Individual Accident and Health - C Other General Provisions Flashcards
All individual health insurance policies are required to include certain standard provisions, called ________
Uniform Mandatory Provisions
The _________ provision allows the insured a period of several days to look over the policy, and if dissatisfied for any reason, return it for a full
refund. It is commonly 10 days from the date the policy is delivered but may vary
free-look or right to examine
The __________ is usually located on the first page of the policy
insuring agreement or clause
__________ is simply a general statement that identifies the basic agreement between the
insurance company and the insured. It identifies the insured and the insurance company and states what kind of loss (peril) is covered.
insuring agreement
The _______________, which is usually located on the first page of the policy, makes it clear that both parties to the contract must give some valuable
consideration.
consideration clause
Payment of premium is the applicant’s____________
consideration
The insurer’s___________ is the promise to pay in accordance with the contract terms
consideration
The face page of the individual health insurance contract must clearly state under what conditions the policy may be__________.
renewed.
The _____________ provision is similar to the noncancellable provision, with the exception that the insurer can increase the policy premium on the policy
anniversary date.
guaranteed renewable
With a ______________ policy, the insurer may terminate the contract only at renewal for certain conditions that are stipulated in the contract.
conditionally renewable
___________ is similar to conditional renewability, except that the insurer may cancel the policy for any reason, on certain homogeneous classes (not individuals within a class)
Optional renewability
are travel accident policies, short term health
plans, or accident only policies are examples of _____________ policies
Nonrenewable (Cancellable, Term) period of time
_________ is the legal process by which an insurance company seeks recovery of the amount paid to the insured from a third party who may have caused the loss.
Subrogation