T.A.U.P.D

a warranty is guaranteed to be true, a representation is believed to be true to the best of one's knowledge.

How do warranties differ from representations?

medical underwriting exam.

A consumer report used to determine eligibility for insurance may include all of the following EXCEPT

Representations

All life insurance and health insurance contracts contain all of the following EXCEPT

the incomplete application can be accepted with the missing information added later.

All of the following are TRUE regarding incomplete applications EXCEPT

non-nicotine.

All of the following are classifications of risk EXCEPT

the minor in a juvenile policy.

All of the following are required signatures on a life insurance application EXCEPT

the treatment procedures that are covered by the policy.

If the insurer wishes to share an applicant's HIV status, the applicant must be given full notice of all of the following EXCEPT

Fair Credit Reporting Act

Obtaining consumer information reports under false pretenses is prosecutable by which of the following?

medical information on an applicant for assessing life or health insurance risk

What is a MIB report?

the policy is originated primarily or solely for the purpose of resale

What is the purpose of Stranger-originated life insurance (STOLI)?

The applicant and possibly the agent initial any changes made.

What procedure is used by an insurer to protect itself in the event a dispute arises and the applicant and the agent do not recall the changes that were made in a completed application?

Establish an anti-money laundering program

What specific new procedures does the USA Patriot Act require of insurance companies?

when the applicant for the policy is not the insured

When does insurable interest come into play in a life insurance policy?

the underwriting process begins

Which of the following occurs immediately after the application is submitted and the initial premium paid?

NCOIL Act

Which of the following was specifically designed to address STOLI and IOLI practices

any exclusions

Which one of the following is particularly important for an insurance producer to explain to a client upon delivery of a life insurance policy?

binding receipt

Which type of receipt makes the insurer liable for the risk from the date of application, regardless of the applicant's insurability?

Certain conditions need to be met to make the contract legally enforceable.

Why are insurance policies considered conditional contracts?