Life Insurance N Such Review Flashcards
Which of the following is NOT part of a Life Insurance Policy
Extended Term
The policy and the application constitute the complete agreement between the policy owner and the insurance company Aka…
Entire Contract Provision
An insurer may contest a life policy within a maximum of how many years after the policy’s effective date
2 ( Two)
When replacing existing life insurance, what must an agent do ?
Specify what constitutes the replacement
What must the policy summary in a life insurance policy include ?
The name and address of the insurance agent or broker
An insured MUST present evidence of insurability and pay all overdue premiums with interest after a policy has lapsed in order to exercise which policy provision
Reinstatement
The feature of a life insurance policy stating that the policy will NOT cover certain risks is an…
Exclusion
When a policy or certificate containing an accelerated benefit provision is applied for or delivered, the producer is responsible for providing the applicant a summary of coverage that includes all of the following except
A detailed and comprehensive summary of the accelerated benefit
Which of the following is the time limit in certain defenses after which the policy becomes incontestable
2 years
A life insurance policy may be returned for cancellation and full refund if it is returned NO later than
20 days after receipt by the policyholder
Which of the following statements is CORRECT about Medicare Supplement Insurance ?
Duplicate of Medicare Supplement coverage is prohibited
A Health Insurance Policy that covers dependent children MUST provide coverage for newborns beginning
At the moment of birth
An employee is laid off and converts a group health plan to an individual policy in this situation, the new policy
Premium rate will be higher than the group rate
In which type of insurance is individually purchased coverage commonly more economical than group offered coverage
Long term Care Insurance
In order for an insurer to increase the premium on a non-cancelable policy, which of the following MUST be true
The premium increase must be in the contract at the time it is issued.
Which of the following is true of a cancelable policy
All unearned premiums must be returned to the insured
What is the minimum grace period for monthly accident and health insurance policies
10 days
How many days does the insured have to take physical custody of an adopted child after birth to receive newborn child coverage
30 days
All of the following define preexisting conditions EXCEPT
Any chronic health condition that presents symptoms and which was unknown at the time of application
