Ch. 6 Exam Questions (Life) - Life Insurance Underwriting and Policy Issue

In what situation could an insurance policy's coverage be modified?

Applicant is a substandard risk

After an applicant reads and signs an insurance application, he/she should be conscious of the fact that

A false statement could lead to loss of coverage

The principal source of information concerning an applicant's identity, age, and martial status is found in the

Completed application

Mike applied for life insurance and was issued a conditional receipt. He is later found to be insurable and is issued a policy. When does his coverage become effective?

Date of issuance of the conditional receipt

Insurable interest in one's own life is legally considered as

Generally unlimited

All of these are duties that a producer may be required to perform when delivering an insurance policy EXCEPT

Leave a conditional receipt with the client

Where is the difference between a standard risk and a substandard risk reflected?

Premium charges

When must a producer provide disclosure about information practices to an applicant?

Prior to or at the time of signing the application

When a producer submits an application that discloses personal information regarding the applicant, who supplies the privacy notice?

Producer

An agent gives a conditional receipt to a client for an insurance policy after collecting the initial premium. When will the policy become effective?

When the conditions of the receipt are met