An employee may not be required to undergo a pre-existing condition screening in order to qualify for coverage under a group health insurance plan that is provided by their employer, for instance.In addition, certain insurance companies may sell health or life insurance policies to individuals without requiring evidence of insurability provided the coverage amount is lower than a predetermined threshold.
Which term best describes the benefits of a life insurance policy that the policyowner does not automatically relinquish?
Which phrase refers to the benefits of a life insurance policy that remain in effect for the policy owner even if the policy is allowed to expire or otherwise become invalid? The provision of incontestability.
Which of the following is among the regulations set forth by the Florida replacement rule?
Which of the following is not a rule that was established by the Florida Replacement Rule? In the event that a claim is filed on a policy within the grace period, the insurance company is permitted to deduct any past-due premiums and to levy interest on those amounts.
What is true regarding the guaranteed insurability rider?
The owner of the policy has the right to acquire additional permanent life insurance policies without having to provide evidence that they are insurable if they have the Guaranteed Insurability Benefit Rider added to their policy. Nationwide will allow the purchase of an extra life insurance policy on each option date that is indicated in the contract.
Which of the following situations will require proof of insurability?
Which of the following scenarios will demand evidence that you are eligible for insurance? It is always necessary to provide proof of insurability when making a request to increase the face amount. The other possible outcomes involve the death benefit being increased as a direct result of the performance of the policy, which amounts to a payout proportional to the increase in cash value.
What type of policy is typically issued without proof of insurability from the insured?
Insurance that provides the right to renew for another term or terms at the conclusion of the initial term without requiring evidence of continued insurability is referred to as renewable term insurance. As the age of the covered person grows, the premium rates will increase whenever the policy is renewed.
Which of the following documents must be provided to the policyowner or applicant during policy re?
During the process of replacing an existing policy, the policyowner or applicant must be presented with which of the following documents? Warning Regarding the Substitution of. During the process of replacing an existing policy, the replacing producer is obligated to provide the application with a Notice Regarding Replacement that has been signed by both the applicant and the producer.
Which of the following life insurance policies allows a policyowner to take out a loan from the policy’s cash value?
Automatic Premium Loan Provision (APL Provision) is a permanent life insurance policy non-forfeiture provision that enables an insurer to automatically pay an overdue premium for a policyowner by making a loan against the policy’s cash value. This is the case so long as the cash value of the policy is equal to or greater than the amount of the premium that is overdue.
Which of the following is not a required disclosure in an advertisement of life insurance?
Which one of the following is not an example of a disclosure that is not necessary in an advertisement for life insurance? notwithstanding the fact that an advertisement should not suggest a broader licensing authority than that which is provided by the Certificate of Authority. This is not a necessary disclosure if no such implication occurs.
Which of the following does not need to be identified in an insurance policy?
In a typical insurance policy, which of the following is NOT need to be specified? C.) The assessment of the insurer’s financial stability. The financial standing of an insurer does not required to be disclosed in an insurance policy for the following rationale:
Which of the following situation does not apply to the Florida replacement rule?
Which one of the following is NOT an instance in which the Florida Replacement Rule would be applicable? Every one of these scenarios falls under the purview of Florida’s Replacement Rule, with the only exception of ″An current policyholder acquires an extra policy from the same insurer.″
What is required in the Florida Employee Healthcare Access Act?
For instance, the Florida Health Care Access Act mandates that every employee who wishes to sign up for health insurance must present a disclosure statement that is both complete and factual.
What are guaranteed insurability options?
What exactly is meant by ″Guaranteed Insurability″? Guaranteed insurability, commonly referred to as the life events options, provides you with the opportunity to expand your coverage without being required to submit to further medical underwriting in the foreseeable future. You may receive it on plans that cover your mortgage and your money as well as your life.
Which of these statements about a guaranteed insurability rider is not true?
Which of the following claims regarding a rider for a guaranteed insurability option is NOT TRUE? The answer that you are looking for is ″Evidence of insurability is required when the option is exercised.″ This is the right answer. These claims are all accurate with the exception of the last one, which states that ″evidence of insurability is necessary when the option is exercised.″
What does the guaranteed insurability option allow?
You may raise the death benefit of your policy by adding what’s called a guaranteed insurability rider, which is often referred to as a guaranteed purchase option rider. This rider prevents you from having to take a second medical exam.
When is evidence of insurability required?
It’s possible that you’ll need to provide proof of insurability: When an employee applies for contributory coverage more than 31 days after they were eligible to apply for such coverage for the first time, this is considered a late application. When an employee files for contributory dependent coverage more than 31 days after they become eligible for the coverage for the first time.
What is evidence of insurability (EOI)?
Evidence proving the beneficiary’s and his or her dependent’s excellent health conditions is required in order to be considered for approval for coverage under the Evidence of Insurability (EOI) program. This documentation is also referred to as the proof of good health. The EOI may be necessary for some types of coverage.