Question: What Is The Time Limit On Certain Defenses?

What does a probationary period provision establish?

Probationary Period — a provision in some disability income policies stipulating that benefits will not be payable for sickness commencing during a specified time period (e.g., 15–30 days) after inception of the policy..

Which of the following is the time limit on certain defenses after which the policy becomes incontestable?

“After this policy has been in force for a period of 2 years during the lifetime of the insured (excluding any period during which the insured is disabled), it shall become incontestable as to the statements contained in the application.”

What does Case Closed mean in disability?

A closed period exists when a claimant for Social Security disability benefits or SSI is found to be ineligible for ongoing benefits, but yet eligible to receive benefits for a period of time in the past.

What provisions are mandatory for health insurance policies?

a physical exam and autopsy provision – allows an insurance company to request regular physical exams or an autopsy. a legal actions clause – the minimum and maximum amount of time the policyholder can take legal action after providing proof of loss.

Which of the following provisions specifies how long a policyowners health coverage will remain in effect if the policyowner does not pay the premium when it is due?

The grace period is the additional period of time after a premium payment is due that will allow the policy to remain in force in the event of nonpayment. You just studied 8 terms!

Which of the following accurately describes the free look provision?

— The FREE LOOK provision is a notice placed on the face (first page) of the policy, advising the insured of the right to examine the policy. If the insured is dissatisfied during this period of time, the insured may return the policy to the insurance company and receive a full refund of all premiums paid.

What is an insuring clause?

One is the insuring clause, in which the insurer agrees to pay on behalf of the insured all sums that the insured shall become legally obligated to pay as damages because of bodily injury, sickness or disease, wrongful death, or injury to another person’s property.

Which optionally renewable health policies the insurer may?

With an Optionally Renewable policy, the insurance company may review the policy annually and choose whether or not to renew it. What is the purpose of the Time of Payment of Claims provision? The purpose of the Time of Payment of Claims provision is to prevent the insurance company from delaying claim payments.

Which is considered a mandatory provision?

Payment of Claims is considered a mandatory provision and directs where the claim benefits will go. The others are considered optional provisions. n an Accident & Health policy, the insuring clause states the amount of benefits to be paid.

Which type of renewability best describes a disability?

Which type of renewability best describes a Disability Income policy that covers an individual until the age of 65, but the insurer has the right to change the premium rate? “Guaranteed Renewable”.

How do most disability policies handle the case of a recurrent disability occurring at least 90 days after the first claim?

How do most disability policies handle the case of a recurrent disability occurring at least 90 days after the first claim? … it must be handled as a new claim for a new period of disability, without requiring a new elimination period.

Which of the following is the most important factor when deciding how much disability income coverage an applicant should purchase?

Applicant’s monthly income. (In determining how much Disability Income insurance a prospective insured should purchase, the most important factor to be considered is the insured’s monthly income.)

What is the waiver of premium rider?

A waiver of premium rider is an insurance policy clause that waives premium payments if the policyholder becomes critically ill, seriously injured, or disabled. Other stipulations may apply, such as meeting specific health and age requirements.

Which provision states to whom the claims are to be paid?

The Payment of Claims provision in a Health Insurance policy states to whom claims will be paid. With Accidental Death and Dismemberment policies, what is the purpose of the Grace Period? The purpose of the Grace Period is to give the policyowner additional time to pay overdue premiums.

How many days does an insured have to provide proof of loss?

60 daysWhen should you file your proof of loss with your insurer? Under the proof of loss policy provision, you must file your form as soon as possible after the incident, but no later than the date specified in your policy (often 60 days).

What is the time of payment of claims provision?

In an accident and health insurance policy, the time of payment of claims provision provides for immediate payment of the claim after the insurer receives written proof of the loss.

What is a Incontestability clause?

What is an Incontestability Clause? An incontestability clause is a clause in most life insurance policies that prevent the provider from voiding coverage due to a misstatement by the insured after a specific amount of time has passed.

Which of these is a mandatory uniform provision?

According to the Physical Exam and Autopsy Provision (a Mandatory Uniform Provision), the insurer, at their own expense, has the right to request a physical exam or autopsy where not prohibited by law. An insurer has the right to request a physical exam or an autopsy to determine the entitlement to benefits.