A policyowner is reading a statement on the first page of his health insurance policy, which says "this is a limited policy." What is the name on this statement?

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A policyowner is reading a statement on the first page of his health insurance policy, which says "this is a limited policy." What is the name on this statement?

A. Policy Limitation Notice
B. Statute of Limitations
C. Limited Benefit Statement
D. Limited Policy Notice

Answer: D. Limited Policy Notice

Accident and Health Insurance Basics

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount?

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In an insurance contract, the applicant's "consideration" is the
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The voluntary relinquishment of a legal right is called
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