Which provision concerns the insureds duty to provide the insurer with reasonable notice in the event of a loss?
Revocable. Which provision concerns the insured's duty to provide the insurer with reasonable notice in the event of a loss? Notice of claim.
Which of the following describes the free look provision?
What statement best describes the free look provision? It allows the insured to return the policy within 10 days for a full refund of premiums if dissatisfied for any reason.
What is the provision in a health insurance policy that ensures that the insurer Cannot refer to any document that is not contained in the contract?
The provision in a health insurance policy that ensures that the insurer cannot refer to any document that is not contained in the contract is the: Entire contract clause.
What is the purpose of the time of payment of claims provision?
A time of payment of claims provision states the number of days that the insurance company has to pay or deny a submitted claim. This provision is included to minimize the amount of time that a policyholder has to wait for his/her payment or for a decision about his/her claim.
What is the purpose of coinsurance provisions?
Coinsurance Provision — (1) A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property.
What is the provision that provides for the sharing of expenses between the insured and the insurance company?
Copayment is a set dollar amount *With both, copayment and coinsurance provisions, the insured shares part of the cost for services with the insurer. Unlike coinsurance, copayment has a set dollar amount that the insured will pay each time certain medical services are used.
What is the contract provision that allows the insured to not renew health coverage of certain events occur?
The conditionally renewable provision in an insurance policy allows an insurance company to cancel immediately, not renew at the renewal date, or increase premiums on a policyholder under certain conditions. This provision benefits the insurer, not the policyholder.
Which of the following provisions allows an insured or the insurer to terminate the policy?
The renewability provision in a cancelable policy allows the insurer to cancel or terminate the policy at any time, simply by providing written notification to the insured and refunding any advance premium that has been paid.
Which provision states that the insurance company must pay claims immediately?
L&H 12QuestionAnswerWhich provision states that the insurance company must pay claims immediately?Time of Payment of Claims (a Mandatory Uniform Provision) stipulates that claims are to be paid immediately upon written proof of loss.9 more rows
What is the notice of claims provision?
Notice of Claim Provision — a provision in a liability insurance policy requiring the insured to promptly notify the insurer in the event that a claim is made against the insured.
What 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.
What is a subrogation provision?
Subrogation Provision — a provision in an insurance policy addressing whether the insured has the right to waive its recovery rights against another party that may have been responsible for loss covered under the policy.