Life Insurance- Basics

The Medical Information Bureau (MIB) was created to protect who?

Insurance companies from adverse selection by high risk persons

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, what will the insurance company do?

Issue the policy and pay the face value to the beneficiary

What is NOT required on an illustration used in the sale of a life insurance policy?

The name of the primary and secondary beneficiaries

When an employer offers to give an employee a wage increase in the amount of the premium on a new life insurance policy, this is called what?

Executive bonus