Describe in detail 3 of the general provisions required in an insurance contract. Which of these...

Describe in detail 3 of the general provisions required in an insurance contract. Which of these would be most important to an owner/insured?

Potential provisions: ownership clause, beneficiary clause, misstatement of age clause

Expert Solution

Ownership clause- In simple terms, it means who is the the owner of the policy and what are the owner's rights. In other words, the policyholder exercises complete control over who will receive the benefits of the insurance contract.

Beneficiary clause- It gives the policyholder the ability to name the primary and secondary beneficiaries. Meaning, who is going to receive the benefits upon the death of the policyholder. The owner has the right to change the name of the beneficiaries.

Misstatement of Age clause- It provides a provision to adjust the insurance when the insured's age was misstated on the application to the amount that the premium would have been paid at the correct age. The insurer's rate would be based on the date of the policy issuance.

Ownership clause is most important to the owner/insured giving him/her complete control and right to choose who will receive the benefits of the insurance contract.

jeff jeffy answered 2 years ago

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