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XCEL Solutions 2-15 Exam-Ch. 16 and 17 Questions and Answers Rated A+ $13.49   Add to cart

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XCEL Solutions 2-15 Exam-Ch. 16 and 17 Questions and Answers Rated A+

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XCEL Solutions 2-15 Exam-Ch. 16 and 17

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  • November 5, 2024
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  • 2024/2025
  • Exam (elaborations)
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XCEL Solutions 2-15 Exam-Ch. 16 and 17

Entire Contract - answer States the insurance policy itself, any riders and
endorsements/amendments, and the application

-Insurance producers cannot make change to a policy
-Found at the beginning of every insurance policy issued
-Only an authorized officer of the insurer is permitted to make changes to the contract

*The ENTIRE POLICY and APPLICATION is sent to you and that makes up our
ENTIRE CONTRACT

Time Limit on Certain Defenses - answer States the policy is incontestable after it has
been in force a certain period of time, usually two years

-Time limit to DEFEND your application answers
-Applies to 3 things regarding insurance:
1. Preexisting conditions
2. Initial application
3. New claims

Grace Period - answerA period after the due date of a premium during which the policy
remains in force without penalty

-If an insurer dies during the Grace Period of a life insurance policy before paying the
required annual premium, the beneficiary will receive the face amount of the policy
minus any required premiums

Reinstatement - answerPutting a lapsed policy back in force by producing satisfactory
evidence of insurability and paying any past-due premiums required

-To reinstate, you need: a reinstatement application, statement of good health, all back
premiums

Notice of Claim - answerA provision that spells out an insured's duty to provide the
insurer with reasonable notice in the event of a loss

Claim Form Provision - answerIf the insurer requires a claim form, it must be received
by the insured from the company within 15 days after notice of claim.

-If forms are not furnished, the insured may submit written proof of occurrence,
character, and extent of the loss.

, Proof of Loss - answerA claim form that a claimant must submit after a loss occurs.

Time of Payment of Claims - answerclaims are to be paid immediately upon written
proof of loss

Payment of Claims Provision - answer(required) defines how proceeds are to be paid
out + requirements to initiate death benefit claim

Physical Exam and Autopsy Provisions - answerAllows the insurer to examine the
insured when a claim is pending, and in the event of death perform an autopsy where
not prohibited by law

Legal Actions Provisions - answerStates that the insured cannot take legal action
against the company in a claim dispute until after 60 days from the time the insured
submits proof of loss

*Monthly-premium* Individual health insurance policies must provide a grace period of
at least? - answer10 days

If an insured pays their premiums quarterly, semi-quarterly, or annually, the minimum
grace period is? - answer31 days

HMO's must provide a grace period of at least? - answer10 days

An insurer must notify an insurer of a medical claim within how many days after an
accident? - answer20 days

Application - answerA form supplied by the insurance company, usually filled in by the
agent and medial examiner on the basis of information received from the applicant

-It's signed by the applicant and is part of the insurance policy if it is issued
-It gives information to home office underwriting department so it may consider the
application and what classification/ premium rate it may be issued at

General (Part 1) of Application - answerAsks general questions about the proposed
insured, including name, age, address, birth date, sex, income, martial status, and
occupation. It also includes details like:
-Type of policy
-Amount of insurance
-Name and relationship of the beneficiary
-Other insurance the insured owns
-Additional insurance applications pending
-Other info like hazardous hobby, foreign travel, etc
-Tobacco use

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