Life Insurance Underwriting and Policy Issue

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

When a policy owner cash surrenders a universal life insurance policy in its early years, this may be considered a red flag for a(n):

Anti-money laundering violation

P is a producer who notices 5 questions on a life application were not answered. What actions should P take?

Set up a meeting with the applicant to answer the remaining questions

When an insurance application is taken by a producer, which of these statements is true?

Any changes made on the application require the applicant's initials

Which Federal law allows an insurer to obtain an inspection report on a potential insured?

Fair Credit Reporting Act

The underwriting process involves all of these, Except for:

Policy loan

When does a life insurance contract become effective if the initial premium is not collected during the application process?

When producer delivers policy and collects initial premium

Any changes made on an insurance application requires the initials of whom?

applicant

Under the USA Patriot Act, insurers are required to report receipt of cash payments in excess of:

$10,000

What is being delivered during a policy delivery?

Insurance contract to the proposed insured

Agent J takes an application and initial premium from an applicant and sends the application and premium check to the insurance company. The insurance company returns the check back to J because the check is made out to J instead of the insurance company. What action should J take?

Return to the customer, collect a new check made out to the insurance company, and send the new check out to the insurance company

An applicant's medical information received from the Medical Information Bureau (MIB) may be furnished to the

applicant's physician

M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT

free-look period has expired

Which of these factors do not play a role in the underwriting of a life insurance policy?

marital status

An incomplete life insurance application submitted to an insurer will result in which of these actions?

Application will be returned to the writing agent

ABC Insurance Company has accepted a life insurance application which contains unanswered questions. The company then makes the application part of the life contract. In this situation, the insurer has

waived one of its legal rights


संबंधित स्टडी सेट्स

Physics Final Exam Study Questions

View Set

Microbiology 223: Chapter 2 Homework

View Set

Chapter 2: Evidence Based Dental Hygiene Practice

View Set

Los países - Datos interesantes 2023

View Set

Chapter 12: Spatial Orientation and the Vestibular System

View Set

HWST 107 - Final Exam Study Guide

View Set

Ch. 17 (DT w/ Aminoglycosides & Fluoroquinolones)

View Set