Life Insurance Basics

An underwriter is reviewing the medical questions in the application and needs further information due to a medical situation. The applicant had in the past. What will the underwriter require?

Attending Physician Statement

Who makes up the medical information bureau

Insurers

All of the following information about the applicant is identified in the general information section of a life insurance application, except

education

When Jay applied for a life insurance policy, the agent informed him that a medical exam would be required. The exam may be completed by.

A paramedic or examining physician at the insurance expense

The medical information bureau was created to protect

Insurance companies from adverse selection by high risk persons.

Which of the following types of risk will result in the highest premium

Substandard risk

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

application

Which of the following is the basic source of information used by the company in the risk selection process?

application

Another name for a substandard risk classification is

rated

Which of the following would provide an underwriter with information concerning an applicants health history?

Medical Information Bureau

Which of the following information about the applicant is NOT included in the general information section of the application for insurance

Medical background

Which part of an insurance application would contain information regarding the cause of death of the applicants deceased relatives

Medical information

Attempting to determine how much insurance a family would require based upon their financial objective is known as

Needs approach

Part two of the application for life insurance provides questions regarding all the following, except

Other insurance coverages

Which of the following best details the underwriting process for life insurance

Selection, classification, and rating of risks