PSI 200 Life Health Accident Exam Questions with Complete Answers

PSI 200 Life Health Accident Exam Questions with Complete Answers Consideration Clause - Answer- A part of the insurance contract that states that both parties must give something of value for the transfer of risk, and specifies the conditions of the exchange. Insuring Clause - Answer- The heart of an insurance policy. It contains the company's promise to the policyowner and describes the coverage provided and the policy limits. Incontestable Clause - Answer- states that the insurer cannot contest the policy after it has been in force (2) two years during the insured's lifetime Grace Period - Answer- the time between the billing date and the payment due date when no interest is charged Notice of Claim - Answer- The policyowner's obligation to the insurer to provide notification of loss within 20 days after the occurrence (or as soon as is reasonably possible). Absolute Assignment - Answer- all ownership rights in the policy are transferred to a new owner