Lesson 17 Review
Under the NAIC Uniform Policy Provision law, there are 12 standard (mandatory) provisions and 11 optional provisions.
Policy clauses establish the rules in the contract that both the insured and the insurance company must adhere to.
MANDATORY PROVISIONS
- Entire Contract
- Time Limit on Certain Defenses provision - usually two years
- Grace Period - 7 days on weekly premium payments, 10 days on monthly, 31 days for others
- Reinstatement - 45 days
- The Notice of Claim provision - 20 days
- The Claim Forms provision - 15 days
- The Proof of Loss provision - 90 days
- The Time Payment of Claims - 45 days
- Payment of Claims
- Physical Exam and Autopsy
- Legal Actions - 60 days, five years
- Change of Beneficiary
OPTIONAL PROVISIONS
- Change of Occupation
- Misstatement of Age
- Other Insurance In This Insurer
- Insurance With Other Insurer
- Insurance With Other Insurers
- Relation of Earnings to Insurance
- Unpaid Premiums
- Cancelation
- Illegal Occupation
- Intoxicants and Narcotics
COMMON EXCLUSIONS
- War injuries
- Self-Inflicted injuries
- Crew members of aircraft
- Hernia (usually limited to 6 months)
- Riots
- Injuries suffered while committing a felony
- Extended overseas stays
- Injuries suffered through the use of illegal drugs or narcotics
RESTRICTIONS
- Maternity Benefits
- Preexisting Conditions
- Waiver for Impairment
RENEWABILITY PROVISIONS
- Cancelable Policies
- Optionally Renewable Policies
- Conditionally Renewable Policies
-
Guaranteed Renewable Policies - Noncancelable Policies
The information contained in Unit 22 of the Florida study manual has been presented in Lesson 17 of the online course.
