ch 5 insurance quiz

T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later. Assuming T is an acceptable risk, what item is given to T?

a binding receipt

an applicants medical information received from the Medical Information Bureau (MIB) may be furnished to the

applicants physician

at what time must the policy owner have insurable interest on the insured in order for the life policy to be valid?

at the time of the application

which of these factors do Not play a role in the underwriting of a life insurance policy?

marital status

consumer reports requested by an underwriter during the application process of a life insurance policy can be used to determine

probability of making timely premium payments

in order for coverage on a non medical insurance application to take effect the same day, the producer must collect a signed application and ?

the initial premium

Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until feb 7. Q is dissatisfied and returns the policy feb 13. How will the insurer handle this situation

the policy will be returned within the free-look period, premium will be fully refunded.

why is an applicants signature required on a life insurance application?

to attest that the statements on the application are accurate to the best of the applicants knowledge

when does the free-look period start

when the policy is delivered to the policy owner