Psi Life, Accident, And Health Study Guide Graded A+

Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as soon thereafter as is reasonably possible? A. evidence of insurability B. notice of claim C. proof of loss D. supporting evidence for the claim {Ans: notice of claim}During which period of a Disability Income Policy is coverage effective but during which no benefits will be paid under the policy? A. benefit period B. elimination period C. grace period D. probationary period {Ans: probationary period}Which of the following is exempted from the incontestability provision in insurance policies? A. fraudulent misstatements B. pre-existing conditions C. change in health D. changes in the insurance code {Ans: fraudulent misstatements}What does coinsurance mean? A. The insurer and the insured share ALL expenses. B. The insurer and the insured share expenses over the deductible. C. A policy covers the insured and any additional named persons. D. The policyowner holds multiple policies through the same insurer. {Ans: The insurer and the insured share expenses over the deductible.}All of the following are TRUE regarding incomplete applications EXCEPT A. the underwriting department will return the application to the agent.