Assignment And Clause Flashcards
Built into most commercial Health policies let’s policyowners assigned benefit payment from the insurer directly to the healthcare provider relieving the policy owner of first having to pay the medical care provider
The right of assignment
Prohibits the insurer from questioning the validity of the contract after a certain. Of time has elapsed
Incontestable clause
The right to transfer a policy right to another person or entity
The assignment clause
Assignee receives full control of the policy and rights to the policy benefits from the current policy holder
Absolute assignment
Partial and temporary transfer ride to another person or entity
Collateral assignment
State the policy owner is permitted a certain number of days once the policy’s delivered to look over the policy return it for a refund of all premiums
Free look
It sure is basic promise to pay a certain benefits to a designated person in the event of a covered loss
The insuring clause
State of policy owner must pay a premium in exchange for the insurance promise to pay benefits
The consideration clause
