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31 Cards in this Set
- Front
- Back
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Mandatory Provisions |
12 Standard Provisions |
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12 Standard Provisions |
Entire Contract Time limit on contesting application information Grace Period Reinstatement Notice of Claim Claim forms Proof of loss Time payment of claims Payment of claims Medical exams and autopsy Legal Action against insurer Change of beneficiary |
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Entire Contract; Changes
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A- application I- Insurance Policy R- Riders |
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Policy Changes |
Changes to policy must be in writing by executive officer of insurance company and attached to policy in form of ammendent |
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Time Limit on Contesting |
2 years Fraud voids policy |
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Grace Period |
7 days weekly policies 10 days monthly premium policies 31 days all other annual, semiannually, quarterly |
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Reinstatement |
Coverage automatically reinstated in 45 days Accident claims covered immediately Sickness claims 10 days after reinstatement |
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Notice of Claim |
Written notice 20 days after occurrence or loss Continuing disability every 6 months
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Proof of Loss |
Must be provided in 90 days |
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Time of Payment of claims |
Immediately Monthly if LTC or LTD policy |
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Payment of Claim |
Paid to Beneficiary Insured’s estate Facility of Payment $ 1,000 to family member |
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Physical Exam and Autopsy |
Insurer pays cost of both |
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Legal Action against Insurer |
60 days after proof of loss Maximum 3 years after proof of loss |
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Change of Beneficiary |
Revocable-anytime Irrevocable-permission needed |
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Optional Policy Provisions |
10 optional provisions |
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10 Optional Policy Provisions |
Change of Occupation Misstatement of age Other insurance with this insurer Insurance with other insurer Relation of earning to insurance Unpaid premium Cancellation Conformity with state statutes Illegal occupation Alcohol and narcotics |
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Change of Occupation |
More hazardous:reduction of benefits Less hazardous:Refund of excess premiums |
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Misstatement of Age |
Younger that stated: benefit increase Older than stated: benefit reduction |
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Insurance with other insurers |
Each company pays a proportionate share Excess premiums refunded |
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Relations of Earnings to Insurance |
Disability benefit exceeds earnings Benefit reduced Excess premiums refunded |
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Unpaid Premium |
Can be deducted from claim |
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Cancellation of Policy |
5 days notice Unearned premium refunded pro rata Insurance cancels short rate penalty applies |
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Conformity with State Statutes |
Make policy comply with laws of state |
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Illegal Occupation |
No benefits if committing felony Engaged in illegal occupation |
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Narcotics |
No benefits if cause of loss was from drugs or alcohol. |
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Other Provisions |
Right to Examine Insuring clause Consideration Clause Renewability Military Suspense Provision |
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Right To Examine (Free Look) |
10 days from receipt 30 days for senior products Complete refund if returned |
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Insuring Clause |
First Provision Promise to Pay Conditions of payment |
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Consideration Clause |
Company promise to pay Applicant provides information and pays premium |
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Renewability |
Cancelable: cancel anytime Optionally renewable: company may not renew on anniversary date Conditionally renewable: no renewal can only occurs under certain conditions Guaranteed renewability: insurer must renew and premiums can be raised by classes Noncancelable: insurer must renew and premium can not be raised |
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Military Suspense |
Temporary suspension while in military Reactivated upon leaving military |
