Applications

A prospective insured receives a conditional receipt but dies before the policy is issued. The insurer will. 1. Not pay The policy proceeds under any circumstances. 2. Automatically pay the policy proceeds. 3. Pay the policy proceeds up to the established limit. 4. Pay The policy proceeds only if. It would have issued the policy.

A prospective insured receives a conditional receipt but dies before the policy is issued. The insurer will. 1. Not pay The policy proceeds under any circumstances. 2. Automatically pay the policy proceeds. 3. Pay the policy proceeds up to the established limit. 4. Pay The policy proceeds only if. It would have issued the policy.

An agent and an applicant for life insurance policy fill out & the application. However, the applicant Does not wish to give the agent the initial premium and no conditional receipt is issued. When will the coverage begin? 1. On the application date. 2. When the agent submits the application to the company and the company issues a conditional receipt. 3. On this designated effective date. 4. When the agent delivers, the policy, collects the initial premium and the applicant completes an acceptable statement of good health.

An agent and an applicant for life insurance policy fill out & the application. However, the applicant Does not wish to give the agent the initial premium and no conditional receipt is issued. When will the coverage begin? 1. On the application date. 2. When the agent submits the application to the company and the company issues a conditional receipt. 3. On this designated effective date. 4. When the agent delivers, the policy, collects the initial premium and the applicant completes an acceptable statement of good health.

An insurance contract requires that both the insured. And the insurer meets certain conditions in order For the contract to be enforceable. What contract characteristic does this describe? 1. Conditional. 2. Contingent. 3. Unilateral. 4. Aleatory.

An insurance contract requires that both the insured. And the insurer meets certain conditions in order For the contract to be enforceable. What contract characteristic does this describe? 1. Conditional. 2. Contingent. 3. Unilateral. 4. Aleatory.

An insurer neglects to pay a legitimate claim. That it is covered under the terms of the policy. Which of the following insurance principles has the insurer violated? 1. Consideration. 2. Adhesion. 3. Representation. 4. Good faith.

An insurer neglects to pay a legitimate claim. That it is covered under the terms of the policy. Which of the following insurance principles has the insurer violated? 1. Consideration. 2. Adhesion. 3. Representation. 4. Good faith.

An insurer receives report regarding a potential insurer that includes the insured's financial status, hobbies and habits. What type of report is that? 1. Inspection report. 2. Underwriters report. 3. Medical Information Bureau report. 4. Agents report.

An insurer receives report regarding a potential insurer that includes the insured's financial status, hobbies and habits. What type of report is that? 1. Inspection report. 2. Underwriters report. 3. Medical Information Bureau report. 4. Agents report.

And an insured makes truthful statements on the application for insurance and pays the required premium. It is known as which of the following? 1. Contract of adhesion. 2. Acceptance. 3. Consideration 4. Legal purpose.

And an insured makes truthful statements on the application for insurance and pays the required premium. It is known as which of the following? 1. Contract of adhesion. 2. Acceptance. 3. Consideration 4. Legal purpose.

And ensure neglects to pay legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated? 1. Adhesion. 2. Consideration. 3. Good faith. 4. Representation.

And ensure neglects to pay legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated? 1. Adhesion. 2. Consideration. 3. Good faith. 4. Representation.

Another name for a substandard risk classification is. 1. Declined. 2. Rated 3. Elevated. 4. Controlled.

Another name for a substandard risk classification is. 1. Declined. 2. Rated 3. Elevated. 4. Controlled.

Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis or classified as. 1. Aleatory. 2. Binding contracts. 3. Unilateral contracts. 4. Contracts of adhesion.

Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis or classified as. 1. Aleatory. 2. Binding contracts. 3. Unilateral contracts. 4. Contracts of adhesion.

If a change needs to be made to the application for insurance. The agent may do all of the following EXECPT. 1. Destroy the application and complete the new one. 2. Note on the application the reason for the change. 3. Erase the incorrect answer and record the correct answer 4. Draw a line. Through the first answer, record the correct answer and have an applicant initial change.

If a change. Needs to be made to the application for insurance. The agent may do all of the following EXECPT. 1. Destroy the application and complete the new one. 2. Note on the application the reason for the change. 3. Erase the incorrect answer and record the correct answer 4. Draw a line. Through the first answer, record the correct answer and have an applicant initial change.

