How soon following the occurrence of a covered loss must an insured submit written proof of such loss to the insurance company?
How soon following the occurrence of a covered loss must an insured submit written proof of such loss to the insurance company ? Within 90 days or as soon as reasonably possible, but not to exceed one year.
When an insurance company sends a policy to the insured with an attached application the element?
When an insurance company sends a policy to the insured with an attached application, the element that makes the application part of the contract between the insured and the insurer is called the? Entire Contract provision. An insured must notify an insurer of a medical claim within how many days after an accident? 20.
What is the initial requirement for an insured to become eligible for benefits under the waiver?
In most cases, you must be less than 60 years of age when the disability begins in order to qualify for Waiver of Premium. The provision amount in force on the date of disability is then maintained until the age listed in the policy (typically age 65) without the payment of premium.
What is considered to be a characteristic of conditionally renewable health insurance policy?
What is considered to be a characteristic of a Conditionally Renewable Health Insurance policy ? A Conditionally Renewable Health Insurance policy can increase premiums at time of renewal. The purpose of the Time of Payment of Claims provision is to prevent the insurance company from delaying claim payments.
What provision states that claims must be paid immediately upon written proof of loss?
Roger writes his company and notifies them that he has become disabled. What provision states that claims must be paid immediately upon written proof of loss ? A statement that is sufficiently clear to identify the insured and the nature of the claim.
At what point must an outline of coverage be delivered?
(a) An outline of coverage shall be delivered to a prospective applicant for long-term care insurance at the time of initial solicitation through means which prominently direct the attention of the recipient to the document and its purpose.
What is the minimum number of days for the grace period provision?
What statement is true regarding a minor beneficiary?
Which statement is true regarding a minor beneficiary ? In most cases, insurers require that a guardian be appointed in the Beneficiary clause of the policy or that a guardian be designated in the will.
What type of life policy covers two people and pays upon the death of the last insured?
Variable survivorship life insurance is a type of variable life insurance policy that covers two individuals and pays a death benefit to a beneficiary only after both people have died. It does not pay any benefit when the first policyholder dies.
What is the advantage of reinstating a policy instead of applying for a new one?
What is the advantage of reinstating a life insurance policy as opposed to applying for a new one ? Policy premium in a reinstated policy will be set according to the insured’s original age.
Which of the following applies to the 10 day free look privilege?
Which of the following applies to the ten – day free look privilege ? It permits the policy owner to reject the policy with a full refund of premium. All of the following are uses for an annuity except: To pay a business when a key employee retires.
What is Waiver benefit?
Definition: A benefit wherein the future premium payments by the insured are waived off under certain conditions is called premium waiver benefit . Description: Usually insurance policies include the premium waiver clause, but in some cases an extra fee is charged to attain waiver of premium benefit .
Which of the following is an example of unfair trade practice?
Some examples of unfair trade methods are: the false representation of a good or service; false free gift or prize offers; non-compliance with manufacturing standards; false advertising; or deceptive pricing.
What does it mean if a health policy is conditionally renewable?
A conditionally renewable insurance policy provision allows the insurer to not allow a policy to be renewed under certain conditions. A conditionally renewable policy can be renewed unless the conditions outlined in the policy occur.
Which is considered a mandatory provision?
Payment of Claims is considered a mandatory provision and directs where the claim benefits will go. The others are considered optional provisions . n an Accident & Health policy, the insuring clause states the amount of benefits to be paid.