Rest Of Ins Flashcards
Insurer neglects to pay legitimate claim covered under terms of policy. Which principal has been violated
Consideration
Binding force in any contract
On part of insured is the payment of premiums and health representations made in app
Promise to pay in the event Of loss
Consideration
Contract must contain all of following to be considered legally binding except
Beneficiary’s consent
When is earliest policy May go into effect
When app is signed and check given to agent
Upon delivery of policy producer may be required to obtain any except
Signed waiver of premium
Waiver of premium is
A rider that can be added to life ins policy not to be obtained from applicant
When agent collects initial premium from applicant agent should issue applicant a
Premium receipt
Which part of app would contain information regarding f cause of death of deceased relative of app
Part-2 medical information
If applicant for policy and person to be insured by policy are two diff people underwriter should be concerned about
Whether insurable interest exists between individuals
Some relationships are automatically presumed to qualify as insurable interest
Spouse parents children certain business relationships
Specific information about policy
Policy summary
Guaranteed to be true and if not breaches insurance contract
Warranty
Fair credit reporting act states if rejected for ins due to info contained in consumer report
Must be informed of source of report
According to FCRA all would be considered negative info about consumer except
Disputes regarding consumer report information
Insured makes truthful statements in app and pays required premium is known as
Consideration
