L&H

lower the insured's premium

An agent may backdate an application for up to 6 months to accomplish a lower premium rate for the insured.

Non medical insurance

An application on which the medical information is completed by the applicant and the agent only.

Waiver

An insurance company receives an application with some information missing and issues the policy anyway. What is this called?

Conditional

An insurance contract required that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What contract characteristic does this describe?

Inspection report

An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering ?

Certified of authority

In order for an insurer to legally transact insurance, it must obtain which of the following?

Unilateral

Only one party to an insurance contract has made a legally enforceable promise.

Agent's contract with the principal

What documentation grants express authority to an agent?

NOT required for a producer to tell a prospect

What requirement the producer needed to obtain the insurance license

Notice Regarding Replacement

Which of the following documents must be provided to the policy owner or applicant during policy replacement?

Are insurance company underwriters allowed to discriminate?

Yes, but only unfairly

Adverse selection is a concept best described as

risk with higher property of loss seeking insurance mall often than othe risk

Material misrepresentation

An insured stated on her application for life insurance that she had never had a heart attach, when in fact she had a series one...

concealment

What term best describes the act of withholding material information that would be crucial to an underwriting decision?

A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance know as

survivor protection

Consideration

An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following terms best describes what the insurer has violated? consideration that insurer promise to pay in the event of loss.