Louisiana life - Study guides, Class notes & Summaries

Under which situation must insurable interest exist between the applicant and insured at the time of application? - When a third-party applicant names themselves beneficiary. Which of the following is true about a decreasing term life policy? - The face amount reaches zero at policy expiration. Which of the following occurs immediately after the application is submitted and the initial premium paid? - The underwriting process begins For an individual long-term care policy there is an annua...

Under which situation must insurable interest exist between the applicant and insured at the time of application? - When a third-party applicant names themselves beneficiary. Which of the following is true about a decreasing term life policy? - The face amount reaches zero at policy expiration. Which of the following occurs immediately after the application is submitted and the initial premium paid? - The underwriting process begins For an individual long-term care policy there is an annua...

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. - correct answer B. A reinstated policy provides immediate co...

Insurance - correct answer the transfer of Pure risk to the insurance company in consideration for a premium must be pure risk and calculable. Pure Risk - correct answer the chance of loss without any chance of gain; insurable Speculative Risk - correct answer possibility for gain or loss; not insurable Risk - correct answer Chance of loss Exposure - correct answer a condition that could result in loss hazard - correct answer something that increases the chance of loss ...

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