Life underwriting
A pilot applies for life insurance. The insurer approves the application with a $10 additional monthly premium modification due to the risk involved. The pilot the client see additional premium modification. The insured will likely issue the coverage with a(n)
Aviation Exclusion
Upon delivery of a rated life insurance policy, the Producer must obtain each of the following EXCEPT
Signed HIPAA disclosure
Upon policy delivery, a signed good health statement as requested from the applicant. Why would this be necessary?
The initial premium was not submitted with the application
Why is an applicant's signature required on a life insurance application?
To attest that the statements on the application are accurate to the best of the applicant's knowledge
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
An applicant's medical information received from the Medical Information Bureau (MIB) may be furnished to the
applicant's physician
what is the initial source of underwriting for an insurance policy?
Application containing statements from the insured
On August 6, D submitted an application for a $50,000 Life Insurance policy and did not pay the initial premium. On August 18, D went to his doctor complaining of chest pains and some tests were given by the doctor. The life policy was delivered by the producer on August 20 and D explains what had recently taken place with the doctor. What action should the producer then take?
Collect initial premium along with a signed health statement
Which Federal law allows an insurer to obtain an inspection report on a potential insured?
Fair Credit Reporting Act
What is the purpose of a policy summary
It highlights the critical parts of the policy issued
What is the purpose of the USA patriot act
detect and deter terrorism
Which of these terms accurately define an underwriter's assessment of information on a life insurance application
risk classification
A student pilot can pay regular premium costs for her life insurance policy with the addition of which of the following?
Aviation exclusion
On January 8, an applicant filled out an application for a life insurance policy but did not include the initial premium. The insurance company approved the application on January 14 and issued the policy January 15. The producer delivered the policy on January 26 and collected the first premium. When did the coverage become effective?
January 26
In order for coverage on a non-medical insurance application to take effect the same day, the producer must collect a signed application and
the initial premium
