the insuring clause quizlet

One is the insuring clause, in which the insurer agrees to pay on behalf of the insured all sums that the insured shall become legally obligated to pay as damages because of bodily injury, sickness or disease, wrongful death, or injury to another person's property. An insuring clause is a part of insurance policies that defines how much risk will be taken on by the insurance company. For example, if the insured paid premium for three months and chose to cancel the policy at the end of the second month, the insurance company is then required to calculate the premium that applies to the last month and refund it to the insured party. Term 1 / 7 Section A: Incident Response Costs Click the card to flip Definition 1 / 7 we will pay on YOUR behalf any reasonable sums incurred by YOU or on YOUR behalf as a direct result from a CYBER EVENT first DISCOVERED by YOU during the policy period: - access to our 24/7 cyber incident response line His insurance agent told him the policy would be paid up if he reached age 100. Notice of claim is required within _____ days of loss. Rob recently died at age 60. The Time Limit on Certain Defenses provision limits the period during which an insurer can deny a claim on the basis of a preexisting condition. There are several issues included in an insuring clause, including a description of legal liability, meaning the amount that the insured will These include white papers, government data, original reporting, and interviews with industry experts. According to the time payment of claims provision the insurer must pay disability income benefits no less frequently than which of the following options? Cash surrender value applies to the savings element of whole life insurance policies. The exam contains 50 items related . J, ab an accidental death and dismemberment policy holder, dies after injuries sustained un an accident. Later, she lost that job and her salary was reduced to $2,000 a month. 2003-2023 Chegg Inc. All rights reserved. In an Accident & Health policy, the insuring clause states the amount of benefits to be paid. Policy premiums c. named of the insured d. limits of insurance, The pro rata liability clause is designed to protect the principle of, Who is responsible for filling out a notice of a claim form, The part of a policy that clarifies the terms in the policy is, Which of the following clauses establishes the procedure for determining the amount of a loss when the insurer and the insured cannot agree on the value of a property or amount of loss a. valuation clause b. For a contract to be enforceable by law, the purpose of the contract must be, All of the following are considered parts of the policy structure EXCEPT a. conditions b. provisions c. exclusions d. insuring agreement. This would be considered, The section of an insurance policy that details what perils are no insured against and what persons are not insured is known as the. After surrendering a whole-life insurance policy, the death benefit on that policy no longer exists. The Insuring Clause under an individual A&H policy would contain all the following, except: Insurers include provisions in contracts to help reduce unnecessary claims and the overpayment of claims. Which of the following is not a dividend option? How Insurance Conditions Work Policy conditions are typically listed in one or more sections of a policy. States the scope and limits of the coverage ( "States the scope and limits of the coverage". Insurance Clauses consideration consideration is the value offered by the insured to the insurance and vice-versa. A cancellation provision clause is a provision in an insurance policy that permits an insurer to cancel a policy at any time before its expiration date. The grace period is a minimum of 31 days for policies that are paid for on an annual basis. Which of the following is the correct number of days in the grace period for each premium mode? The clause may involve returning some portion of the total premiums paid, the cash surrender value of the policy, or a reduced benefit based upon premiumspaid beforethe policy lapses. Clause2. Claim will be paid and coverage will remain in force (Correct.) Which of the following options would best suit his needs? How Cash Value Builds in a Life Insurance Policy, Payout Options Under a Nonforfeiture Clause, Accumulation Option: Definition, Types, and Comparisons, Whole Life Insurance Definition: How It Works, With Examples, Term Life Insurance: What It Is, Different Types, Pros and Cons, What Is Cash Value in Life Insurance? If the policy limit you have selected does not meet the specified percentage, your claim payment will be reduced in proportion to the deficiency. (a) Ascertainment of Cost (a) can not (d) Cost which is included in the cost of the product, Guidelines for Applying Protected Area Management Categories portals iucn org/library/sites/library/files/documents/pag-021 pdf increase the effectiveness of in-situ biodiversity conservation IUCN has suggested that the protected areas are identified: these may or may not equate, 1 DECISION authorising the use of lump sums and unit costs under ec europa eu/info/funding-tenders/opportunities/docs/2021-2027/erasmus/guidance/ls-and-unit-cost-decision_erasmus_en pdf 18 oct 2022 for the following actions under the Erasmus + programme that in most cases such distances cannot be covered by low-emissions means of, CFPB Laws and Regulations MLA files consumerfinance gov/f/documents/092016_cfpb_MLAExamManualUpdate pdf Under the MLA a creditor may not impose an MAPR greater than 36 percent in The following charges included in the MAPR (charges) must be included in, Copyright and Related Rights - Intellectual Property Office of Ireland www ipoi gov ie/en/understanding-ip/help-guidance/ip-information-booklets/copyright-and-related-rights pdf works without the permission of the owner In these cases the author cannot prevent the copying of their work if that use is covered by one of these, The following entities cannot be included in a composite return filing www revenue louisiana gov/taxforms/6922i(1_16) pdf Resident estates and trusts are required to file Form IT-541 to report partnership income Partners who are themselves partnerships cannot be included in a, Anti-Corruption