An insurer issues an individual health insurance policy that is guaranteed renewable, the insurer agrees: To renew the policy until the insured has reached age 65. What are features of a non-cancellable policy? The premium cannot be increased beyond the amount stated in a policy.
When an intelligence test measures what it is supposed to the test is considered to be? mental age can best be defined as:.

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What is a guaranteed renewable health insurance policy?

A guaranteed renewable policy is an insurance policy feature that ensures that an insurer is obligated to continue coverage as long as premiums are paid on the policy.

What can insurers change on a guaranteed renewable health insurance policy?

The guaranteed renewable provision guarantees coverage for the policyholder. A Guaranteed renewable policy does not allow the policyholder to make any changes to scheduled premiums or benefits. … The new policy has to have virtually the same premiums and there cannot be any penalties due to health problems.

Which of the following is most correct about the guaranteed renewable clause in an insurance policy?

Which of the following is most correct about the guaranteed renewable clause in an insurance policy? It guarantees you can renew your insurance up to a certain age.

Which of the following is not a feature of a guaranteed renewable policy?

Which of the following is NOT a feature of a guaranteed renewable provisions? The Insurer can increase the policy premium on a individual basis. … However, the premium can only be increased on a class basis, not on individual policy.

When an insurer issues an individual health insurance policy?

An insurer issues an individual health insurance policy that is guaranteed renewable, the insurer agrees: To renew the policy until the insured has reached age 65. What are features of a non-cancellable policy? The premium cannot be increased beyond the amount stated in a policy.

What does guaranteed standard issue mean?

Principal Life offers an underwriting program for disability insurance that guarantees a set monthly benefit amount of coverage to specific employee groups. Plus, discounts may be available on the cost of coverage.

Which of the following provisions allows an insured or the insurer to terminate the policy?

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. Cancellation provision clauses require the party that chooses to cancel the policy to send written notice to the other party.

What is the insuring clause in an insurance policy?

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.

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 provision in a health insurance policy that ensures that the insurer cannot refer to any document that is not contained in the contract is the: Entire contract clause. In insurance, an offer is usually made when: The completed application is submitted.

What is conditionally renewable?

Conditionally renewable is a provision in health insurance policies that gives the company the right not to renew the policy for reasons specified in the contract.

Which renewable option provides the greatest degree of protection for the insured?

As long as premiums are paid on a timely basis – and assuming that all underwriting information is truthful and accurate – the insurer cannot cancel the contract. A non-cancellable, guaranteed renewable policy obviously provides the greatest degree of protection and therefore is the best for you to own.

Which of the following actions will an insurance company most likely not?

Which of the following actions will an insurance company most likely NOT take if an applicant, who has diabetes, applies for a Disability Income policy? The correct answer is “Issue the policy with an altered Time of Payment of Claims provision”.

How does a noncancelable policy differ from a guaranteed renewable policy?

A disability insurance policy is considered non-cancelable if the insurance company cannot raise rates as long as the premium is paid. A non-cancelable policy typically has a 20% additional premium charge versus guaranteed renewable only policies. Guaranteed renewable only policies do not have guaranteed level rates.

Which optionally renewable health policies the insurer may?

With an Optionally Renewable policy, the insurance company may review the policy annually and choose whether or not to renew it. … The Waiver of Premium provision waives the payment of premiums after the insured has been totally disabled for a specified period of time.

How does individual health insurance work?

Put simply, health insurance is a way to pay for your health care. … And it works the same way your car or home insurance works: you or your employer choose a plan and agree to pay a certain rate, or premium, each month. In return, your health insurer agrees to pay a portion of your covered medical costs.

What are the four individual health insurance policies that are regulated by individual states?

  • Liability insurance, high-risk pools, managed care, and personal injury protection.
  • Indemnity insurance, high-risk pools, managed care, and association health insurance.
What is guaranteed issue disability insurance?

The Guaranteed Standard Issue Program allows you to obtain an individual disability insurance policy — with no medical underwriting — for up to $7,500 of monthly benefit, subject to our New Professional limits.

