Field Underwriting Procedures

An agent is ready to deliver a policy to an applicant but has not yet received payment. Upon delivery, the agent collects the applicant's premium check, answers any questions the applicant may have, and then leaves. What did he forget to do?

ask her to sign a statement of good health

in a replacement situation, all of the following must be considered except...

assets

To comply with Fair Credit Reporting Act, when must a producer notify an applicant that a credit report may be requested?

at the time of the application

what document describes an insured's medical history, including diagnoses and treatments?

attending physician's statement

if an applicant does not receive a copy of the new insurance policy, who would be held responsible?

the agent

the insurance policy, together with the policy application and any added riders form what is known as

entire contract

before an agent delivers a policy, the insurer makes a last-minute change to the policy. The agent informs the insured of this change, and he accepts it. In response, the agent must

have the insured sign a statement acknowledging that he is aware of the change

under the privacy rule for HIPAA, protected info includes all individually identifiable health info

held or transmitted in any form

which of the following entities can legally bind coverage?

insurer

who must pay for the cost of the medical exam required in the process of underwriting?

insurer

an applicant for a health insurance policy returns a completed application to her agent along with a check for the first premium. She receives a conditional receipt two weeks later. Which of the following has the insurer done by this point?

neither approved the application, nor issued the policy

underwriting is a major consideration when an insured wishes to replace her current policy for all of the following reasons EXCEPT

premiums always stay the same

what is true regarding obtaining underwriting sources?

the applicant must be informed of the sources contacted and how the information is being gathered

which of the following is true about requirements regarding HIV exams

the applicant must give prior informed written consent

An agent is in the process of replacing the insured's current health insurance policy with a new one. Which of the following would be a proper action?

the old policy should stay in force until the new policy is issued