XCEL TESTING CHAPTER 4: LIFE INSURANCE - PROVISIONS, OPTIONS, AND RIDERS EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

Entire Contract Correct Answer: States the insurance policy itself, any riders and endorsements/amendments and the application comprise the entire contract between all parties. Insurance 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 cannot send you additional paperwork later. The entire policy and application is sent to you and that makes up your entire contract. Insuring Clause Correct Answer: The insurer's basic promise to pay benefits in the event of a covered loss. States the scope and limits of coverage "We ensure to INSURE you for..." Free Look Provision 2 Correct Answer: States the policyowner is permitted a certain number of days once the policy is delivered to look over the policy and return it for a refund of all premiums paid. Consideration Calus