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XCEL Solutions 2-15 Exam-Ch. 16 and 17 Questions and Answers Rated A+
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XCEL Solutions 2-15 Exam-Ch. 16 and 17
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XCEL Solutions 2-15 Exam-Ch. 16 and 17Entire Contract - answer States the insurance policy itself, any riders and
endorsements/amendments, and the application
-Insurance producers cannot make change to a policy
-Found at the beginning of every insurance policy issued
-Only an authorized officer of the insurer is permitted to make changes to the contract
*The ENTIRE POLICY and APPLICATION is sent to you and that makes up our
ENTIRE CONTRACT
Time Limit on Certain Defenses - answer States the policy is incontestable after it has
been in force a certain period of time, usually two years
-Time limit to DEFEND your application answers
-Applies to 3 things regarding insurance:
1. Preexisting conditions
2. Initial application
3. New claims
Grace Period - answerA period after the due date of a premium during which the policy
remains in force without penalty
-If an insurer dies during the Grace Period of a life insurance policy before paying the
required annual premium, the beneficiary will receive the face amount of the policy
minus any required premiums
Reinstatement - answerPutting a lapsed policy back in force by producing satisfactory
evidence of insurability and paying any past-due premiums required
-To reinstate, you need: a reinstatement application, statement of good health, all back
premiums
Notice of Claim - answerA provision that spells out an insured's duty to provide the
insurer with reasonable notice in the event of a loss
Claim Form Provision - answerIf the insurer requires a claim form, it must be received
by the insured from the company within 15 days after notice of claim.
-If forms are not furnished, the insured may submit written proof of occurrence,
character, and extent of the loss.
, Proof of Loss - answerA claim form that a claimant must submit after a loss occurs.
Time of Payment of Claims - answerclaims are to be paid immediately upon written
proof of loss
Payment of Claims Provision - answer(required) defines how proceeds are to be paid
out + requirements to initiate death benefit claim
Physical Exam and Autopsy Provisions - answerAllows the insurer to examine the
insured when a claim is pending, and in the event of death perform an autopsy where
not prohibited by law
Legal Actions Provisions - answerStates that the insured cannot take legal action
against the company in a claim dispute until after 60 days from the time the insured
submits proof of loss
*Monthly-premium* Individual health insurance policies must provide a grace period of
at least? - answer10 days
If an insured pays their premiums quarterly, semi-quarterly, or annually, the minimum
grace period is? - answer31 days
HMO's must provide a grace period of at least? - answer10 days
An insurer must notify an insurer of a medical claim within how many days after an
accident? - answer20 days
Application - answerA form supplied by the insurance company, usually filled in by the
agent and medial examiner on the basis of information received from the applicant
-It's signed by the applicant and is part of the insurance policy if it is issued
-It gives information to home office underwriting department so it may consider the
application and what classification/ premium rate it may be issued at
General (Part 1) of Application - answerAsks general questions about the proposed
insured, including name, age, address, birth date, sex, income, martial status, and
occupation. It also includes details like:
-Type of policy
-Amount of insurance
-Name and relationship of the beneficiary
-Other insurance the insured owns
-Additional insurance applications pending
-Other info like hazardous hobby, foreign travel, etc
-Tobacco use
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