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Lecture 5 Policy Conditions (Lost Policies (Lost policies do not…
Lecture 5 Policy Conditions
Conditions
Restrictive Conditions
Suicide Clause
Privilege Conditions
Days of Grace
Non-Forfeiture
Automatic advance of premium
Automatic Paid-up Policy
Surrender Values
Revival or Reinstatement
Policy Loans
Endorsements
Change of names
Change of Beneficiaries
Exclusion of specific risks
Lost Policies
Lost policies do not invalidate the contract
Step 1:
Upon receiving notification of a lost policy, insurer will search its records of notices for assignments and policy loans granted
Step 2:
Policy holder advised that lost policy might delay payment of clams and should conduct a thorough search
Step 3:
Policyholder requested to make a statutory declaration regarding the loss
Step 4:
If loss of policy is discovered at time of death claim, claimant must furnish a statutory declaration and an indemnity before claim is paid
Step 5:
When loss of policy is established, the insurer may issue an unstamped and unsigned copy policy
Step 6:
The insurer may issue a new policy which is the same as the previous except for the policy number and date of signing