Q: According to the Reinstatement provision, once a lapsed policy is reinstated, how soon will coverage be available for accidents?
A: Immediately
A: Immediately
Q: How will changing one's occupation to be more hazardous affect the health insurance policy in force?
A: Claim benefits will be reduced to what the premium would have bought for a more hazardous occupation
A: Claim benefits will be reduced to what the premium would have bought for a more hazardous occupation
Q: What will determine the length of the grace period in a health insurance policy?
A: The mode of the premium payment
A: The mode of the premium payment
Q: What is the name of the act by the insured to voluntarily give up insurance?
A: Cancellation
A: Cancellation
Q: What health policy provision states to whom the claim benefits must be paid?
A: Payment of claims
A: Payment of claims
Q: What health policy provision defines the insured's duty to provide the insurer with reasonable notice in the event of a loss?
A: Notice of claim
A: Notice of claim
Q: What will happen to a health insurance policy if the premium has not been paid by the end of the grace period?
A: The policy will be cancelled
A: The policy will be cancelled
Q: What health policy provision prevents the insured from bringing a lawsuit against the insurance company for at least 60 days after proof of loss is provided?
A: Legal actions
A: Legal actions
Q: What health policy provision describes the insured's right to cancel coverage?
A: Renewability provision
A: Renewability provision
Q: What health policy renewability provision allows the insurer to terminate coverage for any reason, and to increase the premiums for any class of insureds?
A: Optionally renewable
A: Optionally renewable
Q: If a health insurance policy has a 31-day grace period, what does that mean?
A: The policy remains in effect for 31 days after the premium is due and not paid
A: The policy remains in effect for 31 days after the premium is due and not paid
Q: The insured on a health policy misstated his age on the insurance application. If this misrepresentation is discovered, what will happen to the policy?
A: The benefit amount payable under the policy will be adjusted to the insured's correct age.
A: The benefit amount payable under the policy will be adjusted to the insured's correct age.
Q: What does the free-look period allow the insured to do?
A: Return the policy for a full refund of premium within a specified time period (usually 10 days)
A: Return the policy for a full refund of premium within a specified time period (usually 10 days)
Q: According to the Time Limit on Certain Defenses provision in health insurance policies, when can an insurer contest fraudulent misstatements on a health insurance application?
A: Any time while the policy is in force
A: Any time while the policy is in force
Q: What renewability provision will most likely appear on a travel accident policy?
A: Period of time
A: Period of time
Q: If the insured pays a monthly premium for health insurance, how long would the grace period be on the policy?
A: 10 days
A: 10 days
Q: What health policy provision allows the insurer to nonrenew health coverage if certain events occur?
A: Conditionally renewableQ: When can an irrevocable beneficiary be changed?
A: Conditionally renewableQ: When can an irrevocable beneficiary be changed?
A: With the written consent of the beneficiary
Q: What health policy provision states to whom the claim benefits must be paid?
A: Payment of claims
A: Payment of claims
Q: What health policy provision describes the insured's right to cancel coverage?
A: Renewability provision
A: Renewability provision
Q: What health policy provision defines the insured's duty to provide the insurer with reasonable notice in the event of a loss?
A: Notice of claim
A: Notice of claim
Q: How will changing one's occupation to be more hazardous affect the health insurance policy in force?
A: Claim benefits will be reduced to what the premium would have bought for a more hazardous occupation
A: Claim benefits will be reduced to what the premium would have bought for a more hazardous occupation
Q: What renewability provision will most likely appear on a travel accident policy?
A: Period of time
A: Period of time
Q: What will determine the length of the grace period in a health insurance policy?
A: The mode of the premium payment
A: The mode of the premium payment
Q: Under an individual disability income policy, the benefits must be paid on at least what schedule?
A: Monthly
A: Monthly
Q: What health policy renewability provision allows the insurer to terminate coverage for any reason, and to increase the premiums for any class of insureds?
A: Optionally renewable
A: Optionally renewable
Q: What is the name of the act by the insured to voluntarily give up insurance?
A: Cancellation
A: Cancellation
Q: What health policy provision prevents the insured from bringing a lawsuit against the insurance company for at least 60 days after proof of loss is provided?
A: Legal actions
A: Legal actions
Q: What health policy provision allows the insurer to nonrenew health coverage if certain events occur?
A: Conditionally renewable
A: Conditionally renewable