Kentucky Life and Health Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (New 2024/ 2025 Update)

Kentucky Life and Health Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (New 2024/ 2025 Update) QUESTION how many days do you have to send the claim forms for filing proof of loss Answer: 15 days QUESTION how long does the insurer have to pay claims Answer: 30 days QUESTION what happens if insurer does not pay claim within 30 days Answer: must pay 12% interest and can collect attorney fees incurred to collect claim QUESTION how long do insurers have to acknowledge and respond to written communications relating to a claim Answer: 15 days QUESTION how long do insurers have to notify if a claim is denied Answer: 15 days QUESTION IN THE TYPICAL INSURANCE SALE, WHO MAKES THE INITIAL OFFER Answer: the applicant makes the initial offer through the application and premium deposit QUESTION in what common situation would an insurer make a counteroffer to the applicant Answer: someone has elevated risk factors QUESTION identify and explain 5 legal characteristics of insurance contracts Answer: contract of adhesion aleatory personal unilateral conditional QUESTION what is the difference between a valued contract and an indemnity contract Answer: indemnity contract (health) pays for things at face value valued contracts (life) will pay stated amount regardless of value QUESTION explain the difference between a representation and a warranty, and how they relate to statments made by an insurance applicant Answer: warranty is a promise made by the insurer, a statement presented as absolute truth representation is believed to be true to the best of the applicants knowledge misrepresentation (lying on an app) can void a contract QUESTION whats the difference between a waiver and estoppel and how are they related Answer: waiver- when one party willingly gives