Which provision states that the insurance company must pay claims immediately? Answer D is correct. Time of Payment of Claims (a Mandatory Uniform Provision) stipulates that claims are to be paid immediately upon written proof of loss.
Which provision states the insurance company must pay medical expense claims immediately?
| Question Answer | Which provision states that the insurance company must pay medical expense claims immediately? Time of payment claims |
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What is the time payment of claims provision?
In an accident and health insurance policy, the time of payment of claims provision provides for immediate payment of the claim after the insurer receives written proof of the loss .
Most states make it mandatory that insurance companies contain a grace period clause in the policies they sell, allowing a specified period of time in which to pay the overdue premium. In life insurance policies for which the premiums are paid monthly, the grace period is one month, but no less than 30 days.
Which provision is an optional uniform provision A?
The Illegal Occupation/Act Provision (an Optional Uniform Provision) allows the insurer to deny liability if the insured is injured while engaged in an illegal occupation or committing an illegal act.
Which of the following is not covered under basic hospital expense?
* D) drugs and X-rays. Physicians' services are not covered under a basic hospital expense policy, even in the case of surgery. The cost for a physician is covered under a basic surgical expense or basic physician's (nonsurgical) expense policy.
What is a BOE policy?
From Wikipedia, the free encyclopedia. Business overhead expense (BOE) disability insurance, also known as Business Expense Insurance, pays the insured's business overhead expenses if he or she becomes disabled. A BOE policy pays a monthly benefit based on actual expenses, not anticipated profits .
What is the notice of claims provision?
Notice of Claim Provision — a provision in a liability insurance policy requiring the insured to promptly notify the insurer in the event that a claim is made against the insured .
What is the time limit on certain defenses provision?
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 is the purpose of the time Payment of claims provision?
The purpose of the Time of Payment of Claims provision is to prevent the insurance company from delaying claim payments .
What are the 12 mandatory provisions?
- Change of Beneficiary.
- Notice of Claim.
- Claim Forms.
- Entire contract and changes.
- Premium grace period.
- Legal Actions.
- Payment of Claims.
- Physical Exam & autopsy.
A waiver of premium rider is an optional insurance policy clause that waives insurance premium payments if the policyholder becomes critically ill or disabled . To purchase a waiver of premium rider you may need to meet certain requirements for age and health.
Which of the following actions will an insurance company most likely not?
Which of the following actions will an insurance company most likely NOT take if an applicant, who has diabetes, applies for a Disability Income policy? The correct answer is “ Issue the policy with an altered Time of Payment of Claims provision” .
What provision is mandatory for health insurance policies?
a physical exam and autopsy provision – allows an insurance company to request regular physical exams or an autopsy. a legal actions clause – the minimum and maximum amount of time the policyholder can take legal action after providing proof of loss.
What is a uniform required provision?
Uniform policy provisions provide insurance carriers with a list of required and optional items to include when writing insurance policies . ... The states can customize their requirements as long as those adjustments do not infringe on the rights of the insured.
Is Payment of claims an optional uniform provision?
Time of Payment of Claims (a Mandatory Uniform Provision) stipulates that claims are to be paid immediately upon written proof of loss. ... Cancellation (an Optional Uniform Provision) establishes that the insurer may cancel a policy with written notice to the insured of between 5 and 31 days, depending on the policy.
