WV Insurance Review Questions and Correct Answers

What provision in a life insurance policy provides for an early payment of some portion of the policy death benefit (face amount) in the event the insured suffer from a terminal illness? Accelerated Benefits Rider The Medical Information Bureau is: Used by insurers to assist in underwriting. All of the following are optional provisions in individual health insurance policies, EXCEPT: Notice of Claim In writing group life insurance, companies use all of the following as underwriting guides to guard against adverse risk, EXCEPT: Medical examination for prospective insureds that are borderline risks. . Chris is insured through Binders Keepers Insurance Company and his policy period ends in 12 months. However, Chris has decided that he wants to cancel his policy in order to purchase another one from a company that advertises with cute commercials on television. Chris calls his agent to cancel the policy and is informed that the unearned premium (UEP) on the cancelled policy will be returned to him by mail in a couple of weeks. When Chris receives the check, he is surprised to find that it's made out for less than the amount of unearned premium he should have received. What is the most likely reason for this? Chris' policy had a provision stating that UEP must be returned on a short-rate basis. The Uniform Policy Provisions law requires "notice of claim" to be made by the policyholder to the insurer or its agent within: 20 days of a loss, or as soon as reasonably possible.