Questions and Answers
What is the maximum benefit payable for individuals aged 51 to 60 upon diagnosis of cancer?
Answer hidden
What will happen to the policy if any premium remains outstanding for longer than 30 days?
Answer hidden
What happens if the life insured is diagnosed with cancer within the first 90 days of the policy issue date?
Answer hidden
What is the company’s liability if the Life Insured commits suicide within two years of the policy date?
Answer hidden
At what age does the policy expire for the life insured?
Answer hidden
Which of the following is excluded from the definition of cancer in the policy?
Answer hidden
Which of the following is a potential use of the cash benefit from this policy?
Answer hidden
What benefit is provided for the life insured after the second policy year?
Answer hidden
What happens if no claim has been made before the expiry date and all basic premiums have been paid?
Answer hidden
What condition makes an applicant ineligible for this policy?
Answer hidden
Study Notes
Plan Overview
- Designed as a non-medical plan for individuals aged 18 to 64 years.
- Policy expiry occurs on the anniversary closest to the insured's 75th birthday or after 20 years from the issue date for ages 56-64.
- Maximum living benefit based on age at diagnosis:
- Ages 18-50: $10 million
- Ages 51-60: $9 million
- Ages 61-64: $5 million
- Provides a lump sum payout upon diagnosis of cancer as defined in the policy.
Benefit Proceeds
- Benefit is triggered by the first diagnosis of cancer, provided the insured was not previously diagnosed.
- If no claims are made before expiry and all premiums are paid, the benefit at expiry is the total of all basic premiums.
- Death benefit before expiry: return of all basic premiums paid minus any outstanding debts.
Additional Benefits
- Free Cancer Screening: Available at the Jamaica Cancer Society after the 2nd policy year and every two years thereafter.
- No Claim Bonus: Full premium refund upon the insured's death, given the policy is active and paid.
Policy Conditions
- No accumulation of cash values or surrender value is allowed under the policy.
- Policy ceases if premiums are outstanding for more than 30 days or upon benefit payment.
Suicide Clause
- Limited liability to premium payments if the insured commits suicide within two years from the policy issue or reinstatement.
Definition of Cancer
- Defined as the uncontrolled growth of malignant cells and tissue invasion, including specific types such as leukemia, myeloma, and lymphoma.
- Excludes non-invasive cancers (in situ) and Kaposi’s sarcoma.
Financial Support
- Cash benefits can support various needs:
- Treatment and recovery costs
- Major medical procedures
- Rehabilitation expenses
- Transportation costs
- Loss of income
- Household and living expenses
Eligibility Considerations
- Key questions to determine eligibility include prior treatment or diagnosis of cancer and HIV status.
- Answers of 'YES' to specific questions disqualify applicants from coverage.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers a non-medical cancer insurance plan designed for individuals aged 18 to 64. It discusses the issue age, maximum benefits payable upon diagnosis, and policy expiry details. Test your knowledge on the specifics of this cancer plan and its benefits.
