Life Insurance Quiz Missed Questions
Basic source of info used by company in risk selection and underwriting process?
Application
Best details the underwriting process?
Selection, classification, rating of risks
In insurance, an offer is usually made when
The application is submitted
An individual applies for a life insurance policy. Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past. He has been hospitalized for drug abuse, but does not remember when applying for insurance. The insurer learns of his history one year later after issuing the policy. What will probably happen?
The policy will not be affected. This person did not commit intentional fraud.
What is a material misrepresentation?
a statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company. not a misstatement by an applicant for insurance.
When is policy's effective date when using a conditional premium receipt?
on date of application or date of medical exam, whichever is later.
