12 MANDATORY PROVISIONS

Question 1

ENTIRE CONTRACT

Answer 1

ANYTHING ATTACHED TO THE CONTRACT BECOMES PART OF THE CONTRACT

Question 2

TIME LIMIT ON CERTAIN DEFENSES(INCONSETABILITY)

Answer 2

INSURER HAS 2 YEARS TO CONTEST A CLAIM, IF A PREEXISTING CONDITIONS WASN’T DISCLOSED ON THE APPLICATION THE INSURER CAN CANCEL THE POLICY EVEN AFTER 2 YEARS.

IF A PRE EXISTING CONDITION WAS LISTED, THE INSURED CAN IMPOSE THE 2 YEAR PERIOD, IF THEY EXTEND THE ELIMINATION PERIOD IT MUST BE IN WRITING

Question 3

GRACE PERIOD PROVISION

Answer 3

STOPS INSURED FROM CANCELING A POLICY
PAID WEEKLY-7 DAY GRACE PERIOD
PAID MONTHLY,SEMI MONTHLY, QUARTERLY- 10 DAY GRACE PERIOD
PAID ANNUALLY-30 GRACE PERIOD

Question 4

REINSTATEMENT PROVISION

Answer 4

WITHIN 3 YEARS
ALL BACK PREMIUMS AND OTHER MONEY MUST BE PAID
PROVIDE EVIDENCE OF INSURABILITY
10 DAY PROBATION PERIOD FOR SICKNESS
ACCIDENTS COVERED IMMEDIATELY
AFTER 45 DAYS , INSURED CAN ASSUME POLICY IS REINSTATED

Question 5

HOW MANY DAYS IN A NOTICE OF CLAIMS PROVISION

Answer 5

20 DAYS TO NOTIFY INSURER THEY NEED S CLAIM FORM

Question 6

HOW MANY DAYS IN A CLAIM FORMS PROVISION

Answer 6

INSURER HAS 10 DAYS TO SEND INSURED CLAIM FORMS

Question 7

PROOF OF LOSS PROVISION, HOW MANY DAYS TO NOTIFY INSURANCE COMPANY

Answer 7

INSURED HAS 90 DAYS - YEAR TO MAIL IN CLAIM FORM

Question 8

HOW SOON SHOULD / TIME OF PAYMENT OF CLAIMS

Answer 8

CLAIMS SHOULD BE PAID IMMEDIATELY, DISABILTY POLICIES CAN BE PAID WEEKLY OR MONTHLY

Question 9

PAYMENT OF CLAIMS

Answer 9

PAYMENT WILL BE SENT TO THE NAMED INSURED OR WHOEVER THE INSURE ADVISES TO PAY/ IF NO BENEFICIARY IS CHOSEN THE INSURE CAN CHOOSE

Question 10

PHYSICAL EXAM/ AUTOPSY

Answer 10

INSURER MAY REQUIRED INSURED TO TAKE A PHYSICAL OR AN AUTOPSY. THEY WILL COVER COST, FAMILY PERMISSION IS NOT REQUIRED

Question 11

LEGAL ACTIONS

Answer 11

INSURED CAN SUE INSURER 60 DAYS AFTER CLAIM HAS BEEN SUBMITTED, NOT TO EXCEED 3 YEARS IF CLAIN IS NOT PAID

Question 12

CHANGE OF BENEFICIARY

Answer 12

BENEFICIARY IS REVOCABLE

Question 13

CHANGE OF OCCUPATION

Answer 13

IF INSURED CHANGES JOBS- PREMIUMS OR BENEFITS MAY GO DOWN OR STAY THE SAME

Question 14

MISSTATEMENT OF AGE

Answer 14

FACE AMOUNT WILL BE ADJUSTED TO FIT TO WHAT PREMIUMS WOULD PURCHASE AT THE CORRECT AGE

Question 15

RELATION OF EARNING TO INSURANCE

Answer 15

DISABILTY WILL BE REDUCED IF IT EXCEEDS THE INSURED EARNED INCOME

Question 16

CANCELLATION

Answer 16

INSURER MUST GIVE A 5 DAY WRITTEN NOTICE AND CANCEL WITHIN NEXT 30 DAYS

Question 17

ILLEGAL OCCUPATIONS

Answer 17

IF INSURED FILES A CLAIM BECAUSE THEY WERE INJURED DUE TO ILLEGAL ACT, CLAIM WILL BE DENIED, PLOICY WILL STAY IN FORCE

Question 18

INSURING CLAUSE

Answer 18

INSURER WILL PAY OUT THE PROMISE WHEN INSURED GETS SICK OR HAVE AN ACCIDENT

Question 19

FREE LOOK PROVISION

Answer 19

10 DAY FREE LOOK

Question 20

CONSIDERATION

Answer 20

BOTH PARTIES GIVE SOMETHING OF VALUE; INSURER ( PROMISE TO PAY) INSURED ( APPLICATION & PREMIUM)

Question 21

PROBATIONARY PERIOD

Answer 21

WAITING PERIOD BEOFRE 100% BENEFITS IS RECEIVED

Question 22

ELIMINATION PERIOD

Answer 22

TIME DEDUCTIBLE, TIME BETWEEN INJURY AND RECEIPT OF BENEFIT PAYMENTS

Question 23

PREEXISTING CONDITION

Answer 23

CONDITIONS NOT COVERED IN FIRST 2 YEARS, IF LISTED ON THE APPLICATION. IF NOT LISTD, THEY WILL NEVER BE COVERED