A Medicare supplement plan can be cancelled by the insurer for

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Study for the Louisiana Series 103 – Life, Health, and Accident or Sickness Insurance Exam. Familiarize yourself with key concepts through engaging questions and explanations. Prepare effectively for your exam!

Multiple Choice

A Medicare supplement plan can be cancelled by the insurer for

Explanation:
A Medicare supplement plan can be canceled when the premium is not paid. Keeping the policy active relies on timely premium payments, and after any applicable grace period, failure to pay allows the insurer to terminate the coverage. This is the straightforward, standard ground for cancellation. Age alone doesn’t cancel a Medigap policy because these plans are designed to be guaranteed renewable; misstatement of age or fraud can cause other consequences, but the typical cancellation trigger in this context is nonpayment of premiums.

A Medicare supplement plan can be canceled when the premium is not paid. Keeping the policy active relies on timely premium payments, and after any applicable grace period, failure to pay allows the insurer to terminate the coverage. This is the straightforward, standard ground for cancellation. Age alone doesn’t cancel a Medigap policy because these plans are designed to be guaranteed renewable; misstatement of age or fraud can cause other consequences, but the typical cancellation trigger in this context is nonpayment of premiums.

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