life underwriting
Which scenario would most life insurance policies exclude coverage for?
An individual who has a hobby racing cars once a month
What would happen if a life insurance applicant is given a conditional receipt from an insurance agent and then dies the next day?
Claim will be paid if application is approved
Which of the following would be considered an underwriting duty of an agent?
Completing all applications and collecting initial premiums
All of these are typically sources of underwriting information for life or health insurance EXCEPT
Disclosure authorization response
An insurance company needs to obtain personal information from a third party concerning an applicant. Which law do all insurers and their producers need to comply with?
Fair Credit Reporting Act
An applicant's character and personal habits can be obtained for underwriting purposes from which source?
Investigative consumer report
A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification?
Preferred
Which of the following would be a valid reason why a policy premium would be higher than the standard premium?
The insured does not meet established underwriting requirements
What happens when an insurance policy is backdated?
The policy's effective date is earlier than the present
An individual most likely will have an insurable interest in insuring a person's life if
an economic interest exists for the continuance of the insured's life
A change in an insurance application requires
an initial made by the applicant
Underwriters can acquire information from all of the following sources EXCEPT
genetic testing
Which of the following signatures is not required on an individual insurance application?
insurer
An insurance producer is often responsible for field underwriting during the application process. All of these are possible field underwriting roles EXCEPT
providing commission information to the applicant
Statements made by an insurance applicant on an application are considered to be
representations
Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT
the beneficiary
A field underwriter's main task is
to ensure an applicant's medical information is accurate and complete
What is involved when a life insurance policy has been backdated?
Making the policy effective on an earlier date than the present
Which of these is likely to occur when life or health insurance is being applied for?
Medical history from the insured may be reviewed and reported
In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest?
Insurable interest can be established sufficiently by sentimental attachment alone