Reinstatement provision Study guides, Class notes & Summaries

Which of the following policies does NOT contain an automatic reinstatement provision? a) Business automobile liability b) Personal automobile liability with split limits c) Homeowners d) General liability written with an aggregate limit - General Liability written with an aggregate limit The ABC Corporation has $100,000 of coverage on its building through insurance Company A, and $50,000 of identical coverage on the same building through insurance Company B. Assuming coinsurance is not a...

Life & Health License Test Texas Exam FX, Questions & Answers. 100% Accurate. What is the main purpose of the Seven-pay Test? - -It determines if the insurance policy is an MEC. Which of the following insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? - -Third-party ownership Which of the following best defines the "owner" as it pertains to life settlement contracts? - -The policyowner of the life in...

Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - Answer Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which...

What is the maximum age for a dependent child? A. 16 B. 19 C. 21 D. 26 - Answer 26 What do employers generally require their employees to work to be covered under a group plan? A. 50 hours per week B. 30 hours per week C. 20 hour per week D. 25 hours per week - Answer 30 hours per week What is covered immediately after reinstatement of a policy? A. Accidental injuries B. Sickness C. Diseases D. Illnesses - Answer Accidental injuries A delay in a premium is most like...

Florida Insurance Licenses questions and answers Time Limit on Certain Defenses - answer-Is akin to the in contest ability clause except that fradulent statement on health application can be contested by anytime unless the policy is guaranteed renewable Affordable Care Act - answer-May Have a 90 day grace period to pay outstading premiums 12 Mandatory Provisions - answer-Entire Contract Time Limit on Certain Defenses Grace Period Reinstatement Notice of Claims Claim Form, Proof of L...

Life and Health Insurance Exam (Missouri)Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - correct answer Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time granted b...

Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - ANSWER-Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which th...

Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - ANSWER Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which th...

PA Exam 3 with 100% Correct Answers 2023 Which of the following are NOT grounds in Pennsylvania for revoking a broker's license? A Being convicted of a felony B Agreeing with the seller to accept a commission that is more than the standard rate C Depositing an earnest money check into the broker's personal account D Advertising as a member of the Pennsylvania Association of Real Estate Professionals when the broker is not really a member - Correct Answer-B It is perfectly legal to agr...

A return of premium life policy is written as what type of term coverage? correct answer: Increasing What are the two types of Flexible Spending Accounts? correct answer: Health Care and Dependent Care Taxation of LTC insurance... correct answer: excessive benefits may be taxable Nonforfeiture values guarantee... correct answer: that the cash value will not be lost Which method of dealing with risk is applied when insurance is purchased? a. transfer b. sharing c. avoidance ti...