Which of the following is the best definition of a limited accident policy?
Which of the following is the best definition of a Limited Accident Policy ? A Limited Accident Policy restricts benefits to those injuries and causes of loss named in the policy . For example, a person injured in a car accident , must be a passenger in/on a ‘common carrier’ not a private passenger vehicle.
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.
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 should the insured do if the insurer fails to send the correct forms under the claims forms provision of a health policy?
If the insurer does not supply claim forms to the insured for submitting proof of loss within 15 days of receiving notice of the claim , the insured may submit proof of loss on any piece of paper or in any manner the insured wishes. The insurer will be required to accept this as proof of loss.
What is the elimination period of an individual?
The elimination period of an individual disability insurance policy refers to the amount of time a disabled person must wait before benefits are paid. It is best thought of as a deductible period for your policy. After a 30-day Elimination period , Z will become eligible for receiving benefits on March 1.
What type of policy would only provide coverage for specific types of illnesses?
Dread disease insurance provides benefits for ONLY specific types of illnesses such as cancer or stroke.
What provisions are 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 the minimum number of days for the grace period provision?
What is the time limit on certain defenses provision?
” TIME LIMIT ON CERTAIN DEFENSES : (a) After two years from the date of issue of this policy no misstatements except fraudulent misstatements, made by the applicant in the application for such policy shall be used to void the policy or to deny a claim for loss incurred or disability (as defined in the policy) commencing
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 is the primary factor that determines the benefits paid?
What is the primary factor that determines the benefits paid under a disability income policy? Wages. (The major factor in determining the benefit amount paid under a disability income policy is wages.) P received Disability income benefits for 3 months then returns to work.
What is time of payment of claims?
“ Time of Payment of Claims : After receiving written proof of loss, the insurer will pay monthly all benefits then due for (type of benefit) . Benefits for any other loss covered by this policy will be paid as soon as the insurer receives proper written proof.”
What is the insurance clause?
One is the insuring clause , in which the insurer agrees to pay on behalf of the insured all sums that the insured shall become legally obligated to pay as damages because of bodily injury, sickness or disease, wrongful death, or injury to another person’s property. The liability policy…
Which of the following actions will an insurance company most likely not take if an applicant who has diabetes?
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 happens when an insurance policy is backdated?
Backdating Health Insurance Policies In regards to health insurance , backdating the effective date of a policy can be used to make your age at issue qualify for a lower premium. That can be a good thing.