New Jersey Accident and Health Producer Practice Exam | Questions with 100% Correct Answers | Verified | Latest Update 2024

According to the Time Payment of Claims provision, the insurer must make the payment immediately after receiving proof of loss EXCEPT: - if the insured is able to eventually return to work -if the death is suicide or due to a pre existing condition -when the policy is in the incontestability period -for claims involving periodic payments - for claims involving periodic payments INSURERS MUST PAY LUMP SUM CLAIMS IMMEDIATELY AFTER RECEIVING PROOF OF LOSS What does coinsurance mean? - a policy covers the insured and the any additional named persons -the insurer and the insured share expenses over the deductible -the insurer and the insured share ALL expenses -the policy owner holds multiple policies through the same insurer - The insurer and the insured share expenses over the deductible