Life insurance underwriting and policy issue

Which scenario would most life insurance policies exclude coverage for? A tourist traveling abroad on a major airline carrier An individual who has a hobby racing cars once a month An airline pilot who flies for a commercial Carrier A soldier on leave at home

An individual who has a hobby racing cars once a month

Which of the following describes a person who is NOT acceptable by an insurer at standard rates bc of health history occupation or hobbies Standard risk Preferred risk Unacceptable risk Substandard risk

Substandard risk

An insurance company needs to obtain personal information from a third party concerning an applicant. Which law do all insurers and their producers need to comply with USA Patriot Act personal information fair credit reporting act McFarland-Ferguson act

Fair credit reporting act To protect the rights of consumers for whom an inspection or credit report has been requested, congress enacted the fair credit reporting act in 1970

In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? Individuals are assumed to have insurance interest in themselves Insurable interest is established by a court of law Insurable interest can be established sufficiently by sentimental attachment alone Insurable interest must exist at the time of application

Insurable interest can be established sufficiently by sentimental attachment alone

All of these are considered sources of underwriting information about an applicant EXCEPT Agents report Medical information bureau MIB Inspection report National association of insurance underwriters

National Association of Insurance Underwriters

Which of the following does a life insurance policy summary normally include The policy's cash value Agents report Policy owners MIB report Stated beneficiary

The policy's cash value