completing the Application, Underwriting, and Delivering the policy

Which of the following will be included in a policy summary

premium amounts and surrender values

When would a misrepresentation on an insurance application be considered fraud?

If it is intentional and material

Insurance is a contract by which one seeks to protect another from

Loss

Insurance is the transfer of

Risk

If a policy includes a free look period of at least 10 days, the Buyer's Guide may be delivered to the applicant no later than

With the policy

Upon policy delivery, the producer may be required to obtain any of the following EXCEPT

signed waiver of premium

When an insurer begins underwriting procedures for an applicant, what will be the main source for its underwriting information?

Application

The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage become effective

As of the application date

Which of the following is a generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process

Buyer's Guide

A producer agent must do all of the following When delivering a new policy to the insured except

Disclose commissions earned from the sale of the policy

When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. Y was killed in an automobile accident on August 22, before the policy was issued. In this case, the insurance company will

Issue the policy anyway and pay the face value to the beneficiary

Most agents try to collect the initial premium for submission with the application. When an agent collects the initial premium from the applicant, the agent should issue a

Premium receipt

The insurer discovered that one of the applicants for life insurance missed a couple of questions on the application. What must the insurer do with the application

Return to the applicant for completion

Which of the following is not the consideration in a policy

The application given to a prospective insured

When is the earliest a policy may go into effect?

When the application is signed and a check is given to the agent