Exam Fx completing the application, Underwriting, and Delivering the Policy

As of application date

The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage become effective?

Issue the policy anyway and pay the face value to the beneficiary.

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 or classify it other than a standard. Y was killed in an automobile accident on August 22, before the policy was issued. In this case, the insurance company will

It it is intentional and material

When would a misrepresentation on the insurance application be considered fraud?

Premium amounts and surrender values

which of the following will be included in a policy summary?

Premium receipt

Most agents try to collect the initial premium for submission with the application. When an agent collects the initial premium from the applicant, the agent should issue the applicant a

Aleatory

Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of risk on the part of the insurance company?

Buyer's Guide

Which of the following is a generic consumer publication that explains life insurance in general terms in order to assist the application in the decision-making process?

Inspection Report

An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a(n)

To help the insured understand all aspects of the contract

why should the producer personally deliver the policy when the first premium has already been paid?

Change any incorrect statement on the application bye personally initialing next to the corrected statement.

All of the following are duties and responsibilities of producers at the time of application EXCEPT

Rated

Another name for a substandard risk classification is

charge a higher premium

If an applicant for a life insurance policy is found to be substandard risk, the insurance company is most likely to

considered true to the best of the applicant's knowledge.

Representation are written or oral statements made by the applicant that are

A policy summary

Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values and death benefits for specific policy years?

3 days

Within how many days requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?

Conditional Receipt

says that coverage will be effective either on the date of the application or the date of the medical exam, whichever occur last, as long as the applicant is found to be insurable as a standard risk, and policy is issued exactly as applied for.