Chapter Exam - Life Underwriting

Insurable interest in one's own life is legally considered as

generally unlimited

An applicant submits a life insurance application where an investigative consumer report is used in the underwriting process. Which of these statements is true?

applicant has a right to receive a copy of the report

The principal source of information concerning an applicant's identity, age, and marital status is found in the

completed application

Mike applied for life insurance and was issued a conditional receipt. He is later found to be insurable and is issued a policy. When does his coverage become effective?

date of issuance of the conditional receipt

After an insurance application has been originated, the producer normally

is the major personal contact to the insured

The initial premium for a life insurance policy is typically paid in what way?

it is typically obtained by the producer and forwarded to the insurer

All of these are duties that a producer may be required to perform when delivering an insurance policy EXCEPT

leave a conditional receipt with the client

Which of these is NOT considered the responsibility of a producer during the underwriting process?

selecting the final approval date

An agent gives a conditional receipt to a client for an insurance policy after collecting the initial premium. When will the policy become effective?

when the conditions of the receipt are met

When does the producer give a premium receipt for a life insurance application?

when the initial premium has been paid with the application