Which Of The Following Dates Must Be Contained In A Policy Summary? (Solution)

Which of the following dates is required to be included in a summary of a policy? The date on which the summary was written. Educating the customer on the benefits of permanent insurance versus term insurance and recommending that the policies be changed.

Which of the following documents must be provided to the policyowner during policy replacement?

During a policy replacement, which of the following papers must be supplied to the policyowner or the applicant is required? During the policy replacement process, the replacing producer must hand over to the applicant a Notice Regarding Replacement that has been signed by both the applicant and the producing company.

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When must a policy summary be provided to an applicant for insurance?

Policy summaries must be given either before to or on the same day that the policy itself is delivered. If the client requests one of the documents, the other must be delivered.

Which of the following would be an example of an unfair claims settlement practice?

It is unacceptable for an insurer to fail to confirm or reject coverage within a reasonable time frame once the insurer has completed its claim inquiry. Failing to provide a timely explanation after refusing coverage or giving a low settlement amount is grounds for legal action. Failure to submit claim forms within a defined amount of time is considered negligence.

Which of the following is not required to be stated in the outline of coverage provided with a long term care policy?

When purchasing a long-term care insurance policy, which of the following is NOT needed to be specified in the overview of coverage provided? It must include information on the insurance firm, the policy number, and the policy’s most significant characteristics, as well as an explanation of the ability to return the policy and get a refund.

Which of the following must ensure obtain in order to transact insurance within a given state?

Which of the following licenses does an insurer need in order to do insurance business in a certain state? The payment of premiums, as well as the health statements stated in the application, are taken into account by the insured. The pledge to pay in the case of a loss is a consideration on the part of the insurance.

Which of the following must be given to an insured when a replacement occurs?

The existing insurer must give the policyowner with a policy summary for their existing life insurance within ten days after receiving written notification of the planned replacement and the replacement notice when the policy is replaced.

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When must a policy summary be given to the policy owner?

An individual life insurance policy that includes long-term care benefits, either directly or through a rider, must be delivered to the insured with a policy summary in hand. (2) (a) A policy summary must be supplied to the insured at the time of delivery of the individual life insurance policy.

When must a policy summary be delivered for an individual life insurance policy which provides long-term care benefits within the policy or by Rider?

Policy delivery, policy summary, and monthly reporting are all included. (4) If an application for a long-term care insurance policy is accepted, the issuer must provide a copy of the approved application to the applicant or policyholder no later than 30 days from the date of approval.

Which of the following is a required provision in health insurance policies?

This policy provision is required by law, therefore choose one of the options. A change of beneficiary is a requirement under the law. When the beneficiary is revocable, the insured has the option to alter it by completing a beneficiary designation form.

What is the Unfair claims Act?

Unfair Claims Settlement Practices Act protects insurance customers from unfair action on the part of insurers throughout the claims-settlement process, and it was passed in 2008. In contrast to other types of legislation, Unfair Claims Settlement Practices Acts (UCSPA) are enforced by individual state insurance agencies rather than by the federal government.

What is an unfair claim settlement?

When insurers improperly handle policyholder claims, they are in violation of state laws governing unfair claims settlement, which is referred to as unfair claims settlement. Such legislation is often a variant of the Unfair Claims Settlement Practices Act (UCSPA) of the National Association of Insurance Commissioners (NAIC) (UCSPA).

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What are four classifications of unfair claims settlement practices?

Generally speaking, these techniques may be divided into four categories: (1) Making false representations about insurance policy provisions, (2) failing to adopt and implement reasonable standards for the prompt investigation of claims, (3) failing to acknowledge or act reasonably promptly when claims are presented, and (4) refusing to pay claims that are legitimately submitted.

Which of the following is not required in the outline of coverage?

If you have a health insurance policy, the Outline of Coverage does not have to include which of the following information? “Estimate of the policy’s future expenses,” says the author. In an Outline of Coverage, it is not necessary to include a table indicating the policy’s projected future costs.

Which of the following is not a requirement of a qualified long-term care insurance policy?

For qualifying long-term care plans, which of the following is not a condition is not true? Long-term care insurance policies do not have the ability to accumulate financial value. The right response is: Insurance policies must accumulate financial value over time.

Which of the following must be present in all Medicare supplement plans?

The following essential services must be covered at least in part by all Medicare Supplement insurance plans: vision, dentistry, long-term care, and hearing aids. However, Medicare Supplement insurance policies are not required to provide these benefits. Coinsurance or copayments for hospice treatment under Medicare Part A. Coinsurance or copayments for Medicare Part B are required.

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