NettetYou'll be quizzed on the kinds of receipts used in the insurance market, the method used to calculate an initial premium payment and how insurability conditional receipts work. Quiz & Worksheet Goals NettetAn individual signed an application for a $100,000 life insurance policy and paid the first premium on January 1. The agent issued an insurability receipt. A week later, the required medical examination proves the person insurable. If the person dies before the insurer approves the application: Select one: a. The coverage will be retroactively ...
What is a Conditional Receipt? - Definition from …
NettetA conditional receipt is a document given to someone who applies for an insurance contract and has provided the initial premium payment. This receipt means that the … Nettet21. jan. 2024 · What is an insurability conditional receipt? A conditional receipt is a document given to someone who applies for an insurance contract and has provided the initial premium payment. This receipt means that the person can only be insured if he or she meets the standards of insurability and is given approval by the insurance company. penn urology radnor phone number
Re: Individual Life Insurance, Conditional Receipts
NettetC A person may be declined for HIV but not AIDS. D The person may be declined., When is the insurability conditional receipt given? A When the premium is paid at the time … NettetAll of the following are types of premium receipts, EXCEPT: A. Binding receipt B. Approval conditional receipt C. Countersignature receipt D. Insurability conditional receipt. C. An applicant who conceals material information from an insurance company may be subject to which of the following? A. Nettet1. A conditional receipt must include an agreement. (a) to provide coverage subject to any limit regarding the amount of insurance specified in the receipt, contingent upon insurability as a condition precedent, and. (b) to provide that such insurability be determined as of a date no later than the date upon which the company's initial ... penn valley anesthesia associates llc