WEBCE PRACTICE QUESTIONS
Jackson turned into traveling through Europe when he found out that he forgot to pay the
premium for his health insurance coverage. Which provision will preserve the coverage in
force until he will pay the premium?
Unfastened-appearance provision
grace length
policy mortgage provision
incontestability provision
Insurers can cancel a medical health insurance policy if a top rate isn't paid. However, the
grace duration provision permits the policyholder greater time past the due date to pay the
top class. It allows a 7-day grace duration for rates paid weekly, a ten-day grace period for
rates paid monthly, and a 31-day grace duration for all different fee modes.
Which feature approximately an coverage policy prevents the policyowner from shifting it to
a 3rd celebration without the insurer's consent?
Unilateral
non-public
aleatory
conditional
Most coverage rules are non-public contracts among the insurer and the policyowner. This
means that the policyowner can not switch the agreement without the insurer's consent. Life
insurance is an exception. The proprietor of a life insurance policy can do what she or he
wishes with the coverage, together with the use of it as collateral on a loan or shifting it to a
3rd party.
Salvador takes an utility for life insurance with the first top rate. When the coverage is ready
for delivery, he for my part can provide it to his insured. The subsequent day, the insured
decides she can not manage to pay for it and rejects the coverage. What ought to Salvador
do?
, Give an explanation for that once a policy has been added, it cannot be back or rescinded
file fit in opposition to the insured for deception
cancel the coverage however maintain the top rate because of the time and effort it took to in
my view deliver the policy
cancel the coverage and refund the premium due to the fact the coverage remains within the
loose-look length
Policies should incorporate a loose-appearance period, typically 10 to 30 days, during which
the insured may additionally return the coverage and get hold of a refund of the top rate paid
if he or she is not satisfied for any reason.
Ross collects a policy's first premium with an application for insurance. The next day he
learns that the customer canceled the policy. What ought to Ross do with the premium?
He must placed it in his private financial institution account right now and try to earn a little
hobby.
He need to preserve onto them until the cease of the unfastened-look period.
He must preserve onto them so long as viable to compensate for his time and
inconvenience.
He need to see that the price range are remitted to the patron as soon as viable.
Insurers must remit unearned charges to the insured as quickly as feasible.
A medical insurance coverage's grace length does which of the following?
The grace duration provision lets in insurers to cancel a medical health insurance coverage if
the premium is paid after the due date.
The grace period provision permits insurers to cancel a health insurance coverage if the top
class is not paid at the due date.
The grace length provision permits the policyholder extra time past the due date to pay the
top rate.
The grace length provision forces the policyholder to pay the premium on the due date.
Insurers can cancel a medical insurance policy if the top class isn't paid. However, the grace
duration provision permits the policyholder extra time past the due date wherein to pay the
top class.
Jackson turned into traveling through Europe when he found out that he forgot to pay the
premium for his health insurance coverage. Which provision will preserve the coverage in
force until he will pay the premium?
Unfastened-appearance provision
grace length
policy mortgage provision
incontestability provision
Insurers can cancel a medical health insurance policy if a top rate isn't paid. However, the
grace duration provision permits the policyholder greater time past the due date to pay the
top class. It allows a 7-day grace duration for rates paid weekly, a ten-day grace period for
rates paid monthly, and a 31-day grace duration for all different fee modes.
Which feature approximately an coverage policy prevents the policyowner from shifting it to
a 3rd celebration without the insurer's consent?
Unilateral
non-public
aleatory
conditional
Most coverage rules are non-public contracts among the insurer and the policyowner. This
means that the policyowner can not switch the agreement without the insurer's consent. Life
insurance is an exception. The proprietor of a life insurance policy can do what she or he
wishes with the coverage, together with the use of it as collateral on a loan or shifting it to a
3rd party.
Salvador takes an utility for life insurance with the first top rate. When the coverage is ready
for delivery, he for my part can provide it to his insured. The subsequent day, the insured
decides she can not manage to pay for it and rejects the coverage. What ought to Salvador
do?
, Give an explanation for that once a policy has been added, it cannot be back or rescinded
file fit in opposition to the insured for deception
cancel the coverage however maintain the top rate because of the time and effort it took to in
my view deliver the policy
cancel the coverage and refund the premium due to the fact the coverage remains within the
loose-look length
Policies should incorporate a loose-appearance period, typically 10 to 30 days, during which
the insured may additionally return the coverage and get hold of a refund of the top rate paid
if he or she is not satisfied for any reason.
Ross collects a policy's first premium with an application for insurance. The next day he
learns that the customer canceled the policy. What ought to Ross do with the premium?
He must placed it in his private financial institution account right now and try to earn a little
hobby.
He need to preserve onto them until the cease of the unfastened-look period.
He must preserve onto them so long as viable to compensate for his time and
inconvenience.
He need to see that the price range are remitted to the patron as soon as viable.
Insurers must remit unearned charges to the insured as quickly as feasible.
A medical insurance coverage's grace length does which of the following?
The grace duration provision lets in insurers to cancel a medical health insurance coverage if
the premium is paid after the due date.
The grace period provision permits insurers to cancel a health insurance coverage if the top
class is not paid at the due date.
The grace length provision permits the policyholder extra time past the due date to pay the
top rate.
The grace length provision forces the policyholder to pay the premium on the due date.
Insurers can cancel a medical insurance policy if the top class isn't paid. However, the grace
duration provision permits the policyholder extra time past the due date wherein to pay the
top class.
