MN LIFE AND HEALTH UPDATED STUDY
QUESTIONS AND ANSWERS SURE A+
✔✔Entire Contract Clause - ✔✔-Application
-Insurance Policy
-Riders/Endorsements
*must be in writing and attached to the policy
✔✔Time Limit on Certain Defenses (Incontestable Clause) - ✔✔-Two years after
application
-Fraud in the application can void the policy when discovered
✔✔Grace Period - ✔✔7 days- weekly premium policies
10 days- monthly premium policies
31 days- all other policies (annually, semiannually, or quarterly
- if claim is made during the grace period. claim is paid and unpaid premiums deducted
from claim
-mandatory provision
✔✔Impairment Rider - ✔✔Excludes coverage for a specific ailment or condition that
otherwise would be covered (e.g., previous back injury)
-allowed for disability policies, long-term care insurance, Medicare supplements, and
limited-benefit policies.
, ✔✔Reinstatement - ✔✔-Application and receipt
-Must deny within 45 days after application or policy is in effect
-Accident claims covers immediately
-Sickness claims covered 10 days after reinstatement
-60 days of past due claims
-Mandatory Provision
✔✔Notice of Claim - ✔✔- 20 days after loss
-if continuing disability can only be required to provide proof every six months
✔✔Claim Forms - ✔✔Must be furnished to insured within 15 days of notice of loss
✔✔Proof of Loss - ✔✔-within 90 days from date of loss
✔✔Time Payments of Claims - ✔✔- immediately.
- usually no longer than 60 days.
✔✔Payment of Claims - ✔✔Any death benefits
-Beneficiary
-Insured's estate
Facility of payment
-$1,000 to a family member
-Mandatory Provision
✔✔Medical Exams and Autopsy - ✔✔- If company requires and state law allows
- Company pays all costs
-Insurance will pay cost
-Mandatory provision
✔✔Legal Action Against Insurer - ✔✔- Earliest 60 days after proof of loss
- Maximum three years after proof of loss
✔✔Change of Beneficiary - ✔✔- Any time by owner if revocable
- Permission of beneficiary needed if irrevocable
✔✔Change of Occupation - ✔✔This provision also allows the insurer to reduce the
maximum benefit payable under the policy if the insured switches to a more hazardous
QUESTIONS AND ANSWERS SURE A+
✔✔Entire Contract Clause - ✔✔-Application
-Insurance Policy
-Riders/Endorsements
*must be in writing and attached to the policy
✔✔Time Limit on Certain Defenses (Incontestable Clause) - ✔✔-Two years after
application
-Fraud in the application can void the policy when discovered
✔✔Grace Period - ✔✔7 days- weekly premium policies
10 days- monthly premium policies
31 days- all other policies (annually, semiannually, or quarterly
- if claim is made during the grace period. claim is paid and unpaid premiums deducted
from claim
-mandatory provision
✔✔Impairment Rider - ✔✔Excludes coverage for a specific ailment or condition that
otherwise would be covered (e.g., previous back injury)
-allowed for disability policies, long-term care insurance, Medicare supplements, and
limited-benefit policies.
, ✔✔Reinstatement - ✔✔-Application and receipt
-Must deny within 45 days after application or policy is in effect
-Accident claims covers immediately
-Sickness claims covered 10 days after reinstatement
-60 days of past due claims
-Mandatory Provision
✔✔Notice of Claim - ✔✔- 20 days after loss
-if continuing disability can only be required to provide proof every six months
✔✔Claim Forms - ✔✔Must be furnished to insured within 15 days of notice of loss
✔✔Proof of Loss - ✔✔-within 90 days from date of loss
✔✔Time Payments of Claims - ✔✔- immediately.
- usually no longer than 60 days.
✔✔Payment of Claims - ✔✔Any death benefits
-Beneficiary
-Insured's estate
Facility of payment
-$1,000 to a family member
-Mandatory Provision
✔✔Medical Exams and Autopsy - ✔✔- If company requires and state law allows
- Company pays all costs
-Insurance will pay cost
-Mandatory provision
✔✔Legal Action Against Insurer - ✔✔- Earliest 60 days after proof of loss
- Maximum three years after proof of loss
✔✔Change of Beneficiary - ✔✔- Any time by owner if revocable
- Permission of beneficiary needed if irrevocable
✔✔Change of Occupation - ✔✔This provision also allows the insurer to reduce the
maximum benefit payable under the policy if the insured switches to a more hazardous
