Insurance Contracts and Mechanisms

What this video covers

• How consideration, underwriting, and policy terms affect when coverage begins
• Why submitting an application and premium does not always mean coverage is active, and how to handle a counteroffer
• The distinct roles of the insurer, policyowner, insured, and beneficiary
• When life insurance insurable interest is generally evaluated, and how a revocable beneficiary designation works
• How aleatory, unilateral, conditional, and adhesion describe different features of an insurance contract
• The difference between stated benefits, fixed indemnity payments, and expense reimbursement
• How to calculate an expense benefit in order: allowed amount, deductible, then coinsurance