100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
LOMA 281 Module 3 Lesson 2 Exam with correct Answers $9.99   Add to cart

Exam (elaborations)

LOMA 281 Module 3 Lesson 2 Exam with correct Answers

 8 views  0 purchase
  • Course
  • LOMA 281
  • Institution
  • LOMA 281

LOMA 281 Module 3 Lesson 2 Exam with correct Answers

Preview 1 out of 3  pages

  • July 31, 2024
  • 3
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • LOMA 281
  • LOMA 281
avatar-seller
millyphilip
LOMA 281 Module 3 Lesson 2 Exam with
correct 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.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart