1: completing the application, underwriting and delivering the policy
in the underwriting process, it was determined that the applicant for life insurance is in poor health and has some dangerous habits. Which of the following is true concerning the policy premium>
It will likely be higher because the applicant is a substandard risk.
if an insurer issued a policy based on the application that had unanswered questions, which of the following will be TRUE?
The policy will be interpreted as if the insurer waived its right to have an answer on the application.
Which of the following information about the applicant is NOT included on Part 1 of the application for insurance?
Medical background
if an applicant for a life insurance policy and person to be insured by the policy are two different people, the underwriter would be concerned about
Whether an insurable interest exists between the individuals.
Upon policy delivery, the procedure may be required to obtain any of the following EXCEPT
Signed waiver premium
which of the following will be included in a policy summary?
Premium amounts and surrender values
Representations are written or oral statements made by the applicant that are
considered true to the best of the applicant's knowledge
an individual applied for an insurance policy and paid the initial premium. The insurer issued a conditional receipt. Five days later the applicant had to submit to a medical exam. if the policy is issued, what would be the policy's effective date?
the date of medical exam
in forming an insurance contract, when does acceptance usually occur?
When an insurer's underwriter approves coverage
because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT
conditions
If a policy includes a free-look period of at least 10 days, the Buyer's Guide must be delivered to the applicant
with the policy
All of the following are duties and responsibilities of procedures at the time of application EXCEPT
Change any incorrect statement on the application by personally initiating next to the corrected statement.
which of the following types of risk will result in the highest premium?
substandard risk
The insurer discovered that on of the applicants for life insurance missed a couple of questions on the application. What should the insurer do with the application?
Return to the applicant for completion
Which of the following statements regarding HIV testing for insurance purposes is NOT true?
Insurers are barred from requesting HIV testing.
