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LOMA 281 Module 3 Lesson 2 Exam with correct Answers
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LOMA 281 Module 3 Lesson 2 Exam with correct Answers
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LOMA 281 Module 3 Lesson 2 Exam withcorrect Answers
entire contract provision - Answer -An insurance and annuity policy provision that defines the documents that constitute the contract between the insurance company and the policyowner.
closed contract - Answer -A contract for which only those terms and conditions that are printed in—or attached to—the contract are considered to be part of the contract. Insurance policy, policy riders, application for insurance.
open contract - Answer -A contract that identifies the documents that constitute the contract between the parties, but all the enumerated documents are not necessarily attached to the contract. Insurance policy, riders, membership app, declaration of insurability, fraternal charter, constitution, bylaws.
free-look provision - Answer -An insurance and annuity policy provision that gives the policyowner a stated period of time—usually at least 10 days—after the policy is delivered in which to examine the policy. Also known as free-examination provision. Can cancel and get a full refund.
misrepresentation - Answer -A false or misleading statement in an application for insurance.
material misrepresentation - Answer -A misrepresentation that is relevant to an insurance company's evaluation of the proposed insured.
incontestability provision - Answer -An insurance and annuity policy provision that describes the time limit within which the insurer has the right to avoid the contract on the
ground of material misrepresentation in the application.
fraudulent misrepresentation - Answer -A misrepresentation that was made with the intent to induce the other party to enter into a contract and that did induce the innocent party to enter into the contract.
grace period provision - Answer -An insurance policy provision that specifies a length of time following each renewal premium due date within which the premium may be paid without loss of coverage.
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