Washington Laws And Rules Pertinent
To Insurance Questions And Answers
With Verified Solutions Already
Passed!!!
Free look (right to examine) - ANSWER✔✔What picture is policies must provide
a minimum free look period of 10 days upon policy delivery. This allows the
policy owner time to decide whether or not to keep it. If the policy owner decides
not to eat the policy within the 10 days allowed, a full refund will be given
In Michigan the free look period Is one month
Buyers guide - ANSWER✔✔Enables applicants to compare different life
insurance policies and help them choose which policy is best for their needs. A life
insurance buyers guide normally includes information such as deciding how much
life insurance to buy, comparing life insurance policy rates, and comparing life
insurance policy requirements
COBRA - ANSWER✔✔Consolidated Omnibus Budget Reconciliation Act; law to
provide terminated employees or those who lose insurance coverage because of
reduced work to be able to buy group insurance for themselves and their families
for a limited amount of time.
Nonforfeiture Law - ANSWER✔✔The request for a paid up nonforfeiture option
must be made to the insurer within 60 days after the due date of a premium in
default. Policies must provide that the specified paid up nonforfeiture benefit is
effective and less the policy owner elects another available option within 60 days
after the due date of the premium and
Cash surrender value - ANSWER✔✔A notice of cash surrender value must be sent
to a universal life policy owner at least annually. The maximum length of time an
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
