Chapter 5 test (mastered) review

Under the USA patriot act, and chairs are required to report receipt of cash payments in excess of

$10,000

An agent gives a conditional receipt to a client for an insurance policy after collecting an initial premium. When will the policy become effective?

When the conditions of the receipt or met

I life insurance application may be rejected on the basis of all of these factors except

Gender

Before a life insurance policy is issued, which of these components of the contract is required

Applicant's signature on application

Incomplete life insurance application submitted to an insurable result in which of these actions

Application will be returned to the writing agent

On August 6, D submit an application for $50,000 life insurance policy and did not pay the initial premium. On August 18, do you want to his doctor complaining of chest pain and some tests were given by the doctor. The life policy was delivered by the producer in August 20 and he explains what have recently taken place with the doctor. What action should the producer take take

Collect initial premium along with a signed health statement

Which of the following correctly explains the actions an agent should take if a customer wants to apply for an insurance policy

Complete the application and review the information with the customer prior to obtaining the customer's signature, then send the application off to the insurance company

Why is an applicant signature required on a life insurance application

Do a test the statements on the application or accurate to the best of the applicants knowledge

An. Contained In A life insurance Policy states that the policy will not cover certain risk.

Exclusion

What is being delivered during a policy delivery

Insurance contract to the proposed insured

What is the purpose of a policy summary?

It highlights the critical parts of the policy issued A Policy Summary highlights the critical parts of the policy issued and describes the coverages, riders, and exclusions.

On January 8, and applicant filled out an application for a life insurance policy but did not include initial premium. The insurance company approve the application on January 14 an issue the policy on January 15. The producer delivered the policy on January 26 and collected the first premium. When did the coverage become affective

January 26 , Upon collection of first premium

I medical information report MIB report made us close which of the following

Prior use of marijuana

ABC insurance company has excepted a life insurance application which contains unanswered questions. The company then makes the application part of the life contract. And the situation, the insurer has

Waived one of each legal rights

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