Health (Field Underwriting Procedures)

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

3 Days

If an insurance company wishes to order a consumer report on an applicant to assist in the underwriting process, and if a notice of insurance information practices has been provided, the report may contain all of the following information EXCEPT the applicant's

Ancestry

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

Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract?

Warranty

The insurance policy, together with the policy application and any added riders form what is known as a(n)

Entire Contract

Which of the following best describes the aleatory nature of an insurance contract?

Exchange of unequal values

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

The Medical Information Bureau (MIB) was created to protect

Insurance companies from adverse selection by high risk persons

Which of the following best describes the MIB?

It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance.

The Federal Fair Credit Reporting Act

Regulates consumer reports

Whose responsibility is it to determine if all of the questions on an application have been answered?

The Agent

Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information?

The Fair Credit Reporting Act

Which of the following is true about the 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

On a health insurance application, a signature is required from all of the following individuals EXCEPT

The spouse of the policy owner