Ch 16: Disability Policy Provisions

Question 1

Health insurance grace period

Answer 1

90 days

Question 2

Grace period: company mjsy cover claims from day 1 to 30 / 31 to 90 claims are considered ____.

If the premium is paid before grace period expires, the company will cover claims from
31-90. Of nog, company does not cover claims from 31-90

Answer 2

Pending

Question 3

Once a policy is reinstated, there is a ____ day waiting period for sickness coverage. There is no waiting period for accidental coverage.

Answer 3

10 day

Question 4

For a company to treat someone who moved from a less to more harzardous job..

Answer 4

They may reduce the benefits but can’t raise premium

Question 5

How do they treat insured that move to a less hazardous job?

Answer 5

They lower the premium

Question 6

Feee look

Answer 6

Right to return period is 10 days, 30 days for ages 60+

Question 7

Cancelable policy

Answer 7

Can be canceled by insurer at any time by giving written notice. Premiums paid will be refunded. Cancelable policy allows the insurer to increase premiums

Question 8

Guaranteed renewable policy

Answer 8

Company can raise premiums for a class of insured, not the individual

Question 9

Non cancelable policy

Answer 9

Company can’t raise premiums as changes the contract the least and cost the most