Field underwriting
when must interest exist in a life insurance policy?
at the time of application
the medical information bureau (MIB) was created to protect
insurance companies from adverse selection by high risk persons
An individual who must have insurable interest insured
policyowner
woman has states on her life insurance application that she has never had a heart attack, actually she has had several last year and required minor medical work. which is a reason to a death benefit claim is denied?
material representation
which is generally true about insureds who have been classified as preferred risks?
their premiums are lower
this is not a duty or responsibility of producers at the time of application
change any incorrect statement on the application by personally initially next to the correct statement
purpose of a conditional receipt
it is intended to provide coverage on a date earlier than the date of the issuance of the policy
an individual applied for an insurance policy and paid the initial premium. the insurer issued a conditional receipt. 5 days later the applicant had to submit to a medical exam. If the policy is issues, what would be the policy's effective date?
the date of the medical exam
an applicant is denied medical insurance because of information found on a consumer report. which of the following requires company supply the applicant with the name and address of the consumer reporting company?
Fair Credit Reporting Act
purpose of a buyer's guide
to allow the consumer to compare the costs of different policies
in the underwriting process, it was determined that the applicant for life insurance is in poor health and has some dangerous habits. which is true concerning the policy premium?
it will likely be higher because the applicant is a substandard risk