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What is the purpose of the time of payment of claim provision?A time of payment of claims provision states the number of days that the insurance company has to pay or deny a submitted claim. This provision is included to minimize the amount of time that a policyholder has to wait for his/her payment or for a decision about his/her claim.
What is in the insuring clause?This is a summary of the major promises of the insurance company and states what is covered. In the Insuring Agreement, the insurer agrees to do certain things such as paying losses for covered perils, providing certain services, or agreeing to defend the insured in a liability lawsuit.
What is guaranteed renewable policy?A requirement that your health insurance issuer must offer to renew your policy as long as you continue to pay premiums. Except in some states, guaranteed renewal doesn't limit how much you can be charged if you renew your coverage.
Which provision allows the policyholder a period of time?Which provision allows the policyholder a period of time, while coverage is in force, to examine a health insurance policy and determine whether or not to keep it? (The Free Look Provision allows a policyholder 10 days after the policy is delivered in which to decide whether or not he/she wants the policy.
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