KS Life & Health cheat sheet

Insurable interest must exist at the time of application; a policy issued without it is void.

Kansas life insurance free-look period is 10 days from delivery; returning the policy yields a full premium refund.

Life insurance grace period is 30 days; coverage stays in force and the overdue premium can be deducted from proceeds.

The incontestability clause bars the insurer from contesting the policy for misrepresentation after it has been in force 2 years.

The suicide exclusion lasts 2 years; within that period the insurer refunds premiums instead of paying the face amount.

Nonforfeiture options: cash surrender, reduced paid-up, and extended term.

Dividend options: cash, premium reduction, accumulation at interest, paid-up additions, and one-year term.

Kansas life and health guaranty association covers up to $300,000 in death benefits and $100,000 in cash surrender value per insured.

A 1035 exchange moves life insurance to life insurance or an annuity tax-free; annuity-to-life transfers are taxable.

ACA requires coverage of essential health benefits with no annual or lifetime dollar limits.

In-network preventive services must be covered with no cost sharing.

Dependents may remain on a parent's plan until age 26.

Medical loss ratio: 80% in individual and small-group markets, 85% in large-group; excess must be rebated.

Kansas individual health insurance free-look period is 10 days.

COBRA: 18 months continuation, 60-day election window, premium up to 102% of the group rate.

HIPAA special enrollment allows 60 days after marriage, birth/adoption, or loss of other coverage.

Kansas small-employer group health market covers employers with 2 to 50 employees.

Medicare: Part A hospital, Part B medical, Part C Advantage, Part D drugs.