Colorado Health Insurance Provisions
Knowledge Check with complete
solutions (Updated).
Owner's Rights Provision - The owner's rights provision defines the
person who may name and change beneficiaries, select options
available under the policy and receive any financial benefits from the
policy.
Discretionary Provision - Limits the way a court can review a claim
denial and makes it difficult for the court to conduct a fair review of the
claim. Some states have enacted laws that prohibit Discretionary
provision because they are designed to protect the insurance company.
Types of Beneficiaries - Primary: First in line to receive death
benefit proceeds
- Secondary (contingent): Second in line to receive death benefit
proceeds
- Tertiary: Third in line to receive death benefit proceeds. If no one is
named, death benefit will go to insured's estate
Dependent Children Benefits Dependent children must be covered
by their parent's health insurance plan until a certain age. Coverage
, may also continue for children who are incapable of earning their own
living due to a mental or physical disability.
What are the Optional Policy Provisions? AND How many are there?
(11)
1. Change of Occupation
2. Misstatement of Age
3. Other Insurance w/ this this insurance
4. Insurance w/ other insurer
5. Insurance w/ other insurer
6. Relation of earnings to insurance
7. Unpaid Premiums
8. Cancellation
9. Conformity w/ state statutes
10. Illegal Occupation
11. Intoxicants + Narcotics
Entire Contract Provision - Includes the Actual Policy and
Application
- States nothing outside of the contract
- Assures the policyowner that no changes will be made to the contract
or waive any of the provisions after it has been issued
- Can't send additional paperwork later
Knowledge Check with complete
solutions (Updated).
Owner's Rights Provision - The owner's rights provision defines the
person who may name and change beneficiaries, select options
available under the policy and receive any financial benefits from the
policy.
Discretionary Provision - Limits the way a court can review a claim
denial and makes it difficult for the court to conduct a fair review of the
claim. Some states have enacted laws that prohibit Discretionary
provision because they are designed to protect the insurance company.
Types of Beneficiaries - Primary: First in line to receive death
benefit proceeds
- Secondary (contingent): Second in line to receive death benefit
proceeds
- Tertiary: Third in line to receive death benefit proceeds. If no one is
named, death benefit will go to insured's estate
Dependent Children Benefits Dependent children must be covered
by their parent's health insurance plan until a certain age. Coverage
, may also continue for children who are incapable of earning their own
living due to a mental or physical disability.
What are the Optional Policy Provisions? AND How many are there?
(11)
1. Change of Occupation
2. Misstatement of Age
3. Other Insurance w/ this this insurance
4. Insurance w/ other insurer
5. Insurance w/ other insurer
6. Relation of earnings to insurance
7. Unpaid Premiums
8. Cancellation
9. Conformity w/ state statutes
10. Illegal Occupation
11. Intoxicants + Narcotics
Entire Contract Provision - Includes the Actual Policy and
Application
- States nothing outside of the contract
- Assures the policyowner that no changes will be made to the contract
or waive any of the provisions after it has been issued
- Can't send additional paperwork later
