HI 7 Policy Underwriting Issuance and Delivery

The premium

The sum of money the insured pays the insurer in exchange for the benefits provided in the policy.

Health insurance coverage never applies until:

The insured has paid for the policy.

Once a health insurance policy becomes effective, and less it is canceled, it will stay in force for:

The length of the term.

Legally, the policy is considered delivered in all of the following situations:

When the policy is mailed to the policy owner, or turned over to someone acting on behalf of the policy owner, or when turned over to the policy owner. The policy is not delivered simply because it is approved by the company.

Why might an insurer require personal delivery?

For verification of the continued good health of the insured at the time of delivery.

No loss no gain legislation requires a replacing policy to:

Continue to pay claims on going under the policy it replaces.

A statement that insurance benefits provided under the policy will continue under the new policy is:

A transfer of benefits statement

Restrictions applying to the replacement of Medicare supplement policies are

Often more restrictive than regulations applying to the replacement of other policies.

Policy may be issued in the following ways:

As a modified or amended policy, as applied for, or with the waiver. A policy may not be issued as an exchange policy, covering someone other than the original application.

Is replacement illegal?

No, replacement is legal.

Replacement is:

The purchase of one insurance policy to replace another, and replacement last concern themselves with the use of force and misleading statements used in the sale of insurance, and replacement laws are designed to protect the interest of life insurance pur