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer have to comply? 1. Five days. 2. 10 days. 3. 7 days. 4. 3 days.

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer have to comply? 1. Five days. 2. 10 days. 3. 7 days. 4. 3 days.

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer? Or reporting agency have to comply. 1. Three days. 2. Five days. 3. Seven days. 4. 10 days.

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer? Or reporting agency have to comply. 1. Three days. 2. Five days. 3. Seven days. 4. 10 days.

If a policy includes a free look period of at least 10 days, the buyers guide may be delivered to the applicant no later than. 1. With the policy. 2. Prior to filling out an application for insurance. 3. Within 30 days after the premium payment was collected. 4. Upon issuance of the policy.

If a policy includes a free look period of at least 10 days, the buyers guide may be delivered to the applicant no later than. 1. With the policy. 2. Prior to filling out an application for insurance. 3. Within 30 days after the premium payment was collected. 4. Upon issuance of the policy.

If an applicant for life insurance policy is found to be substandard risk, the insurance company is most likely to. 1. Charge a higher premium. 2. Lower it's insurability standards. 3. Require a yearly medical examination. 4. Refuse to issue the policy.

If an applicant for life insurance policy is found to be substandard risk, the insurance company is most likely to. 1. Charge a higher premium. 2. Lower it's insurability standards. 3. Require a yearly medical examination. 4. Refuse to issue the policy.

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 applicants. a. Ancestry. b. Habits. c. Prior insurance. d. Credit history.

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 applicants. a. Ancestry. b. Habits. c. Prior insurance. d. Credit history.

If an insurer issued a policy based on application that had unanswered questions, which of the following would be true? 1. The policy will be interpreted as if the insured did not have an answer to the question. 2. The insurer may deny coverage later because the information missing on the application. 3. The policy will be void. 4. The policy will be interpreted as if. The insurer waived his right to have an answer on the application.

If an insurer issued a policy based on application that had unanswered questions, which of the following would be true? 1. The policy will be interpreted as if the insured did not have an answer to the question. 2. The insurer may deny coverage later because the information missing on the application. 3. The policy will be void. 4. The policy will be interpreted as if. The insurer waived his right to have an answer on the application.

If an insurer issued a policy based on the applicant that had unanswered questions, which of the following will be true? a. The policy will be interpreted as if the insurer waived its right to have the. An answer on the application. b. The insurer may deny coverage later because of the information missing on the application. c. The policy will be interpreted as if the insurer did not have an answer to the question. d. The policy will be void.

If an insurer issued a policy based on the applicant that had unanswered questions, which of the following will be true? a. The policy will be interpreted as if the insurer waived its right to have the. An answer on the application. b. The insurer may deny coverage later because of the information missing on the application. c. The policy will be interpreted as if the insurer did not have an answer to the question. d. The policy will be void.

In forming an insurance contract, when does the exception usually occur? 1. When the insurer delivers the policy. 2. When an insured submits an application. 3. When an insurance underwriter approves the coverage 4. When the insurer receives an application.

In forming an insurance contract, when does the exception usually occur? 1. When the insurer delivers the policy. 2. When an insured submits an application. 3. When an insurance underwriter approves the coverage 4. When the insurer receives an application.

Proposed Insured makes the premium payment on a new insurance policy. If the insurer should die, the insurer will pay the death benefit. To the beneficiary if the policy is approved. This is an example of what kind of contract. 1. Unilateral. 2. Conditional. 3. Personal. 4. Adhesion.

Proposed Insured makes the premium payment on a new insurance policy. If the insurer should die, the insurer will pay the death benefit. To the beneficiary if the policy is approved. This is an example of what kind of contract. 1. Unilateral. 2. Conditional. 3. Personal. 4. Adhesion.

The federal Fair Credit Reporting Act. 1. Regulates Consumer Reports. 2. Regulates telemarketing. 3. Prevents money laundering. 4. Protects customer privacy.

The federal Fair Credit Reporting Act. 1. Regulates Consumer Reports. 2. Regulates telemarketing. 3. Prevents money laundering. 4. Protects customer privacy.

