Under the uniform mandatory provisions, an accident and health insurer has the right to request an autopsy
ONLY where not prohibited by law
. policy-owner is given a number of days after the premiums due date during which time the premium payment may be delayed without penalty and the policy continues in force.
Who may terminate coverage under a cancelable?
Cancelable insurance is a type of policy that
either the insurance company or the insured party
may terminate during the coverage term. Usually, the insured can terminate a cancelable policy at any time, but If the insurer cancels the policy, they must give advanced notice and also refund any prepaid premium.
Which type of policy will only cover a claim if the claim and incident occurred during the coverage period and the policy is active quizlet?
Claims-made policies
provide coverage only if the claim for an injury that has occurred is filed with the courts and is reported to the insurance company during the active policy period or during an uninterrupted extension of that policy period.
Which required provision states that after a policy has been in force for 2 years misstatements in the application Cannot be used to void a policy or deny a claim?
According to
the time limit on the certain defenses provision, also known as the incontestability clause
, a policy cannot be contested until after 2 (or 3) years from the date of policy issue for misstatements. A fraudulent misstatement on a health insurance application is grounds for contest at any time.
What does a guaranteed renewable provision allows?
A guaranteed renewable policy is an insurance policy feature that ensures
that an insurer is obligated to continue coverage as long as premiums are paid on the policy
.
What is guaranteed renewable policy?
A
type of insurance policy where the insurance company guarantees not to cancel the policy, increase the premiums or make changes to the policy until the insured person reaches a set age
(usually 65). Typically, this involves disability insurance.
What is not a feature of a guaranteed renewable provision?
Which of the following is NOT a feature of a guaranteed renewable provisions?
The Insurer can increase the policy premium on a individual basis
. … However, the premium can only be increased on a class basis, not on individual policy.
When a claim is pending an insurance company may require?
While a claim is pending, an insurance company may require?
An independent examination as often as reasonably required
.
What must an insurer do under a cancelable policy?
In a cancelable policy, the
insurer must produce written notification of contract termination 45 days in advance
. … Guaranteed renewable policies state the policy must be renewed as long as premiums are paid or until a specified age. Noncancelable policies cannot be canceled, nor can the premiums be changed.
What is the typical time limit on life expectancy for a viatical settlement candidate?
-The time limit of life expectancy for a Viatical Trust candidate is normally a life expectancy of
two years or less
.
What type of rider would be added to an accident and health policy if the policy owner wants to ensure the policy will continue if he she ever becomes totally disabled?
“
Waiver of Premium rider
“. If a policyowner covered under an accident and health policy wanted to ensure the policy will continue if they ever become totally disabled, they would want to add a waiver of premium rider.
What is the initial source of underwriting for an insurance policy?
Your application: The basic source of underwriting information is
your completed application for term insurance
. The questions on the application are designed to give the insurer much of the information needed to make a decision.
Which of these is considered a mandatory provision?
Which of these is considered a mandatory provision? “
Payment of Claims
“. Payment of Claims is considered a mandatory provision and directs where the claim benefits will go. The others are considered optional provisions.
Which is an example of an unfair claims settlement practice?
Typical Example of Unfair Claims Practice
The insurance company delays payment
, rendering the business owner unable to repair any of the damage. The insurance company continues using delay tactics to avoiding making a payment. For example, the claims representative keeps “forgetting” to send the claim forms.
How long does it take before the policy becomes incontestable?
In most cases, incontestability clauses prevent insurers from voiding the insurance contract after a period of
two to three years after its activation
. Part of most all life and health insurance policies, these clauses act as one of the strongest consumer protections for policyholders and their beneficiaries.
What part of an insurance contract states under what conditions a policy will not pay a death claim?
They include such things as
grace period, reinstatement provision, incontestable clause
, misstatement of age, etc. This section states under what conditions an insurer will not be obligated to pay a death benefit, as certain circumstances are not considered insurable.
