereinafter referred to as 'the Underwriters'), hereby agree, in consideration of the payment to Us by or on behalf of the Assured of the Premium specified in the Schedule, to insure against loss, including but not limited to associated expenses specified herein, if any, to the extent and in the manner provided in this Policy. The Underwriters hereby bind themselves severally and not jointly, each for his own part and not one for another, and therefore each of the Underwriters (and his Executors and Administrators) shall be liable only for his own share of his Syndicate's proportion of any such Loss and of any such Expenses. The identity of each of the Underwriters and the amount of his share may be ascertained by the Assured or the Assured's representative on application to Lloyd's Policy Signing Office, quoting the Lloyd's Policy Signing Office number and date or reference shown in the Table. If the Assured shall make any claim knowing the same to be false or fraudulent, as regards amount or otherwise, this Policy shall become void and all claim hereunder shall be forfeited. In Witness whereof the General Manager of Lloyd's Policy Signing Office has signed this Policy on behalf of each of Us. LLOYD'S POLICY SIGNING OFFICE General Manager If this policy (or any subsequent endorsement) has been produced to you in electronic form, the original document is stored on the Insurer's Market Repository to which your broker has access.
    [Show full text]
  • Aviation Insurance Walter C
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Southern Methodist University Journal of Air Law and Commerce Volume 2 | Issue 2 Article 3 1931 Aviation Insurance Walter C. Crowdus Follow this and additional works at: https://scholar.smu.edu/jalc Recommended Citation Walter C. Crowdus, Aviation Insurance, 2 J. Air L. & Com. 176 (1931) https://scholar.smu.edu/jalc/vol2/iss2/3 This Article is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in Journal of Air Law and Commerce by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. AVIATION INSURANCE* WALTER C. CROWDUSt INTRODUCTION Over three and a half centuries ago, in opening Queen Eliza- beth's first parliament, Sir Nicholas Bacon remarked, "Wise mer- chants, in every adventure of danger, pay part of the value of their cargo to have the rest insured." Since that time, insurance has become almost a universal necessity, and the foundation upon which industry of all kinds is built. The entrance of insurance into the field of aeronautics was, therefore, to be logically expected. As pioneer underwriters of unusual and hazardous risks (or, rather, gambles) Lloyds London were the first to make possible and to offer insurance for aviation. This was just prior to the opening of the World War in 1914. It had been ten years since man had first flown in a heavier-than-air machine, but in those few years the growth and development of aviation had made it neces- sary that the protection afforded by insurance become available.
    [Show full text]
  • Group Life Insurance Evidence of Insurability Form
    Group Life Insurance Evidence of Insurability Minnesota Life Insurance Company - A Securian Company AAA P.O. Box 14289 Tallahassee, Florida 32317-4289 Telephone 888-826-2756 Fax 850-878-0048 EMPLOYER NAME: State of Florida AGENCY: POLICY NUMBER: 33503 EMPLOYEE INFORMATION (always complete for coverage that requires evidence of insurability) First name Middle initial Last nameDaytime phone number Evening phone number Street address City State Zip code Date of birthSocial Security number Annual earnings Date of employment Gender Male Female Email address Total amount of optional insurance requested No Change1x annual earnings 2x annual earnings 3x annual earnings 4x annual earnings5x annual earnings 6x annual earnings 7x annual earnings SPOUSE INFORMATION (only complete if spouse coverage requires evidence of insurability) First name Middle initial Last nameDaytime phone number Evening phone number Date of birth Email address Gender Male Female Total amount of spouse insurance requested $15,000 $20,000 HEALTH QUESTIONS (always complete for coverage that requires evidence of insurability) Employee Spouse Employee Spouse Yes No Yes No Height Weight Height Weight Occupation 1. During the past three years, have you consulted a physician(s), medical doctor, or been hospitalized? 2. Have you ever been diagnosed, or been treated by a licensed medical provider for any of the following: heart disorder, lung disorder, kidney disorder, liver disorder, nervous system disorder, or mental disorder; high blood pressure; stroke; diabetes; cancer or tumor; drug or alcohol abuse including addiction? 3. Have you been tested positive for exposure to the HIV infection or been diagnosed as having ARC or AIDS caused by the HIV infection or other sickness or condition derived from such infection? If you answer "Yes" to any question, please provide additional information below or on a separate sheet of paper.
    [Show full text]
  • A Guide for Successfully Completing the Group Insurance Evidence of Insurability Form
    A Guide for Successfully Completing the Group Insurance Evidence of Insurability Form United of Omaha Life Insurance Company (United of Omaha) appreciates the opportunity to provide you with valuable insurance protection for yourself and/or your loved ones. So that we can effectively determine if you qualify for group insurance (whether you are seeking new coverage or additional coverage), we rely on the information you provide on this form. This guide provides information and instruction to help you successfully complete and submit the form. Please consult your employer/benefits administrator if you need assistance with information for the form. Please Note: The evidence of insurability form should only be completed if these coverages are provided by your employer through United of Omaha. SUBMISSION OPTIONS GUIDELINES FOR SECTION 4: REQUESTED INSURANCE § An electronic version can be completed online at Indicate the type(s) of insurance you are applying for, www.mutualofomaha.com/eoi whether life, short-term disability or long-term disability. § Complete the attached form and mail it to United of Omaha Life Insurance Company. The evidence of insurability form should only be completed if the coverages are provided by your employer through United of Omaha. IMPORTANT TIPS FOR PAPER COPY SUBMISSION § All sections of the form are to be completed by the GUIDELINES FOR SECTION 5: REQUESTED LIFE employee. Make sure you provide all required information INSURANCE BENEFIT AMOUNT and answer all questions completely and accurately. If information is missing or is illegible (unreadable), the Helpful Hints for (1) Current Amount of Insurance processing of your form will be delayed.
