XCEL Ch. 9 Keywords Exam Questions and
Answers with Verified Solutions | Latest
Updated 2026
Entire Contract states the insurance policy itself, any riders
and
endorsements/amendments, and the
application
comprise the entire contract between all
parties.
Insurance producers cannot make
changes to a
policy. The entire contract provision is
found at the
beginning of every insurance policy issued.
Only an
authorized officer of the insurer is
permitted to
make changes to the contract. We can't
send you
additional paperwork later. THE ENTIRE
POLICY
AND APPLICATION is sent to you and that
makes
up your ENTIRE CONTRACT.
,Time Limit on Certain Defenses states the policy is incontestable after it
has been
in force a certain period of time, usually
two years.
This is similar to the incontestable clause.
Unlike life
policies, a fraudulent statement on a health
insurance application is grounds for
contest at any
time, unless the policy is guaranteed
renewable.
There is a TIME LIMIT for which you must
DEFEND
yourself. This applies to the contestable
period,
preexisting conditions, and new claims. If
you file a
claim that you broke your leg yesterday,
and the
insurance company sees you moving a
grand piano
up 5 flights of stairs, you will probably have
to
DEFEND your claim. However, at some
point, it is
expected your leg will heal.
Grace Period a period of time after the due date of a
premium
during which the policy remains in force
without
penalty.
, Reinstatement Putting a lapsed policy back in force by
producing
satisfactory evidence of insurability and
paying any
past-due premiums required.
Notice of Claim a policy provision that describes the policy
owner's
obligation to provide notification of loss to
the
insurer within a reasonable period of time.
Notice
of claim only requires the insurance
company be
NOTIFIED of a loss, it does not require
that proof
of the loss is provided.
Answers with Verified Solutions | Latest
Updated 2026
Entire Contract states the insurance policy itself, any riders
and
endorsements/amendments, and the
application
comprise the entire contract between all
parties.
Insurance producers cannot make
changes to a
policy. The entire contract provision is
found at the
beginning of every insurance policy issued.
Only an
authorized officer of the insurer is
permitted to
make changes to the contract. We can't
send you
additional paperwork later. THE ENTIRE
POLICY
AND APPLICATION is sent to you and that
makes
up your ENTIRE CONTRACT.
,Time Limit on Certain Defenses states the policy is incontestable after it
has been
in force a certain period of time, usually
two years.
This is similar to the incontestable clause.
Unlike life
policies, a fraudulent statement on a health
insurance application is grounds for
contest at any
time, unless the policy is guaranteed
renewable.
There is a TIME LIMIT for which you must
DEFEND
yourself. This applies to the contestable
period,
preexisting conditions, and new claims. If
you file a
claim that you broke your leg yesterday,
and the
insurance company sees you moving a
grand piano
up 5 flights of stairs, you will probably have
to
DEFEND your claim. However, at some
point, it is
expected your leg will heal.
Grace Period a period of time after the due date of a
premium
during which the policy remains in force
without
penalty.
, Reinstatement Putting a lapsed policy back in force by
producing
satisfactory evidence of insurability and
paying any
past-due premiums required.
Notice of Claim a policy provision that describes the policy
owner's
obligation to provide notification of loss to
the
insurer within a reasonable period of time.
Notice
of claim only requires the insurance
company be
NOTIFIED of a loss, it does not require
that proof
of the loss is provided.
