Utah Life, Health, and accident insurance TEST (Graded A+ actual test)
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Course
Utah Life, Health, and accident insurance
Institution
Utah Life, Health, And Accident Insurance
notice of claim - must be given to the insurer with in 20 days after the occurrence or
commencement of any loss covered by the policy, or as soon thereafter as reasonably possible.
conditional receipt for renewal - when the premium is paid after the time granted by the insurer
the maximum amount...
Utah Life, Health, and accident
insurance
notice of claim - must be given to the insurer with in 20 days after the occurrence or
commencement of any loss covered by the policy, or as soon thereafter as reasonably possible.
conditional receipt for renewal - when the premium is paid after the time granted by the insurer
the maximum amount of time for reinstatement of the policy is 45 days
non-participating policies - non-participating policies do not pay dividends
LTC Rider - reimburses Health and Social Service expenses incurred in a convalscent or nursing
home facility
ownership rights - vest ownership rights EG the right to designate the beneficiary to specific
person or entity
term Riders - are used to purchase insurance on a family member of the originally insured
impairment Rider - list specific conditions in the contract that are excluded from the contract.
policy loan provision - the loan is not taxed
policy withdrawal - is taxed for amounts above the contract cost basis
Premium modes - Monthly; Quarterly; Semi-annually; Annually (cheapest due to less admin cost).
, conditionally renewable - the insurer may elect not to renew only under conditions specified in
the policy
whose responsibility is it to make sure the company is notified of a death claim at the earliest possible
opportunity - the producer
which of the following is true regarding assignment rights for irrevocable beneficiaries? - they are
more likely to receive a loan based on the expectations of the proceeds
mode - Refers to how often a premium is paid.
coinsurance - the insurer and the insured share expenses over the deductible.
unified carrier registration - a policy will pay on a UCR basis when particular benefits are not listed
on a payment schedule
family term insurance - covers the extra expenses of childcare and home related costs
summary of coverage - excludes a detailed and comprehensive summary of The Accelerated
benefit
accidental death benefit - or double indemnity, it provides twice the face value in the policy for
death due to accident
spendthrift clause - excludes the beneficiary encumbering the proceeds
NCOIL act - specifically designed to address the STOLI and IOLI practices
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