Chapter exam underwriting and policy issue
A statement made by insured and insurance application that must be true to the best of one's knowledge and which become a part of the contract is known as
A representation
All are true statements regarding the underwriting process except
Aids and HIV virus exams can be conducted in a discriminatory fashion
What is the initial source of underwriting for an insurance policy
Application containing statements from the insured
An incomplete life insurance application submitted to an insurer will result in which of these actions?
Application will be returned to the writing agent
K applies for life insurance policy on herself and submit the initial premium with the application she's giving a receipt by the agent saying that coverage begins immediately if the application is approved what kind of receipt was used
Conditional
What action should a producer take if the initial premium is not submitted with the application
For the application to the ensure without the initial premium
I am complete an application for life insurance but does not pay the initial premium all of these actions must occur before M's policy goes into affect except
Free look period has expired
A life insurance application may be rejected on the basis of all of these factors except
Gender
Which of these actions should a producer take on submitting an insurance application to ensure
Inform insure of relevant information not included on the application
What is being delivered during a policy delivery
Insurance contract to the proposed insured
Which of these factors do not play a role in the underwriting of a life insurance policy
Marital status
The underwriting process involves all of these except for
Policy loan
Consumers report requested by an underwriter during the application process for the life insurance policy can be used to determine
Probability of making timely premium payments
Which factors are taken into consideration when an insurance company determines the premium rate for a whole life policy on an applicant
Risk classification
Which of these terms accurately defines and underwriters assessment of information on a life insurance application
Risk classification
In order for coverage on a non-medical insurance application to take affect the same day the producer must collect a signed application and
The initial premium
Upon policy delivery is in good health statement as requested from the applicant why would this be necessary
The initial premium was not submitted with the application
An agent gives a conditional receipt to a client for an insurance policy if you're clocked in the initial premium on the policy become effective
When the conditions of the receipt are met