in cases in which the insured has misstated his or her age: course hero

What happens if I misstate my age or gender on insurance?

Pay the face amount specified at the time of policy issue. If the applicant has misstated his or her age or gender on the application, the insurer, in the event of a claim, is allowed under this provision to adjust the benefits to an amount that the premium at the correct age or gender would have otherwise purchased. a.

What happens if the insured lives to the age of 100?

If the insured lives to the age of 100, the company pays the face amount of the policy to the policyowner (usually the insured) Which of the following is the primary source of information that an insurer used to evaluate an insured's risk for life insurance? a.

What happens if the applicant’s age or gender is wrong?

If the applicant has misstated his or her age or gender on the application, the insurer, in the event of a claim, is allowed under this provision to adjust the benefits to an amount that the premium at the correct age or gender would have otherwise purchased. a. Employers may require the employees to contribute to the premium payments

What is the role of the producer in dealing with unauthorized insurers?

Unauthorized insurers can only conduct business in a state through licensed excess and surplus lines brokers. It is the producer's responsibility to confirm, prior to transacting insurance with an insurer, that the company is authorized An insured recently discovered that the interest rate on his policy loan once again increased.

What is insurance application?

What is key person insurance?

What is the term for the possibility of losing money or something of value in the event of loss?

What is whole life insurance?

How long does a joint settlement last?

Can an insurer go to another insurer for representation?

Does the insured participate in preparing the contract?

See 2 more

About this website

What is insurance application?

Insurance application is the data-gathering tool utilized in evaluating an individual risk.

What is key person insurance?

Key person insurance can provide protection for all of the following economic losses to a business EXCEPT. a. Provide deferred compensation retirement benefit if the insured key person survives to retirement. b. Fund the expenses of finding a suitable replacement following the death of an employee.

What is the term for the possibility of losing money or something of value in the event of loss?

To purchase insurance, the policyowner must face the possibility of losing money or something of value in the event of loss. This is called insurable interest

What is whole life insurance?

Whole life insurance provides protection for the entire lifetime of the insured. If the insured lives to the age of 100, the company pays the face amount of the policy to the policyowner (usually the insured)

How long does a joint settlement last?

Under the Joint and Survivor settlement option, payments will continue until the death of the last beneficiary.

Can an insurer go to another insurer for representation?

a. The insurer may go to another for representation.

Does the insured participate in preparing the contract?

Since the insured does not participate in preparing the contract, any ambiguities would be resolved in favor of the insured.

What is insurance application?

Insurance application is the data-gathering tool utilized in evaluating an individual risk.

What is key person insurance?

Key person insurance can provide protection for all of the following economic losses to a business EXCEPT. a. Provide deferred compensation retirement benefit if the insured key person survives to retirement. b. Fund the expenses of finding a suitable replacement following the death of an employee.

What is the term for the possibility of losing money or something of value in the event of loss?

To purchase insurance, the policyowner must face the possibility of losing money or something of value in the event of loss. This is called insurable interest

What is whole life insurance?

Whole life insurance provides protection for the entire lifetime of the insured. If the insured lives to the age of 100, the company pays the face amount of the policy to the policyowner (usually the insured)

How long does a joint settlement last?

Under the Joint and Survivor settlement option, payments will continue until the death of the last beneficiary.

Can an insurer go to another insurer for representation?

a. The insurer may go to another for representation.

Does the insured participate in preparing the contract?

Since the insured does not participate in preparing the contract, any ambiguities would be resolved in favor of the insured.