All of these are considered sources of underwriting information about an applicant EXCEPT:

An incomplete life insurnce application submitted to an insurer will result in which of thses action.

Application will be returned to the writing agent....if the company discoves a mistake or incomletion, if usuallu returns the application to the producer.

Upon delivery of a rated life insurance policy . the producer must obtain each of the following EXCEPT

Signed HIPAA disclosre

upon delivery of a rated life insurance policy. the producer must obtain each of the following EXCEPT

Signed HIPAA disclosure

attending physician statement

anwser the initjial premium

Who is not required to sign a life insurance application

(1 )Adult insurered (2)Policyowner (3)Agent (4) Beneficiary Answer..Beneficiary.........All of the following individuals muist sign a lifer insurance application EXEPT the beneficiary

what is the initial source of underwriting for an insuirance policy?

Application containing statements from the insured

Which factors are taken into consideration when an insurance company determines the premium rate for a whole life policy on an applicant

1 Geographicla location 2 source of income 3 rish slassification 4 marital status risk classfication. to determine the premijm rate on a whole life policy, an insurance company will consider the risk classification of the aplicant.

When does a life insurance contract effective if the initial premium is not collect the applictication process

1 when insurer receives initial poremium from the producer 2 when produceer delivers policy and collects initial premium 2 insurance becomes effective on delivery of the policy to the insurured and payment of the initial premium to the producer.

question51.A life insurance application may be rejected on the basis of all these factors EXCPET

(1)Medical history (2)Hobbies (3)Gender (4)Weight

(1)signed consent from the applicant must be provided in order to test for AIDS and HIV virus(2)AID and HIV virus exams can be conducted in a discriminatoryfashion (3)the cost of any examination is paid for by the insurer(4)The original application is the primary source of information used in the underwriting

Anwer.AIDS and HIv virus exams can be conducted in a discriminatory fashion.

From whhat authority derives the requirement that investigative consumer report may be obtained on an applicant

Fair Credit Reporting Act

T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination. whchhever os later Assuming that T is an acceeptable risk, what item is given to T

incorred the correct answer is :A conditional binds the insurer to coverage as of the date of the aplication or medical exAM, Provided the proposed insured is determined to be an acceptable risk

chicken

made from

a medical information report

the inital premium

Answer.Risk classification

underwriting .another term for risk selection .is the process of reviewing the many charateristics that make up the risk profile of an applicant to determine if the appliccant is insuarable and if so at standard of substandard

Answer.At the time of application

with life insurance insurable intetest exist only at the policy inception

who is NOT required to sign a life insurance application

Adult insured policy owner Agent Beneficiary Beneficiay

what action should a producer a producer take if the initial premium is NOT submiitted with the application

Forward the application to the insurere without the initial prermiim in this situation, the producer should submit the application to the insurance company without the premium . however,. if a premium is not paid with the application, the policy will not become valid until the initial premium is collected.

Why is an applicants signature required on a life insurance application

To attest that the statements on the application are accurate to the best of the applicants knownledge An applicants signature represents that the statements on the application are true to the best of the applicants knowledge

A statement made by an insured in an insurance application that must be true to the best of ones knowledge and which becomes a part of the contract is known as

an insuring agreement 2 a mutual assent a warranty a representation A statement made by an insurred in an insurance application that must be true to the best of ones knowledge and which becomes a part of the contract is a representation

1.the applicant should have an attorney present during the application process 2any changes made on the application require the applicants initials 3ANY changes made o9n the application can later be initialed by the producer if the applicant as unavailale

answer. any changes made on the application require the applicants initials

A Medial information REPORT (MIB) report may disclose which of th3e following

prior preferreed rating

Answer Gender..An insurance company may not reject a prospective insured life application on the basis of gender.

question 52 All are true statements regarding the underwrting process EXCEPT

which factors are taken into consideration when an insurance company determines the premium rate for a whole life policy on a applicant.

(1)Geographical location (2)Source of income (Risk classification (4)Marital statusAnwse Risk classification ..to determine the premim rate on a whole lofe policy . an insurance company will conseder the risk classification of the applicant.

question 50.which of these terms accuratley defines an underwriters assessment information on a life insurance application ?

(1)Risk classification (2)warranty review (3)insurable interest (4)inspection report

What is the initial source of underwriting for an insurance policy

Application containing statements from the insured 2 MIB report 3 credit report 4 Medical exam application containing statements from the insured the initial souce of underwriting fo an insurance policy is the appliction containing statements from the insured

agent

beneficiary

A life insurance application must be signed by all of these.EXCEPT

beneficiary....Benefiiaries are not required to sgn an insurance application..

completye the application over the phone wityh the customer, sigh the application for the customer the sernd the application off tyo lthe insurance compay

compleye lthe applcition and review lthe information with the fcustomer prior to obtaining the customers signayture then send the application of to the unsulrance compay

all of are considered sources of underwriting information about an applican EXCEPT

inspection Report

pork

made from

adult insulred

policyowner

answer.

policyowner

prior use of marjuana

prior lapsing opf policy

2]MIB report 3credit report 4Medical exam

q47 when an insurance application is taken by a producer which of these statements is true

question53 An agent gives a conditional receipt to a client for an insurance policy after collecting the initial premium .when will the policy become effective.(1)when the policy is issued(2)The date of poli y delivery(3)When the conditions of the receipt are met(The date the sales appointment was set.Answer..When the conditions of the receipt are met..

question 54 When does a life insurance contract become effective if the initial premium is not collected during the application process? (1)After all medical and personal information has been evaluated (2)when insurer receives initial premium from the producer(3)When producer delivers policy and collects initial premium(4)After application has been approved by the underwriters.Answer..When producer delivers policy and collects initial premium...insurance becomes effetive on delivery of the policy to the insured and payment of the initial premium to the producer.

