Quick Answer: Before A Life Insurance Policy Is Issued Which Of These Components Of The Contract Is Required?

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What does the insuring agreement in a life insurance contract?

The insuring agreement in a Life insurance contract establishes the basic promise of the insurance company. The insuring clause or provision sets forth the company’s basic promise to pay benefits upon the insured’s death.

Why is an applicant’s signature required on a life insurance application?

Why is an applicant’s signature required on a life insurance application? T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later.

Which of the following is a statement made in an insurance application by the insured that is the absolute truth?

A representation is a statement made by an insured in an insurance application that must be true to the best of one’s knowledge and which becomes a part of the contract.

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What is the purpose of policy summary quizlet?

Policy summary (A policy summary describes the features and elements of the specific policy for which a person is applying.) You just studied 11 terms!

What are the 4 parts of a policy contract?

There are four basic parts to an insurance contract: Insuring Agreement. Exclusions. Conditions.

What are the 4 types of insurance?

Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.

Which of these is considered a mandatory provision?

Which of these is considered a mandatory provision? “Payment of Claims”. Payment of Claims is considered a mandatory provision and directs where the claim benefits will go. The others are considered optional provisions.

Who must sign a life insurance application?

(1) The application shall include a signature section which includes items such as: city and state where signed; date of signature; signature of each proposed insured of the age of majority required by the state where the policy is issued for delivery, or the applicant’s legal residence; signature of spouse for spouse

Which statement is true regarding a minor beneficiary?

Which statement is true regarding a minor beneficiary? In most cases, insurers require that a guardian be appointed in the Beneficiary clause of the policy or that a guardian be designated in the will.

Where are policy benefits found?

Policy benefits can be found in the policy brochure or the policy wordings. The policy brochure will have all the benefits listed in short and the policy wordings will 13 answers · 0 votes: A broad description of the benefits is found in the section that is generically called the (8)

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Which of the following best describes the policy non renewal?

Which of the following best describes a policy non – renewal? In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. An insured wants to transfer his personal insurance policy to his friend.

Which of the following best defines a hazard?

A hazard is any source of potential damage, harm or adverse health effects on something or someone.

What is the purpose of the policy summary?

A shortened version/ summary of any life insurance policy. A summary gives information regarding the coverage limitations, conditions as well as the total premiums that will be charged. The policy summary might be given out to a policy holder, on virtually every transaction.

What is included in policy summary?

A policy summary must be delivered along with the policy and will provide the producer’s name and address, the insurance company’s home office address, the generic name of the policy issued, and premium, cash value, surrender value and death benefit figures for specific policy years.

What is the purpose of a disclosure statement in life insurance policies?

Answer: To explain features and benefits of a proposed policy to the consumer. A disclosure statement is a statement in an official document that spells out the terms and conditions, features, benefits, risks, and rules in a financial transaction.

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