Incontestable clause - Study guides, Class notes & Summaries

After a life insurance policy has been in force for more than _____ years the policy is considered incontestable. - 2 Years An accident and health insurance policy's premium requirements are set forth in which of the following provisions? - Consideration Clause Which of these would NOT be a valid reason to add the waiver of premium rider to a life insurance policy? - It allows a policy loan to cover premium payments if the policyowner becomes totally disabled. How can a group dental insu...

NC State LIFE Insurance Exam | Questions and Correct Answers | Latest Update 2024/2025 | 100% PASS Insurable Interest - Answer -Something of value that, if lost, would cause you financial harm. Must exist upfront at time of application. Legitimate financial reason for buying insurance. Impersonation - Answer -Wrong person takes medical examination/test in connection with application for insurance. **Can be contested beyond 2 year incontestable clause** Adhesion - Answer -Ins. Co. desig...

Insurable Interest Something of value that, if lost, would cause you financial harm. Must exist upfront at time of application. Legitimate financial reason for buying insurance. Impersonation Wrong person takes medical examination/test in connection with application for insurance. **Can be contested beyond 2 year incontestable clause** Adhesion Ins. Co. designs original contract. Insured has little or no control of content, no room for bargaining, no negotiations. Insured must take it or le...

Insuring Clause In a Life insurance contract, an insurance company's promise to pay stated benefits is called the C All of these are powers of the Commissioner except A. Hold hearings B. Enforce insurance laws C. Incarcerate a producer D. Issue subpoenas $25,000 individual whole life policy An employee with $25,000 group term life coverage was recently fired. This employee's group coverage may be converted to a B The amount of monthly disablility benefits payable u...

Why does an insurer have a 2-year suicide clause? a) because the commissioner of insurance requires it. b) suicide is never paid for in life insurance. c)to prevent payment of an immediate claim for a person contemplating suicide. d) to help an insurer be more profitable. - correct answer Answer: C To prevent payment of an immediate claim for a person contemplating suicide. Which of these could the owner of a life insurance policy do when there is a collateral assignment? a) determine ...

All of the following are correct about the required provisions of a health insurance policy EXCEPT A. The entire contract clause means the signed application, policy, endorsements, and attachments constitute the entire contract. B. A reinstated policy provides immediate coverage for an illness. C. Policies become incontestable after being in force for 3 years. D. A grace period of 31 days is found in an annual pay policy. - Answer- B. A reinstated policy provides immediate coverage f...

Xcel Testing Solutions-Louisiana Life and Health Exam Simulator - 200 Questions Graded A+ A cease and desist order issued against a producer - Suspends the producer's certificate or broker's license - Prevents the producer from receiving commissions - Prohibits a specific practice listed in the order - Terminates the producer's appointment with the insurer ️Prohibits a specific practice listed in the order A cease and desist order issued against a producer prohibits a specific pract...

All of the following are correct about the required provisions of a health insurance policy EXCEPT A. The entire contract clause means the signed application, policy, endorsements, and attachments constitute the entire contract. B. A reinstated policy provides immediate coverage for an illness. C. Policies become incontestable after being in force for 3 years. D. A grace period of 31 days is found in an annual pay policy. - B. A reinstated policy provides immediate coverage for an illness...

MO Life Accident and Health Insurance Producer 1. An employee who owns an individual disability income policy is injured in an automobile accident and files proof of loss with the insurance company. Under the payment of claims provision in the policy, the company will likely pay the policy benefits to the: - A: Insured's employer - B: Insured's attending physician if the insured has assigned the benefits - C: Insured's beneficiary - D: Insured ️ 2. Which of the following statements ...

TEXAS LIFE AND HEALTH INSURANCE 2024 REAL EXAM 100% CORRECTLY VERIFIED QUESTIONS AND CORRECTLY HIGHLIGHTED ANSWERS GRADED A+…!!! Why does an insurer have a 2-year suicide clause? a) because the commissioner of insurance requires it. b) suicide is never paid for in life insurance. c)to prevent payment of an immediate claim for a person contemplating suicide. d) to help an insurer be more profitable. - ANSWER- Answer: C To prevent payment of an immediate claim for a person contemplat...