Incontestable clause - Study guides, Class notes & Summaries

After a life insurance policy has been in force for more than _____ years the policy is considered incontestable. - 2 Years An accident and health insurance policy's premium requirements are set forth in which of the following provisions? - Consideration Clause Which of these would NOT be a valid reason to add the waiver of premium rider to a life insurance policy? - It allows a policy loan to cover premium payments if the policyowner becomes totally disabled. How can a group dental insu...

Life Insurance Exam QuestionsJ has a life policy with the Guaranteed Insurability rider. J has just celebrated their 42nd birthday and realizes that she wants to use her rider and buy more death benefit. Which of the following will apply to J's request? A: The insurer will allow J to add more insurance without proving insurability. B: The insurer will allow J to add more insurance pending a paramedical exam. C: The insurer will deny J's request to add more insurance. D: The insurer will al...

Entire Contract - Answer is the provision that states that the producer does NOT have the authority to change the policy or waive any of its provisions Decreasing Term - Answer the automatic load provision can be incorporated into all of these policies except... variable life insurance - Answer insurance policy that has a level premium but allows the policy owner to choose from a selection of investment options pre-existing condition clause - Answer long-term care policy mus...

J has a life policy with the Guaranteed Insurability rider. J has just celebrated their 42nd birthday and realizes that she wants to use her rider and buy more death benefit. Which of the following will apply to J's request? A: The insurer will allow J to add more insurance without proving insurability. B: The insurer will allow J to add more insurance pending a paramedical exam. C: The insurer will deny J's request to add more insurance. D: The insurer will allow J to add more coverage ...

NJ Life Final Exam Questions and Answers 100% Pass Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? Financial loss value Human life value Assessment value Replacement value Human life value The Guaranty Association Act provides that when a Court Order of Liquidation exists, the insurer Is insolvent An individual most likely will have an insurable interest in insuring a person's life if An e...

Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? Financial loss value Human life value Assessment value Replacement value - Answer Human life value The Guaranty Association Act provides that when a Court Order of Liquidation exists, the insurer - Answer Is insolvent An individual most likely will have an insurable interest in insuring a person's life if - Answer An economic interest exists for t...

CISR LIFE & HEALTH Exam 52 Questions with Answer The first step in understanding the elements of a life insurance contract is being able to: A) describe the personal and specific reasons people purchase life insurance B) describe the different parties to a life insurance contract and their relationship - CORRECT ANSWER B) describe the different parties to a life insurance contract and their relationship A policy owner has the power to: A) Name one or more beneficiaries B) Change th...

J has a life policy with the Guaranteed Insurability rider. J has just celebrated their 42nd birthday and realizes that she wants to use her rider and buy more death benefit. Which of the following will apply to J's request? A: The insurer will allow J to add more insurance without proving insurability. B: The insurer will allow J to add more insurance pending a paramedical exam. C: The insurer will deny J's request to add more insurance. D: The insurer will allow J to add more coverage pe...

All of the following are correct about the required provisions of a health insurance policy EXCEPT A. The entire contract clause means the signed application, policy, endorsements, and attachments constitute the entire contract. B. A reinstated policy provides immediate coverage for an illness. C. Policies become incontestable after being in force for 3 years. D. A grace period of 31 days is found in an annual pay policy. - Answer- B. A reinstated policy provides immediate coverage f...

Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? Financial loss value Human life value Assessment value Replacement value - Answer- Human life value The Guaranty Association Act provides that when a Court Order of Liquidation exists, the insurer - Answer- Is insolvent An individual most likely will have an insurable interest in insuring a person's life if - Answer- An economic interest exists for the ...