Life Insurance Underwriting and Policy Issue

In what situation could an insurance policy's coverage be modified? Applicant is a preferred risk Applicant is a substandard risk Applicant is a standard risk Applicant is uninsurable

Applicant is a substandard risk

When a producer submits an application that reveals personal information regarding the applicant, who supplies the privacy notice? Producer Insurer Underwriter Fiduciary

Producer

What must be given to a life insurance applicant when the agent receives an application and the initial premium? Agent's report Conditional receipt Commission disclosure Good health statement

Conditional receipt

Mike applied for life insurance and was issued a conditional receipt. He is later found to be an acceptable risk and is issued a policy. What is considered to be the effective date of this insurance contract? Date the conditional receipt was issued Date the policy was approved Date of policy delivery Date the insurer received the application

Date the conditional receipt was issued

Which of these is NOT an underwriting responsibility of a life insurance agent? Asking relevant questions concerning an applicant's avocations Requesting an attending physician's report (APR) Ordering an inspection report Establishing the applicant's final rate classification

Establishing the applicant's final rate classification

The initial premium for a life insurance policy is typically handled in what way? The applicant mails it to the insurer after the policy has been approved It is typically obtained by the producer and sent to the insurer It is typically forwarded to the insurer by the applicant The producer pays it from any commissions received

It is typically obtained by the producer and sent to the insurer

All of these are duties that a producer may be required to perform when delivering an insurance policy EXCEPT Acquire a statement of good health signature Gather the initial premium Review policy with applicant Leave a conditional receipt with client

Leave a conditional receipt with client

When does the producer give a premium receipt for a life insurance application? When the application has been approved When the initial premium has been collected with the application During the medical exam When the completed application has been collected

When the initial premium has been collected with the application