    [Show full text]
  • The Law of Insurable Interest in North Carolina Herman Leroy Taylor
    NORTH CAROLINA LAW REVIEW Volume 24 | Number 3 Article 2 4-1-1946 The Law of Insurable Interest in North Carolina Herman Leroy Taylor Follow this and additional works at: http://scholarship.law.unc.edu/nclr Part of the Law Commons Recommended Citation Herman L. Taylor, The Law of Insurable Interest in North Carolina, 24 N.C. L. Rev. 247 (1946). Available at: http://scholarship.law.unc.edu/nclr/vol24/iss3/2 This Article is brought to you for free and open access by Carolina Law Scholarship Repository. It has been accepted for inclusion in North Carolina Law Review by an authorized administrator of Carolina Law Scholarship Repository. For more information, please contact [email protected]. 1946] THE LAW OF INSURABLE INTEREST IN NORTH CAROLINA HERMAN LERoY TAYLOR* I. INTRODUCTORY One who has no insurable interest in the subject matter of a contract of insurance may not recover on such contract. This rule is all but universally recognized.' Although the rule is apparently simple on its face, its application to a given set of facts has involved considerable difficulty, because of the varying contractual and other legal relation- ships in which the question of insurable interest arises. A considera- tion of the cases in which the problem has been treated will impress one with the fact that the resulting difficulty stems chiefly from disagreement among the courts on two issues which are fundamental in the theory of insurable interest: (1) the rationale behind the requirement of insurable interest and (2) what constitutes an insurable interest. Although there is some evidence to the contrary,"* the majority of the American courts adopted the view that the doctrine of insurable in- terest, as it finally evolved in English law, was directed primarily against the use of contracts of insurance for purely gaming or wagering purposes,2 and it was this rationale which most of them adopted.8 * B.S., Virginia Union University; M.S., LL.B., Columbia University; Editor, Columbia Law Review; Member New York Bar; Professor of Law, North Car- olina College for Negroes.
    [Show full text]
  • Evidence of Insurability Form
    GROUP INSURANCE The Prudential Insurance Company of America Evidence of Insurability Instructions for Employer/Association 1. Complete the form below. 2. Also complete all sections of the form noted Part A including product related information as applicable to the plan(s) requiring medical evidence of insurability. 3. The entire package should then be given to your employee or member for completion of Part B. For Employer/Association Use Only: In the space below, insert mailing address to which the notice of action should be sent. Employee/Member Name: ___________________________________ Employer/Association Name & Address: Group Contract No.: _____________ Branch No.: _______________ Submitting Location: _______________________________________ Submitted by: Name Title Telephone Number E-mail Address Date GL.98.517–LA Ed. 4/2006 Page 1 of 8 Part A Employer/Association Information Complete this page for those plans requiring evidence of insurability, then give this package to the employee/member. Employee/Member First Name MI Last Name Date of Birth Social Security Number Sex Male Female Street Apt. City State ZIP Code Date individual first became eligible for coverage(s)/amount(s) of insurance this form applies to: Employee/Member Annual Earnings: $______________________________ Is application being made for amounts above the life non-medical maximum? Yes No Is application being made as a late entrant? Yes No Is application being made for dependents? Yes No Complete only for those coverages and persons requiring evidence of insurability.
    [Show full text]
  • Insurability of Catastrophe Risks and Government Participation in Insurance Solutions
    Background Paper prepared for the Global Assessment Report on Disaster Risk Reduction 2013 Insurability of Catastrophe Risks and Government Participation in Insurance Solutions Tristan Nguyen WHL Graduate School of Business and Economics, Department of Economics, Hohbergweg 15-17, 77933 Lahr/Germany, Email: [email protected] Geneva, Switzerland, 2013 Abstract: The ability to insure is essential for the welfare and growth of the society. However, catastrophic events with extremely high insured losses have increased significantly during the last decades so that catastrophe risks seem to become uninsurable in a free-market economy. Due to this development, most governments in the western world have established state guarantees or private-state insurance solutions for catastrophe risks. A key question that needs to be addressed is the factors that determine the insurability of a risk and the extent of coverage offered by the private sector to provide protection against extreme events where there is significant uncertainty surrounding the probability and consequences of a catastrophic loss. In this contribution, we discuss the concepts of insurability and explore the potential reasons for lack of insurance, specifically for extreme events such as catastrophic environmental risks. Furthermore, we analyze the circumstances where a state’s participation in insurance solutions can be justified. We found that in some extreme situations the government should give state guarantees or participate in private-state insurance solutions in order to avoid a collapse of insurance markets. But state risk sharing must not be used to subsidise certain enterprises or branches. This would lead to the false allocations of risks in society.
    [Show full text]