What Must An Insurance Company Do To Appoint A Producer As Its Agent? to appoint a producer as its agent, the appointing insurer must file a notice of appointment within 15 days from the date the agency contract is executed. … the insurer then must mail a notice to the producer within 15 days after
When A Medicare Supplement Policy Is Replaced The Policy Owner Will Have A Free Look Period Of? You have 30 days to decide if you want to keep the new Medigap policy. This is called your “free look period.” The 30-day free look period starts when you get your new Medigap policy. When a Medicare
When Shopping For Life Insurance The Best Strategy Is To? When shopping for life insurance, the best strategy is to: Figure out how much you need, then comparison shop using the Web and other resources. Angelo, age 40, is comparing the premium for a $125,000 whole life insurance policy he may take now and the
What Type Of Insurance Is Defined As Reimbursement For Income Lost As A Result Of Temporary Or Permanent Illness Or Injury? Disability insurance is defined as reimbursement for income lost as a result of a temporary or permanent illness or injury. Which type of insurance covers losses to a third party caused by the insured?
When The First Premium Is Collected At The Time Of Application For A Policy The Effective Date Of Coverage Is? A binding receipt states an insurance policy is effective upon receipt of initial premium payment. However, should the insured die before the application is processed, benefits are fully payable, subject to limitations. When the first
When Must A Producer Provide Disclosure? When must a producer provide disclosure about information practices to an applicant? A producer must give a disclosure notice about information practices to an applicant prior to or at the time of signing the application. What must be disclosed when a producer advertises a life insurance policy? Advertisements must
What Must Be Disclosed When A Producer Advertises A Life Insurance Policy? Advertisements must be truthful and not misleading in fact or by implication. -An advertisement will not use as the name or title of a life insurance policy any phrase that does not include the words “life insurance” unless accompanied by other language clearly
Who Is Certificate Holder On COI? The certificate holder is the person who is receiving the COI from the insured. The insured is giving the COI to the certificate holder to prove they have proper coverage. What rights does a certificate holder have? A certificate holder’s only right is to receive notification if the policyholder
How Long Does An Insurance Company Have To Respond To A Proof Of Loss? The insurer has a reasonable time to respond to a proof of loss. Some personal and commercial lines policies now put in the wording a requirement that the company respond to the proof of loss within 30 days. The adjuster must
What Is The Nature Of Insurance Contract? Nature of contract is a fundamental principle of insurance contract. An insurance contract comes into existence when one party makes an offer or proposal of a contract and the other party accepts the proposal. A contract should be simple to be a valid contract. What are the characteristics