ExamFX Health chapter 3 Questions With Complete Solutions

If a health insurance policy has a 31-day grace period, what does that mean? correct answer: The policy remains in effect for 31 days after the premium is due and not paid When can an irrevocable beneficiary be changed? correct answer: With the written consent of the beneficiary What health policy provision prevents the insured from bringing a lawsuit against the insurance company for at least 60 days after proof of loss is provided? correct answer: Legal actions Who pays the expense for an autopsy under the physical examination and autopsy provision? correct answer: The insurer What health policy provision defines the insured's duty to provide the insurer with reasonable notice in the event of a loss? correct answer: Notice of Claim According to the Time Limit on Certain Defenses provision in health insurance policies, when can an insurer contest fraudulent misstatements on a health insurance application? correct answer: Any time while the policy is in force Under an individual disability income policy, the benefits must be paid on at least what schedule? correct answer: Monthly According to the Reinstatement provision, once a lapsed policy is reinstated, how soon will coverage be available for accidents? correct answer: Immediately What is the name of the act by the insured to voluntarily give up insurance? correct answer: Cancellation What does the free-look period allow the insured to do? correct answer: Return the policy for a full refund of premium within a specified time period (usually 10 days) The insured on a health policy misstated his age on the insurance application. If this misrepresentation is discovered, what will happen to the policy? correct answer: The benefit amount payable under the policy will be adjusted to the insured's correct age. What health policy provision describes the insured's right