Ethics and Compliance Handbook for Business www oecd org/corruption/anti-corruptionethicscompliancehandbook pdf relevant to the enterprise but at a minimum should cover the following areas: Nonetheless in some business activities it may not always be easy to, Ontario Automobile Policy - ww fsco gov on ca www fsco gov on ca/en/auto/autobulletins/archives/Documents/a-07_00-3 pdf Section 5 - Uninsured Automobile Coverage describes what we will cover if someone is These types of automobiles are described more fully in Section 2. Unpaid interest will be added to your loan amount and will be subject to compounding. Prevents delayed claim payments made by the insurer (Correct.) Submit the form in any form An insurance company receives E's application for an individual health policy. Permanent life insurance, long-term disability, and long-term care insurance policies may have nonforfeiture clauses. An example is the Insurance Services Office's (ISO's) commercial property policy, which contains three groups of conditions. If your policy includes a coinsurance clause, the amount of insurance you have purchased (the limit of insurance) must equal or exceed a specified percentage of the value of the insured property. He and others like Wilhelm Wundt in Germany focused on innate and inherited Mass customization is the process of delivering market goods and services that are modified to satisfy a specific customers needs. Find out where you are in the claim process. For traditional whole-life policies, the owner decides which of four ways (see below) they would like to access the policys cash value. An applicant is purchasing a homeowners policy. Rates can be calculated to compensate for losses. This 3-month period is known as the: Anna has a contract that includes the Non-Emergency Hospital Preauthorization Admissions Provision. Insuring clauses are used to prevent a profit from a loss that is insured, which is required by the When does a Probationary Period provision become effective in a health insurance contract? Which of the following best describes a short term medical expense policy? Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Learn how we calculate depreciation and how to submit a request for recoverable depreciation. a. Cash surrender value is the accumulated portion of a permanent life insurance policy's cash value that is available to the policyholder upon surrender of the policy. This dividend option provides additional permanent coverage: The paid-up additions dividend option uses the dividend as a single premium to purchase paid-up whole life coverage. Each policy will pay $25,000 for the loss, Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT a. conditions b. consideration c. legal purpose d. offer and acceptance, An applicant knowingly fails to communicate information that would help an underwriter make a sound decision regarding coverage. Before an insurer will pay any loss under a policy, what is usually required from the insured? He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem. Which of the following can be defined as a cause of a loss? When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. The extended term option permits the policyowner to use the policy's cash values to buy paid-up term insurance. The homeowner will need to get written consent from the insurer before the policy can be reassigned. The death benefit would be equal to the benefit in the original whole life insurance policy. All states have adopted the Uniform Individual Accident and Sickness Policy Provision Law. What happens to the spring of a bathroom scale when a weight is placed on it? Some companies offer an annuity option in the nonforfeiture clause. Which of the following statements describes what an Accident and Health policyowner may NOT do? Extended-term insurance is often thedefault non-forfeiture option. [PDF] Certified LabVIEW Associate Developer Exam Test Booklet, [PDF] COST AND MANAGEMENT ACCOUNTING - ICSI, [PDF] Guidelines for Applying Protected Area Management Categories, [PDF] 1 DECISION authorising the use of lump sums and unit costs under, [PDF] Copyright and Related Rights - Intellectual Property Office of Ireland, [PDF] The following entities cannot be included in a composite return filing, [PDF] Anti-Corruption Ethics and Compliance Handbook for Business, [PDF] Ontario Automobile Policy - wwfscogovonca, [PDF] Circular 61 Copyright Registration of Computer Programs, [PDF] Medicare Benefit Policy Manual Chapter 6 - CMS, Which of the following cannot be covered by insurance quizlet. Guaranteed Renewable ( "Guaranteed Renewable". Which of these statements accurately describes the waiver of premium? Notify the insured in the event of financial difficulty, Which of the following is NOT the consideration in a policy? The original neck injury occurred before the application was taken 5 years prior. All of the following are Optional Provisions, except: Which provision is an Optional Uniform Provision. Entire Contract (Correct.) What's Involved in an Insuring Clause Agreement? What did Wanda say to Scarlet Witch at the end. The reduced paid-up insurance option allows the policyowner to purchase paid-up whole life coverage at a reduced face amount based on the amount of the policy cash value. Classified information or material must be stored under conditions that prevent unauthorized persons from gaining access to it. A cancellation provision clause is a provision in an insurance policy that permits an insurer to cancel a policy at any time before its expiration date. G is involved in an automobile accident as a result of driving while intoxicated and suffers numerous injuries. We also reference original research from other reputable publishers where appropriate. With Optionally Renewable Health policies, the insurer may. Company A will pay $16,000 and Company B will pay $8,000, Representations are oral or written statements made by the applicant that are, Considered to be true to the best of the applicant's knowledge, In insurance, an offer is usually made when, When applying for an individual life insurance policy, an applicant states that he went to the doctor for nausea, but fails to mention he was having severe chest pains.
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