What are the key provisions in a life insurance policy states that the application is considered part of the contract?

Which of these provisions is not required in life insurance policies quizlet?

Which provision is NOT a requirement in a group life policy? Accidental". An AD&D provision is not required in a group life policy.

What is life insurance What is its purpose quizlet?

The purpose of life insurance is to make sure anyone who depends on the deceased for money is protected (nonworking spouse or child). What is the principle of life insurance?

What are provisions in insurance?

Policy provisions are clauses in an insurance contract that lay out the exact conditions for which coverage is provided and for what amounts, along with exclusions and other restrictions.

What are the general insurance policy provisions and conditions explain?

General insurance covers home, your travel, vehicle, and health (non-life assets) from fire, floods, accidents, man-made disasters, and theft. Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.

Which provision of a life insurance policy states the insurance duty to pay benefits upon the death of the insured and to whom the benefits will be paid?

What provision of a life insurance policy states the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid? Consideration.

Which provision states that the insurance company?

Which provision states that the insurance company must pay claims immediately? Answer D is correct. Time of Payment of Claims (a Mandatory Uniform Provision) stipulates that claims are to be paid immediately upon written proof of loss.

What provision in a life or health insurance policy extends coverage beyond the premium due date?

What provision in a insurance policy extends coverage beyond the premium due date? Grace period. Grace period is a mandatory provision found in all life and health insurance policies that provides coverage for a period of time after the premium becomes past due.

What is the name of a clause that is included in a policy that limits or eliminates the death benefit if the insured dies as a result of war or while serving in the military?

War clause: A provision in a life insurance policy that states that even though premiums are paid the death benefits will not be paid in the event the insured dies from war-related as a result of this war clause.

What are the 5 parts of an insurance policy?

Every insurance policy has five parts: declarations, insuring agreements, definitions, exclusions and conditions. Many policies contain a sixth part: endorsements.

What are the 4 parts of a policy contract?

What is included in the conditions section of an insurance policy?

Policy Conditions — the section of an insurance policy that identifies general requirements of an insured and the insurer on matters such as loss reporting and settlement, property valuation, other insurance, subrogation rights, and cancellation and nonrenewal.

What is standard policy provision?

What Does Standard Insurance Contract Provision Mean? The standard insurance contract provision is a provision of an insurance policy that allows an insurer or any insurance company to cancel a property or a health insurance at a specific time or expiration date.

What is an example of a provision?

Provision is defined as a supply of something or to the act of providing a supply of something. An example of provision is food you take with you on a hike. An example of provision is when legal aid provides legal advice. A particular requirement in a law, rule, agreement, or document.

What is the purpose of life insurance?

The primary purpose of life insurance is to provide a financial benefit to dependants upon premature death of an insured person. The policy pays a specified amount called a “death benefit” to the named beneficiary, when the insured dies.

What is the meaning of life insurance?

Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.

What are the most common settlement options in a life insurance program?

Which of these types of policies may not have the automatic premium loan provision attached to it?

The automatic premium loan is available on whole life insurance policies. Because universal life policies will always deduct policy expenses from available cash value, they do not have an automatic premium loan feature.

Which of the following is not included in a life insurance illustration quizlet?

Which of the following is NOT included in a life insurance illustration? Company's mortality table. A life insurance illustration is NOT required to include the company's mortality table.

Which of the following provisions prevents the insurer from denying a claim due to statements on the application after a certain period of time?

D. Incontestability *Incontestability provision prevents an insurer from denying a claim due to statements in the application after the policy has been in force for a period of 2 years, except for nonpayment of premium or fraud.