Mandatory Provisions Flashcards
Time limit on a certain defense
Cannot deny the claim after the application for two years
Entire contract clause?
It is was the application is sent to the company you are the owner of the policy
Grace period
A period of time after the period is due before the lapse for nonpayment of premium
Reinstatement
Allows the customer at the company’s discretion to put back forth a policy that has lapsed for the payment by paying premiums plus intrest
Notice of claim
Customer needs to notify the company of a claim & is required within 20 days
Claim form provision
Must be received from the company to the customer within 15 days
Proof of loss
Show proof within 90 days of loss or the shorter.
Time of payment of claims
Must be paid immediately
Payment of claims
Benefits are paid to the beneficiary or whoever provided the service
Physical exam & autopsy
Gives the company the right to exam you
Legal actions
Customer must wait 60 days but no later than five years to do legal action of proof of loss
Change of beneficiary
Cannot be changed irrevocable
Misstatement of age
The company will adjust and make your benefits out see your attained age
