Incontestable clause - Study guides, Class notes & Summaries

Life Insurance Exam Questions | With Correct Solutions | Latest Update 2024/2025 | Graded A+ J has a life policy with the Guaranteed Insurability rider. J has just celebrated their 42nd birthday and realizes that she wants to use her rider and buy more death benefit. Which of the following will apply to J's request? A: The insurer will allow J to add more insurance without proving insurability. B: The insurer will allow J to add more insurance pending a paramedical exam. C: The insur...

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...

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...

CT LIFE AND HEALTH STATE EXAM SIMULATOR 2024/ACTUAL QUESTIONS AND ANSWERS WITH CORRECT VERIFIED ANSWERS /A+ GRADE After a life insurance policy has been in force for more than years the policy is considered incontestable. Answer - 2 Years An accident and health insurance policy's premium requirements are set forth in which of the following provisions? Answer - Consideration Clause Which of these would NOT be a valid reason to add the waiver of premium rider to a life insurance policy? An...

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...

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. - correct answer -B. A reinstated policy provides immediate co...

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...

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 ...

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...

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...