life underwriting

Which scenario would most life insurance policies exclude coverage for?

An individual who has a hobby racing cars once a month

What would happen if a life insurance applicant is given a conditional receipt from an insurance agent and then dies the next day?

Claim will be paid if application is approved

Which of the following would be considered an underwriting duty of an agent?

Completing all applications and collecting initial premiums

All of these are typically sources of underwriting information for life or health insurance EXCEPT

Disclosure authorization response

An insurance company needs to obtain personal information from a third party concerning an applicant. Which law do all insurers and their producers need to comply with?

Fair Credit Reporting Act

An applicant's character and personal habits can be obtained for underwriting purposes from which source?

Investigative consumer report

A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification?

Preferred

Which of the following would be a valid reason why a policy premium would be higher than the standard premium?

The insured does not meet established underwriting requirements

What happens when an insurance policy is backdated?

The policy's effective date is earlier than the present

An individual most likely will have an insurable interest in insuring a person's life if

an economic interest exists for the continuance of the insured's life

A change in an insurance application requires

an initial made by the applicant

Underwriters can acquire information from all of the following sources EXCEPT

genetic testing

Which of the following signatures is not required on an individual insurance application?

insurer

An insurance producer is often responsible for field underwriting during the application process. All of these are possible field underwriting roles EXCEPT

providing commission information to the applicant

Statements made by an insurance applicant on an application are considered to be

representations

Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT

the beneficiary

A field underwriter's main task is

to ensure an applicant's medical information is accurate and complete

What is involved when a life insurance policy has been backdated?

Making the policy effective on an earlier date than the present

Which of these is likely to occur when life or health insurance is being applied for?

Medical history from the insured may be reviewed and reported

In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest?

Insurable interest can be established sufficiently by sentimental attachment alone