Time-Lines Flashcards
Entire contract
This policy, including the endorsements and the attached papers, if any, constitutes the entire contract. No change in this policy shall be valid until the approved by an executive officer of the insurer and unless such approval be endorsed here on, attached hereto. No agent has the authority to make any changes.
Time limit on certain defenses; Incontestability
After two years from the date of issues of the policy, an insurer cannot contest the policy.
Grace period
Allows additional time to pay a premium not paid by the due date. If claims develop during the grace period it will be paid since coverage is still in effect the grace period varies according to the premium payment frequency; 7days for week-premium frequency policies;10days for monthly-premium 31 days for all other policies.
Reinstatement
(Must apply for reinstatement within 36) the insured, unlike the insurer, may cancel a policy at any time. In addition, the insured can simply refuse or fail to pay the premium when it is next due. When this occurs, we say that the policy has lapsed.
Notice of Clam
When a policy is issued, claim forms are not sent to the policyowner. This provision states that the policyowner must give notice to their agent or insurer in writing. That a claim has occurred within 20days after occurred or commencement of any loss covered by the policy, or as soon there after as is reasonably possible
Policyowner⇾ 20days ⇾ Insurer.
Claim Forms
The insurer must furnish claim forms, upon receipt of a notice of claim, within 15 days, If the insurer does not furnish claim forms within the required time, the insurer will not be penalized.
Policyowner
Proof Of Loss
Written proof of loss must be furnished to the insurer office, in case of claim for loss, within 90 days
Policyowner⇾ 90days ⇾ insurer
If claims are filed late, claims are not denied, however, after 2years. Claim can be denied!
