Health policy provision
under a guaranteed renewable health insurance policy the insurer
May cancel the policy for nonpayment only
S filed a written Proof of Loss for a Disability Income claim on September 1. The insurance company did not respond to the claim. S can take legal action against the insurer beginning
November 1 the insured must wait 60 days after written proof of loss before legal action can be brought against the company
Whole life insurance policies are contractually guaranteed to provide each of the following, EXECPT
Partial withdraw features beyond a surrender charge period
The insured and insurance company will share the cost of covered losses under which health policy feature?
Payment of claim provision
Which of the following information is NOT required to be included in a whole life policy
Policy's guaranteed dividend table
Which of the following statements about a guaranteed renewable health insurance policy is CORRECT
Premiums are normally increase at the time of renewal
which of these characteristics is consistent with a straight life policy?
Premiums are payable for as long as there is insurance coverage in force
How long does the coverage normally remain on a limited pay life policy
age 100
An insurer must provide an insured with claim forms within __ days after receiving notice of a loss.
15
An insured must notify an insurer of a medical claim within how many days after an accident?
20 days
Insurers may request a hearing within ___ if their policy is rejected
20 days
N is a 40-year old applicant who would like to retire at age 70. He is looking to buy a life insurance policy with level premiums, permanent protection, and be paid-up at retirement. Which of these should N purchase?
30 pay life
According to the Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid?
31 days
A(n) ________ of benefits of a health policy transfers payments to someone other than the policyowner.
Assignment
When does a Probationary Period provision become effective in a health insurance contract?
At the policys inception
A disability income policyowner recently submitted a claim for a chronic neck problem that has now resulted in a total disability. the original neck injury occured before the application was taken 5 years prior. the neck injury was never disclosed to the insuer at the time of application. how will the insuer handle the claim.
Claim will be paid and coverage will remain in force. due to the incontestable period after the second or third year.
F needs life insurance that provides coverage for only a limited amount of time with a death benefit that changes regularly according to a schedule. What kind of policy is needed?
Decreasing term policy
A universal life policy is sometimes referred to as an unbundled life policy because the owner can see the interest earned, cost of insurance, and the
Expense charges
Term insurance has which of the following characteristics?
Expires at the end of the policy period
All of these are characteristics of an Adjustable Life policy EXCEPT
Face amount can be adjustable using policy dividends
P is looking to purchase a life insurance policy that will pay a stated monthly income to his beneficiaries for 20 years after he dies and a lump sum of $20,000 at the end of that 20 year period. What type of policy should P purchase?
Family maintenance policy
T sends proof of loss to her insurer for an acceptable medical expense claim under her individual Health Insurance policy. Upon receipt, the insurer must pay the benefits
Immediately
Which of the following actions require a policy owner to provide proof of insurability in an adjustable life policy?
Increase face amount
the ___________ clause identifies which losses resulting from accident or sickness are insured by the policy.
Insuring
D needs life insurance that provides coverage for only a limited amount of time while also paying the lowest possible premium. What kind of policy is needed?
Level term
What is the purpose of the time of payment of claims provision
Prevents delayed claim payments made by the insurer
G is involved in an automobile accident as a result of driving while intoxicated and suffers numerous injuries. According to the Intoxicants and Narcotics exclusion in G's policy, who is responsible for paying the medical bills?
THE INSURED
Which Accident and Health policy provision addresses preexisting conditions?
Time limit on certain defenses
Which of these types of life insurance allows the policy owner to have level premiums and to also chose from a selection of investment options
Variable life
What type of rider would be added to an Accident and Health policy if the policyowner wants to ensure the policy will continue if he/she ever becomes totally disabled?
Waiver of premium rider
Under a Graded Premium policy, the premiums
are lower during the policy's early years
Periodic health claim payments MUST be made at least
monthly
the provision that defines to whom the insuer will pay benefits to is called
payment of claims
which of the following types of permanent life insurance policies offers the highest cash values
single premium
under a graded premium whole life policy,
the premium increases each year during the early years of the contract and remains the same after that time
Under a Renewable Term policy,
the renewal premium is calculated on the basis of the insured's attained age
The policy provision that entitles the insurer to establish conditions the insured must meet while a claim is pending is:
time limit on certain defenses
A life policy with a death benefit and cash value that can fluctuate according to the performance of its underlying investment portfolio is referred to as:
variable life
