Field underwriting

when must interest exist in a life insurance policy?

at the time of application

the medical information bureau (MIB) was created to protect

insurance companies from adverse selection by high risk persons

An individual who must have insurable interest insured

policyowner

woman has states on her life insurance application that she has never had a heart attack, actually she has had several last year and required minor medical work. which is a reason to a death benefit claim is denied?

material representation

which is generally true about insureds who have been classified as preferred risks?

their premiums are lower

this is not a duty or responsibility of producers at the time of application

change any incorrect statement on the application by personally initially next to the correct statement

purpose of a conditional receipt

it is intended to provide coverage on a date earlier than the date of the issuance of the policy

an individual applied for an insurance policy and paid the initial premium. the insurer issued a conditional receipt. 5 days later the applicant had to submit to a medical exam. If the policy is issues, what would be the policy's effective date?

the date of the medical exam

an applicant is denied medical insurance because of information found on a consumer report. which of the following requires company supply the applicant with the name and address of the consumer reporting company?

Fair Credit Reporting Act

purpose of a buyer's guide

to allow the consumer to compare the costs of different policies

in the underwriting process, it was determined that the applicant for life insurance is in poor health and has some dangerous habits. which is true concerning the policy premium?

it will likely be higher because the applicant is a substandard risk