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What provision allows an insurer to deny a claim that occurs prior to the policy period?
Wiki User
∙ 11y ago
An insurer denies a claim that occurs prior to the policy period under the provision of "Pre-Existing Condition".
Wiki User
∙ 11y ago
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What is the time frame that the incontestability provision gives the insurer to contest any statements made by the insured at the time of application?
The incontestability provision typically gives the insurer a window of 2 years from the policy's start date to contest any misstatements made by the insured on the application. After this period, the insurer cannot contest the policy based on those statements.
What is the probationary period in life insurance?
A probationary period in life insurance is a specified period of time at the beginning of a policy during which coverage for certain health conditions may be limited or excluded. It allows the insurance company to assess the applicant's health risk before providing full coverage. Once the probationary period has passed, coverage typically becomes comprehensive.
Can one get homeowners insurance if the property is in probate proceedings?
Typically, getting homeowners insurance on a property in probate proceedings may be challenging because the ownership of the property is in question. It's best to contact insurance providers directly to understand their specific requirements and whether they offer coverage for properties in probate. Alternatively, you may need to explore specialized insurance options to cover the property during this period.
What law allows Banks to hold checks that are deposited?
The Expedited Funds Availability Act (EFAA) sets forth guidelines for banks to hold checks for a specific period before funds from the deposit are made available to the depositor. This law helps to prevent check fraud and ensure the security of the banking system.
What are Missouri foreclosure laws?
In Missouri, foreclosures can be judicial or non-judicial. The process typically involves the lender filing a lawsuit against the borrower to obtain a court order to foreclose on the property. The borrower has a redemption period to repay the debt and reclaim the property. Missouri law also allows for deficiency judgments under certain circumstances.
What is Journal entry for provision for debtors?
No entry for opening debtors these are just transferred from previous period to current period.
Does life insurance pay for suicide?
A standard life insurance policy usually contains a provision stating that death that is the result of suicide will not be covered if it occurs within a stated period of time after the issuance of the policy. The period of time varies, but it is frequently two years. The reasoning for this provision is that insurance is intended to cover fortuitous occurrences, not ones that are planned or intended. NOTE= Commiting suicide is never the answer to a problem.
When is the Automatic Premium Loan Provision activated?
At the end of the grace period.
What are some annuity settlement options available?
With this option, the insurer pays annuity income benefits for a specified period of time (e.g., 10 or 20 years). The stated period over which the insurer will make the benefit payments is called the period certain. Even if the annuitant dies during this period, it will not affect the income benefit payments. When the period certain ends, so do the payments.
What is the formula of provision expense ratio?
The provision expense ratio is calculated by dividing the provision for loan losses by the average total loans outstanding during a specific period. The formula is: Provision Expense Ratio = (Provision for Loan Losses / Average Total Loans) x 100.
What is the time frame that the incontestability provision gives the insurer to contest any statements made by the insured at the time of application?
The incontestability provision typically gives the insurer a window of 2 years from the policy's start date to contest any misstatements made by the insured on the application. After this period, the insurer cannot contest the policy based on those statements.
When dysmenorrhea occurs?
For the duration of the period
Name 4 provisions seen in health insurance policies?
- the health insurance policy also has a provision about the insurance company's obligation to pay benefits promptly when a claim is submitted. -the claimant has an obligation to notify th insurance company of a loss (injury, illness, or accident) within a certain period of time or the insurer has the right to deny benefits for the loss
What is definition of sunset clause in liability insurance policy?
A sunset clause is a provision in a liability policy which states that the insurer will respond only to losses reported before some predetermined future date (sunset), usually a set period after the expiration of the policy.
Is provision for doubtful debt under current assets?
Yes provision of doubtful debt is part of current assets as accounts receivable is part of current assets and this allowance is for short term period.
Is there a buyers remorse period in WV on car loans?
There is no buyers remorse period in West Virginia on car loans. There is only a provision for contracts on health clubs.
What is doubtful debt provision?
An item on the balance sheet that falls under liabilities. A provision is "raised" when the company has an expense for which it has not yet received an invoice and therefore does not know the amount. The provision is an estimate, which is charged against profits because the expense was incurred in the accounting period, which is being reported
