0
What else can I help you with?
In forming an insurance contract When does acceptance occur?
When the insurer accepts the prepaid application.
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 period is generally about 2 years for information provided honestly and to the best of one's knowledge at the time of application. If information provided changes as time passes, the insurer should notified, but if that is not possible, the clause could protect the insured from penalty. However, it is important to note that incontestability clauses are not license to commit fraud. If you are ever found to make material misrepresentations in the past that lead to benefits paid, the insurer has the right to pursue restitution and criminal charges. Statute of limitations, if any, would vary from state to state. If there has been a claim and the provision may apply, read the insurance policy itself as it may indicate specific peramaters, definition and length of such a clause (contact your agent for help) or your state's Department of Insurance should have a Consumer Hotline and if necessary, they could obtain the specifics from your insurer.
In forming an insurance contract when does acceptance usually occur?
When the insurer accepts the prepaid application.
When shopping for life insurance do you have to disclose denied coverage?
You must honestly answer all questions on the application. Ordinarily, there is a question pertaining to prior denials of insurance. If you do not accurately answer the question the insurer may have a later basis for denying payment of a claim. Alternatively, if the misrepresentation is discovered before a claim is made (in this case, before death), the insurer usually has a basis to void the policy and return all premiums paid to the point it discovers the misrepresentation.
When is payment required to have insurance coverage?
Cannot be answered here - that information should appear in the contract language of the policy. Generally, however, the insurance agent will take a deposit premium for the anticipated first month's premium at the time that the application for coverage is taken. The application is essentially an offer to purchase insurance. The insurance company than analyzes the answers given on the application application in accordance with its underwriting guidelines. Those guidelines lay out the types of risks that the insurer is willing to accept and for what price (premium). If a policy is issued (because the insurer is willing to accept the risk as identified in the application), a policy will be issued. The front page of the policy is called the Declarations, and will show a summary of the coverage, as well as the due date and amount of subsequent premium payments. If the insurer decides not to issue a policy for a reason that is not prohibited by law, the deposit premium will be returned.
How long does it take to process annuity application?
The processing time for an annuity application typically ranges from a few days to several weeks, depending on the complexity of the application and the insurer's workload. Factors such as required documentation, the type of annuity, and the applicant's financial background can also influence the timeline. It's advisable to check with the specific insurer for a more accurate estimate based on their processes.
Is vaping considered smoking pertaining to insurance?
Whether or not it is will be set forth in the underwriting guidelines of the insurer. The underwriting guidelines set forth the meter and bounds of the risks that the insurer is willing to assume. If the insurer does consider it to be smoking, there should be a reference to it on the application for the policy that you answer and sign. You are obliged to answer the questions honestly, but you are not required to volunteer information that is not asked.
Why would life insurance company ask you to sign something telling them who your plan is with through your employer?
One of the factors that a life insurer is concerned with when issuing a policy is whether the applicant has a pre-existing condition (a condition that existed prior to the application for life insurance). It wishes to know this because, based upon the insurer's underwriting guidelines, it may want to, or have the right to, exclude coverage if death results from that condition. Therefore, the life insurer may want to examine the health insurer's records to determine if (1) answers on the two insurance applications were consistent; and/or (2) the health insurer paid claims for treatment of a condition that was not disclosed on the life insurance application.
For what reasons can you be denied health insurance?
Pre-exisiting conditions and current lifestyle habits are both reasons for coverage denial. Additionally, the commission of insurance fraud may be a reason. In general, all insurers have "underwriting guidelines" which define the parameters of the risks that they are willing to assume. If your health or related conditions do not fit within those parameters, you may be denied. Note, though, that the law of the state involved may prohibit the insurer from relying upon one or more reasons for denying an application for coverage. Generally, the state insurance regulator must approve the underwriting guidelines that the insurer employs as a condition of getting authority to conduct business in the state.
Insurance accident forgivness works when applicant lied about owning home?
An Insurer can void your policy and refuse coverage if it is determined you Intentionally lied on your auto insurance application. Fraud by Misrepresentation.
When was John Carter - insurer - born?
John Carter - insurer - was born in 1937.
How do you prove that an employee has filed a fraudulent workers comp claim?
H Show the insurer or WC agency that the employee was not on the clock on the day he/she claims to have been injured. OR show that the injury happened while the employee was engaged in prohibited misconduct or an on-the-job crime.