Which of the following provisions allows an insured or the insurer to terminate the policy quizlet?

The renewability provision in a cancelable policy allows the insurer to cancel or terminate the policy at any time, simply by providing written notification to the insured and refunding any advance premium that has been paid.

What type of policy allows the insurer to cancel the policy on any specified date and to increase the premiums for any class?

The conditionally renewable provision in an insurance policy allows an insurance company to cancel immediately, not renew at the renewal date, or increase premiums on a policyholder under certain conditions. This provision benefits the insurer, not the policyholder.

Which of the following policy provisions prohibits an insurance company?

Which of the following policy provisions prohibits an insurance company from incorporating external documents into an insurance policy? ( An Entire Contract policy provision prohibits an insurance company from incorporating external documents into an insurance policy. )

What is considered a characteristic of a conditionally renewable health insurance policy quizlet?

What is considered to be a characteristic of a Conditionally Renewable Health Insurance policy? A Conditionally Renewable Health Insurance policy can increase premiums at time of renewal.

What is the consideration given by an insurer?

Consideration. This is the premium or the future premiums that you have to pay to your insurance company. For insurers, consideration also refers to the money paid out to you should you file an insurance claim. This means that each party to the contract must provide some value to the relationship.

What is the consideration given by an insurer in the consideration clause?

Investor-Originated Life Insurance. What is the consideration given by an insurer in the Consideration clause of a life policy? Promise to pay a death benefit.

What provision best describes the insurance company's obligation to provide the insured with proof of loss forms?

According to the claims form provision, the insurer must accept any claims form as sufficient proof of loss if the insurer has not provided forms for claims. The insured is obligated only to provide proof of loss in writing.

Are term health policies renewable?

The majority of term life insurance policies are renewable, but not all. Renewability is important because, normally, an insurance policyholder will want to renew a policy once the term is up, assuming their life circumstances don’t change drastically, such as if one’s health deteriorates, rendering them uninsurable.

Which of the following health insurance policy provisions states that the producer?

Which of the following health policy provisions states that the producer does NOT have the authority to change the policy or waive any of its provisions? Entire Contract. (The Entire Contract provision states that the producer does NOT have the authority to change the policy or waive any of its provisions.)

Which of the following types of disability policies allow the insurer to cancel the policy on any premium due date or the anniversary date of the policy?

A cancelable policy allows the insurer to increase premiums. In an optionally renewable policy, the insurer has the option to renew or not renew for any reason. The insurer also may terminate the policy on any premium due date or anniversary date of the policy.

When an insured changes to a more hazardous occupation which disability policy provision allows an insurer to adjust policy benefits and rates?

Change of occupation is also a provision that provides a method for handling disability income claims if the insured has changed occupations since the initial application. This provision allows the insurer to adjust benefits or premiums to reflect the change in occupation.

What federal law allows an insurer?

Which Federal law allows an insurer to obtain an inspection report on a potential insured? The Fair Credit Reporting Act of 1970, or FCRA, established procedures for the collection and disclosure of information obtained on consumers through investigation and credit reports.

Which mode of payment is not used by health insurance policy?

Which mode of payment is NOT used by health insurance policies? Single premium is not used when paying for health insurance policies.

Which mode of payment is not used by health insurance policies?

Which mode of payment is NOT used by health insurance policies? Single premium. (Single premium is not used when paying for health insurance policies.)

When an insurer issues an individual health insurance policy?

An insurer issues an individual health insurance policy that is guaranteed renewable, the insurer agrees: To renew the policy until the insured has reached age 65. What are features of a non-cancellable policy? The premium cannot be increased beyond the amount stated in a policy.

What is a guaranteed renewable health insurance policy?

A guaranteed renewable policy is an insurance policy feature that ensures that an insurer is obligated to continue coverage as long as premiums are paid on the policy.

What is guaranteed renewable health insurance?

A guaranteed renewable [health insurance] policy is one by which the insurer guarantees to renew the policy to a stated age, such as age 65. The policy cannot be canceled, and renewal of the policy is at the insured’s sole discretion.