Life And Health Final Exam Questions And Answers (2024/2025) (Verified Answers) Already A+ Graded.

Larry has a major medical expense policy for his family with a $1000 per family/per year deductible and an 80/20coinsurance provision. If Larry's family files for claims of $400, $800, $100, and $700in one year, how much will the insurance company pay? {Ans: $800}What happens to a life insurance policy when the policy loan balance exceeds the cash value {Ans: Policy will no longer be in force}A life insurance policy can usually be contested by the insurer only during the first ____ years of the contract {Ans: 2 years}when a ten year renewable term life insurance policy issued at age 45 is renewed, the premium rate will be the current rate for {Ans: Ten year term insurance for a person aged 55}Which of the following relationships demonstrates insurable interest in the absence of economic interest {Ans: Marriage partners}The "Use it or lose it" rule applies to {Ans: Flexible savings accounts}