chapter 3 review

what type of policy allows the insurance company to cancel a policy at any time

cancellable

which of the following is true regarding a term health policy

its nonrenewable

the free look provision allows for which of the following

a right to return the policy for a full refund

when the insured purchase his health policy he was a window washer. he has since changed occupations and now manages a library. if the insurer is notified of the insured's change of occupation, the insurer should

adjust the benefit in accordance with the decreased risk

what statement best describes the free look provision

allows the insured to return the policy within 10 days for a full refund of premiums if dissastisfied for any reason

an insured notifies the insurance company that he has become disabled. what provision states that claims must be paid immediately upon written proof of loss

time of payment of claims

what is the purpose of the coinsurance provisions

to help the insurance company to prevent overutilization of the policy

according to the rights of renewability rider for cancellable policies, all of the following are correct about the cancellation of an individual insurance policy except

unearned premiums are retained by the insurance company

when an insured purchased her disability income policy, she misstated her age to the agent. she told the agent that she was 30 years old, when in fact, she was 37. if the policy contains the optional misstatement of age provision

amounts payable under the policy will reflect the insured's correct age

a man is injured while robbing a convenience store. how does his major medical policy handle the payment of his claim

claim is denied if his policy contains the illegal occupation provision

Items stipulated in the contract that the insurer will not provide coverage for are found in the

exclusions

a health insurance policy lapse but is reinstated within an acceptable timeframe. how soon from the reinstatment data will coverage for accidents become effective

immediately

which of the following entities has the authority to make changes to an insurance policy

insurers excecutive officer

a guaranteed renewable disability insurance policy

is renewable at the insured's option to a specified age

which renewability provision allows an insurer to terminate a policy for any reason, and to increase the premiums for any class of insureds

optionally renewable

which of the following does the insuring clause not specify

the doctors