Which of the following policy provisions makes it illegal for an insurance firm to include external materials in a policy? (An insurance firm is prohibited from adding external papers into an insurance policy under an Entire Contract policy provision.)
Which of the following provisions allows an insurance policy to remain in effect after a premium payment has been missed?
On a cash value life policy, a policyholder can request an automated premium loan (APL) provision to protect against an unforeseen lapse in coverage due to nonpayment of premium.
Which of the following is a required provision in health insurance policies?
Which of the following is a policy requirement? A requirement is that the beneficiary be changed. When the beneficiary is revocable, the insured can change it by signing a change form.
What are insurance policy provisions?
Policy provisions are sections in an insurance contract that detail the terms and conditions under which coverage is provided, as well as exclusions and other limitations.
An insurance policy is a contract between an insurance company and a policyholder that includes a guarantee to pay if an insured risk damages an insured object (for example, a fire insurance policy would pay if fire damaged your home).
To avoid any uncertainty when it comes time to use the policy’s provisions, it’s critical to determine exactly what is covered and under what terms, as with any contract.
Because insurance is such an ancient and regulated sector, there is a great deal of standardization in terms of policy provisions. The Insurance Services Office (ISO) has developed industry-standard insurance contracts that many insurance companies will use, in collaboration with regulators who must approve all insurance contracts.
Of course, each insurance company is free to make their own changes, but they all follow a similar framework and have the same policy provisions.
Which of the following policy provisions states that the producer does not have the authority to change the policy or waive any of its provisions?
Which of the following health-care policy provisions specifies that the producer has no ability to amend or waive any of the policy’s provisions? The entire agreement. (The producer does not have the ability to amend the policy or waive any of its terms, according to the Entire Contract condition.)
Which of the following provisions allows a life insurance policy to continue beyond the grace period when a premium is overdue and not paid?
When a premium is past due and not paid, which of the following terms permits a life insurance policy to continue beyond the grace period? The prolonged term and decreased paid-up insurance nonforfeiture options allow coverage to continue when a life insurance policy premium is not paid and the grace period has expired.
Which of the following provisions is a required uniform health insurance provision?
Unless the beneficiary is designated as irrevocable, the Change of Beneficiary Provision (a Mandatory Uniform Provision) establishes the insured’s right to change the beneficiary. Legal Actions is a Uniform Provision that must be followed.
What is the policy provision that prevents an insurance company from altering its agreement?
The policy and the insured’s application, if connected to the policy at issue, are the only documents admissible in court under the Entire Contract provision. This clause precludes either the insurer or the insured from making changes to the policy after it has been issued without the other’s permission.
What is the provision in a health insurance policy that ensures that the insurer Cannot refer to any document that is not contained in the contract?
The Entire Contract Clause is a clause in a health insurance policy that assures that the insurer cannot refer to any document that is not included in the contract. When a completed application is filed, an offer is usually issued in the insurance industry.
What are the 12 mandatory provisions?
The National Association of Insurance Commissioners (NAIC) created this document.
(NAIC), enacted in 1950 and ratified by all states except Louisiana, requires that certain requirements be met.
Every individual disability income policy includes provisions, as well as
Every health insurance policy contains this clause. In addition to the legally required requirements, the majority of
Additional riders, which may be unique to that policy, are available from insurers.
company of insurance (insurer). The Uniform Individual Accident and Sickness Act (UIAASA) is a federal law that governs personal injury
Law on Policy Provisions (also called uniform or standard policy provisions)
12 required clauses are included. The following are the 12 necessary provisions: