Which of the Following Accurately Describes a Participating Insurance Policy

Which of the following best describes how a policy that uses the accidental bodily injurydefinition of an accident differs from the one that uses the accidental means definition. If the insured would like to cancel the policy heshe must.

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A participating policy enables you as a policyholder to share the profits of the insurance company.

. Notify the insurance company in writing. The provision that defines to whom the insurer will pay benefits to is called. Notify an insurer of a claim within a specified time.

All of the following statements regarding the accidental death benefit rider to a life insurance policy are correct EXCEPT. Notify the insurance company by telephone. A mutual fund and an endowment policy b.

Participating insurers may choose to pay dividends on all their whole life policies or provide the benefit for only select policies. The correct answer is B. Lucy is applying for an individual health insurance policy.

Policyowners may be entitled to receive dividends b. An example of endodontic treatment is a. Be definable measurable uncertain and not catastrophic.

Policyowners pay assessments for company losses 3. Which of the following definitions MOST accurately describes the Probationary Period. Policyowners are not entitled to vote for members of the board of directors.

Policyowners pay assessments for company losses c. -in long-term plans monthly benefits are limited to 75 of the insureds income -there are no participation requirements for employees -short-term plans provide benefits for up to 1 year -the extent of benefits is determined by the insureds income. These riders may be referred to as double indemnity or triple indemnity riders.

Only a percentage of the claim will be paid. The extent to which an insurer is subject to a possible losses. Claim must be paid after proof of loss is received.

The policy provision that entitles the insurer to establish conditions the insured must meet while a claim is pending is. The Entire Contract provision states that the health insurance policy together with a copy of the signed application and attached riders and amendments constitutes the entire contract. Stock companies allow their policyowners to share in any company earnings 4.

A term insurance policy and a whole life policy c. A participating life insurer is one that offers participating life insurance policies. A flexible premium deposit fund and a monthly renewable term insurance policy.

Sues annual premium is 1500 and the declared. The companys business model allows life insurance policyholders to benefit when the company has a profitable year. Claim will be denied.

Nonparticipating life insurance policy participating life insurance policy divisible surplus life insurance policy straight life insurance policy. Provide a reason for canceling. The Notice of Claims provision requires a policyowner to.

Which statement accurately describes group disability income insurance. The process of determining if an applicant is an insurable risk. Which of the following accurately describes a participating insurance policy.

Payment of Claims Correct The Payment of Claims provision in a Health. The authority of a producer or agent that is written in hisher contract is called. The purpose of this chapter is to set forth minimum standards and guidelines to assure a full and truthful disclosure to the public of all material and relevant information in the advertising of life insurance policies and annuity contracts.

Stock companies allow their policyowners to share in any company earnings d. In non-participating policies the profits are not shared and no dividends are paid to the policyholders. What kind of life insurance policy issued by a mutual insurer provides a return of divisible surplus.

A modified endowment policy and an annual term insurance policy d. Policyowners may be entitled to receive dividends 2. It is also known as a with-profit policy.

The cause of a loss. Larry has a Major Medical Expense policy for his family with a 1000 per familyper year deductible and an 8020. The Branch Office System General Agency System American Agency System Direct Writers and Direct MailResponse are the marketing and distribution systems used by insurers.

Claim must be paid after proof of loss is received. Which of the following accurately describes a participating insurance policy. The cause of a loss.

A flexible premium deposit fund and a monthly renewable term insurance policy. What is a participating insurance policy. A condition that creates or increases the chance of a loss.

These profits are shared in the form of bonuses or dividends. Open peril polices cover all loses unless specifically excluded. Insurer does not have to pay the claim.

From an insurance perspective underwriting is best defined as. Policyowners are not entitled to vote for members of the board of directors. Answer C is correct.

Wait until the end of the calendar year. Which of the following statements describes the purpose of the Insuring clause. -The period of time from the date of the loss until the benefits begin -The period of time from the date of the loss until benefits are actually received by the policyowner -The waiting period a new hire must satisfy prior to becoming eligible for group health coverage -The period.

In the latter case the companys lineup. Time Limit on Certain Defenses. Which of the following combinations best describe a universal life insurance policy.

Rules Governing Advertisement of Life Insurance and Annuities. Notify the insurance company in writing. Participating life insurance policy A mutual insurer issues life insurance policies that provide a return of divisible surplus.

Which of the Following Accurately Describes a Participating Insurance Policy By Bio_Jamiya62 10 Apr 2022 Post a Comment GINA restricts the use of such information as soon as GINA becomes effective for a particular plan or insurance policy. Dividends come from the profits of the insurance company that sold the policy. Which of the following statements does not accurately describe the tax treatment of premiums and benefits of individual accident and health insurance.

The probability that a loss will occur. There is usually no additional premium required to buy an accidental death benefit rider. A participating policy is insurance that pays dividends to policyholders.

A A mutual fund and an endowment policy b A term insurance policy and a whole life policy c A modified endowment policy and an annual term insurance policy d A flexible premium deposit fund and a monthly renewable term insurance policy.

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