completing the application, underwriting, and delivering the policy
All of the following may have an insurable interest in the insured EXCEPT..
Insured's best friend
The medical information bureau is..
A source of medical information to alert insurers to adverse medical history
A substandard risk compared to a standard risk would pay..
a higher premium
Which of the following is considered a field underwriter ?
an agent
Which of the following would be the main source of underwriting information used by the company in the risk selection process?
application
When must insurable interest exist in life insurance?
application or issue date
Representations are statements made by the applicant that are..
considered true the best of the applicant knowledge
Which of the following includes information regarding a persons credit, character, reputation, an habits ?
consumer reports
Insurance is a contract by which one seeks to protect another from..
loss
An insured submits the full premium along with a completed application, and the policy is issued 10 days later. When does the coverage begin?
on the date of the application
If no receipt is issued at the time of application, a statement of good health is usually required at the time of ?
policy delivery
Which of the following documents describes specific information about policy provisions and benefits ?
policy summary
If an agent fails to obtain an applicants signature on the insurance application, the agent must ..
return the application to the application to the applicant for signature
what is the main responsibility of a company's underwriting unit ?
risk selection and classification
Which method of dealing with risk is applied when insurance is purchased ?
transfer