L5 - Life Insurance Underwriting & Policy Issue

Consumer reports requested by an underwriter during the application process of a life insurance policy can be used to determine

a picture of an applicant's general character and reputation, mode of living, finances, and any exposure to abnormal hazards.

Any changes made on an insurance application requires the initials of whom?

Applicant

An incomplete life insurance application submitted to an insurer will result in which of these actions?

Application will be returned to the writing agent

From what authority derives the requirement that an insurance application contains a disclosure stating that an investigative consumer report may be obtained on an applicant?

Fair Credit Reporting Act

In order for coverage on a non-medical insurance application to take effect the same day, the producer must collect a signed application and

Initial Premium

What is being delivered during a policy delivery?

Insurance contract to the proposed insured

A life insurance application must be signed by all of these

the policyowner, the agent, & the insured (if an adult)

Who is NOT required to sign a life insurance application?

Beneficiary