What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act? 1. Revocation of license 2. $1000 3. $2500 $. $100 per violation

What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act? 1. Revocation of license 2. $1000 3. $2500 $. $100 per violation

What is the time frame for filling relevant suspicious activity report? 1. Within 90 days of the suspicious transaction. 2. Within 30 days of the suspicious transaction. 3. Within 90 days of initial discovery. 4. Within 30 days of initial discovery.

What is the time frame for filling relevant suspicious activity report? 1. Within 90 days of the suspicious transaction. 2. Within 30 days of the suspicious transaction. 3. Within 90 days of initial discovery. 4. Within 30 days of initial discovery.

When an insured makes a truthful statement. On the application for insurance and pays the required premium, it is known. As which of the following? 1. Contract of adhesion. 2. Consideration. 3. Acceptance. 4. Legal purpose.

When an insured makes a truthful statement. On the application for insurance and pays the required premium, it is known. As which of the following? 1. Contract of adhesion. 2. Consideration. 3. Acceptance. 4. Legal purpose.

When both parties to a contract must perform certain duties and the follow. Rules of conduct to make the contract enforceable the contract is 1. Unilateral. 2. Aleatory 3. Personal. 4. Conditional.

When both parties to a contract must perform certain duties and the follow. Rules of conduct to make the contract enforceable the contract is 1. Unilateral. 2. Aleatory 3. Personal. 4. Conditional.

Which of the following best describes the aleatory nature of insurance contracts? 1. Ambiguities are interpreted in favor of the insured. 2. Exchange of unequal values. 3. Policies are submitted to the insurer on a take it or leave it basis. 4. Only one of the parties being legally bound to the contract.

Which of the following best describes the aleatory nature of insurance contracts? 1. Ambiguities are interpreted in favor of the insured. 2. Exchange of unequal values. 3. Policies are submitted to the insurer on a take it or leave it basis. 4. Only one of the parties being legally bound to the contract.

Which of the following includes information regarding a person's credit, character, reputation, and habits? a. Insurability Report. b. Consumer History. c. Agents report. d. Consumer Report.

Which of the following includes information regarding a person's credit, character, reputation, and habits? a. Insurability Report. b. Consumer History. c. Agents report. d. Consumer Report.

Which of the following is a generic consumer publication that EXPLAINS life insurance in the general terms in order to assist the applicant in the decision making process? 1. Buyers Guide. 2. Insurance Index. 3. Policy Summary. 4. Illustrations.

Which of the following is a generic consumer publication that EXPLAINS life insurance in the general terms in order to assist the applicant in the decision making process? 1. Buyers Guide. 2. Insurance Index. 3. Policy Summary. 4. Illustrations.

Which of the following is not an example of a valid insurable interest? 1. Employer in key employees life. 2. Child and parents lives. 3. Debtor in the life of a creditor. 4. Business partner in each other's lives.

Which of the following is not an example of a valid insurable interest? 1. Employer in key employees life. 2. Child and parents lives. 3. Debtor in the life of a creditor. 4. Business partner in each other's lives.

Which of the following will be included in a policy summary? a. Comparison with similar policies. b. Primary and secondary beneficiary designations. c. Copies of illustrations and applications. d. Premium amount of surrender values.

Which of the following will be included in a policy summary? a. Comparison with similar policies. b. Primary and secondary beneficiary designations. c. Copies of illustrations and applications. d. Premium amount of surrender values.

Which of the following would qualify as a competent party and an insurance contract? The 1. The applicant is a 12 year old student. 2. The applicant is intoxicated at the time of application. 3. The applicant has a prior felony conviction. 4. The applicant is under the influence of a mind impairing medication.

Which of the following would qualify as a competent party and an insurance contract? The 1. The applicant is a 12 year old student. 2. The applicant is intoxicated at the time of application. 3. The applicant has a prior felony conviction. 4. The applicant is under the influence of a mind impairing medication.

Within how many days of requesting an investigative consumer report must ensure notify the consumer in writing that the report will be obtained? 10 days. 3 days. 5 days. 14 days.

Within how many days of requesting an investigative consumer report must ensure notify the consumer in writing that the report will be obtained? 10 days. 3 days. 5 days. 14 days.