Unit 13 Flashcards
An insurance policy represents a contract between the insurer and insured what does this contract consist of
Application, Insurance policy, Riders
If changes or provisions need to be made to any policies who makes that change
An executive insurance officer and attached as an amendment to the policy
The time limit on certain defenses does what
states that after 2 years no mistakes except material misrepresentation will void the policy or deny the claim
Should a loss happen during the grace period what will happen
The claim will be covered minus the missed premium
What is the grace period and their pay cycles
weekly has a 7 day grace, monthly has a 10 day grace, all others have a 31 day grace
If an insured must reapply how many days until they can assume coverage has resumed
45
What claims are covered and not covered after renewal of a terminated policy
accidents are covered immediately, sickness is covered after 10 days
How many days does one have to file a notice of claim
20
How often should the insurer be given notice of a continuing disability
every 6 months
How many days are given to the insurer to produce a Claim form after receiving the notice of loss
15
How long does the insured have to submit a proof of loss
90 days
You must pay a lump sum when after receiving proof of loss
immediately
Where does the payment of death benefits go
first the beneficiary and if not listed than the insured’s estate
How long does one have to take legal actions against their insurer
60 days to 3 years from the proof of loss
How long does an insured have after deliver to decide they no longer want their policy
10 days for most 30 days for medicare supplements and long term care
What is the insuring clause
the insurers promise to pay as stated in the contract and types of loss covered
What is the consideration clause
Identifies the insurer’s consideration as it’s promise to pay benefits and the applicants consideration as the information and the premium payment
What are the different categories of renewability
cancelable, optionally cancelable, conditionally renewable, guaranteed renewable, non cancelable
