Ch 2 A.D Banker exam

All of the following are underwriting criteria taken into account by the insurer in the underwriting of individual life insurance cases, Except

Education level completed

The term mode refers to the?

Frequency of premium payments

During the application process, a mistake is made by the applicant in answering one of the health questions and needs to be corrected. What is the best way to go about this?

Have the applicant initial the change or start over with a completely new application

What is an insurer permitted to do if and when it discovers during the underwriting process that a proposed insured has Aids?

Insurers may refuse to issue a policy to individuals based on positive HIV test results

Part one of the application consists of all of the following information, except

Medical status of immediate family members, their ages and cause of death

All of the following are true regarding disclosures at the point of sale and issues relating to AIDS, except

Much like illegal drugs and nicotine the applicant does not have to provide constent prior to insurer's testing of HIV

If after a policy has been issued and delivered, the insurer discover unanswered questions on the application, what can the insurance legally do at this point?

Nothing, the insurer has waived its rights to that information.

If it is known or should be known by the agent that an existing policy is going to lapse, forfeited, surrendered or terminated in favor of a new policy, the agent must submit a

Notice regarding replacement

When a producer receives application for life insurance that is completed and signed, but with out premium payment, when does the coverage start?

On the date the policy is delivered and premium collected.

Which of the following is not a major source of underwriting information

Past life insurance owned

What should a producer do if the policy applied for is issued at a higher rate than was expected?

Personally deliver the policy, explain the rating, reinforce the value of the policy, and collect the additional premium.

What information must appear on the policy summary provided to a life insurance client?

The producers name and address

All of the following become part of the entire contract, except? A. Any riders B. The policy itself C. A copy of the check D. A copy of the application

A copy of the check

In life insurance, the buyers guide is not required to be provided earlier than at the time of the policy?

Application

Who signature is not required on a life insurance application? A. Insured B. Policyholder C. Beneficiary D. Producer

Beneficiary