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28 Cards in this Set

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  • Back
Grace Period
a given number of days after the premium due date during which time the premium payment may be delayed without penalty and the policy continues in force.
All others= 31
reinstatement is automatic after 45 days if the delinquent premium is accepted by the company without requiring a new application
Notice of Claim
Policy owner's obligation to the insure to provide notification of loss within 20 days
Claim forums
The company's responasblity to supply a claim to an insured within 15 days after receiving notice
Proof of loss
90 days
Time payment of claims
45 days
legal actions
60 days to 5 years
premium is flexible & death benefit adjustable
death benefit is variable
allow a policy to lapse to purchse another
tuse of life to buy another life in the same company for sole purpose of premium
occurs if the buyer of an insurance policy receives and par of the producers commission.
in that thre is an element of chance for both the contracting parties dollar exchange may not equal
the contract is prepared by one party the insurer
only one side the insurer make promises.
express authority
express authority is authority a principal intends to and actually dose give to its agent. given by contact. agent can solicit applications
Implied authority
assume to have in order to do business. business cards
Apparent authority
based on actions, words or dees because of circumstances
Insurability receipt
provides when the applicant pays the intial premium coverage is effective on the condiion that the applicant proves to be insurable. (dade of medical exam)
Approval receipt
more restictive, covarge is only effective only after the applicaiton is complete.
Binding Receipts
NWM- insurable even if found not to until rejected.
Capital sum
in AD&D if one leg is loss 50% is given
Principal Sum
Full amount in the contract
Medicare Part A
all hospital services
Medicare Part B
Physician and surgeons
cross purchase
intrest of the decaying partner
An individual health insurance policy may be cancelled in Florida after the company has given the insured how many days notice?
45 days
Where would information about a prospective insured's lifestyle be found?
Inspection report