Question 49...At what time must a policyowner have insurable interest on the insured in order for the life policy to be valid?

(1)After the contestable period (2)when the policy proceeds are paid (3)At the time of application (4)when the insured dies

which of the following correctly expains the actions an agent should take if a customer wants to apply for an insurance policy.

(1)Have the customer sign a blank application the take the application back to his office to complete prior to sending if off to the insurance company(2)complete the application over the phone with the customer sign the application for the customer then send the application off to the insurance company(3)complete the application and review the information with the customer prior to obtaining the customers signature the send the application off to the insurarance company's Answer 3

Which parts of a life insurance policy are guaranteed to be true

(1)Rating (2)Representation (3)Statement(4)Warranty.....Answer Warranty...warranties are statements that are considered literally true. A warranty that is not literally true in every detail. even if made in error, is sufficient to render a policy void.

Which parts of a life insuranece policy are guaranteed to be true.

(1)Rating (2)Representation 3 Statement 4 Warranty Warranty are statements that are considered literally true. A warranty that is not literally true in every detail, even if made in error, is sufficient to render a polcy void

In order for coerage on a non..medical insurance application to take effect the same day . the producer must collect a signed application and

(1)a Medical information Report (2)the initial premium,(3)forwatd it immediately to the insurer.4)Attending physician statement..the initial premum

question 48..An underwrtter determines that a life insurance applicants risk should be recalassified due to a health issure. This policy my be issued with a(n)

(1)extra premium (2)concealment clsuse (3)extended contestable period (4)exclusion for the medical condition

on january 8,an applicant filled out an application for a life insurance policy but did not include the initial premium . The insurance company approved the application on january 14 and issued the policy january 15. The producer delivered the polcy on january 26 and collected the fist premium when did the coverge become effective,

(1)january 8 (2)january14 (3) january 15 (4)january 26The tuaation.answer is ,,january 26..in this situation coverage became effective on the date the policy was delivered and fist premium collected.

K applies for a life insurance policy on herslf and submits the initial premium with the application . she is given a receipt by the agent stating that coverage begins immediately if the application is approved . what kind of rreceipt waas used

1 Binding 2 initial premium 3 coditional 4 contingent conditional A conditional receipt indicates that certain conditions must be met in order for the insurance coverage to go into effect

what is being delivered during a policy delivery.

A binding receipt to the proposed insured (2)insurance contract to the proposed insured(3)Application and mitial ;premium to the insurer 3.polcy delivery refers to the deliverh of the insurance contract to the applicant

which of these factors do NOT play a loe in the underwriting of a life insurance policy.

Maritai stattus

A Medical information Report (MIB) report may diclose which of the following .

Prior use of marjuana

Question 55 Which factors are taken into consideration when an insurance company determines the premium rate for a whole life policy on an applicant (1)Geographical location (2)Source of income(3)Risk classification (4)Marital statusAnwer Risk classification...to determine the premium rate on a whole life policy an insurance company will consider the risk classification of the applicant.

Question 56 K is an agent who takes an application for individual life insurance and accepts a check from the client.He submits the application and check to the insurance company. however the check was never signed by the applicant. if the application is apprved.when will coverage be effective?(1)The date the sales appointment was made(2)The date the application(3)The date the application was submitted to the insurance company(4)The date the agent delivered the plicy ,colected the initial premium and obtained a good heath statement from the insured

forward it immediately to the insurer

forward it immedialteloy to the insurer

WHICH OF THE folowing correecytly explains the actions an agent should take if a customer wants to apply for an insurance policy

haqve the customer sign a blank application theb take the applicaTION back to his office to compleye prilor to sending it off to the insurance company

Answer extra premim

in this sitluation the plicy may bdse issued with an extra premium

answe.complete the apoplication and review the informatiojn with the customer prior tyo obtaing the custyomer sighnatyure

incorrect .the correcf answer is j..complete the application and review the infformatyion with the customer prior lllllllllllllllto obtainking the

prior bankruptcy judgement

incorrect.the correct answer is prior usee of marjuane. a mecical information report (mib) may disclose lifestyle habitys such a druge.drinking overeating and smoking

What is the propose of a policy summary

it details the commissions earned by the agent .....it guarantees a policy will be issued......it allows the consurmer to compare the costs of different policies ..Anwer..it highlights the critical parts of the policy issued......A policy summary highlights the critical parts of the policy issued and describes the coverages riders