Quiz 5

All of these are considered sources of underwriting information about an applicant EXCEPT Inspection report credit report rating services medical information bureau

Rating services

Medical information Report (MIB) report may disclose

prior use of marjuana

Consumer reports requested by an underwriting during the application process of a life insurance policy can used to determine 1 driving history 2probability of making timely payments 3if the applicant is a tobbacco user 4 overal healty of the applicant o

probability of making timely payments

An underwirter determines that a life insurance applicants risk should be reclassified due to a health issue this policy may be issued with an extra premium concealment clause extended contestable period exclusion for the medical condition

extra premium

why must insurance applicant answer all question on the application

statements and representations on the application are part of the consideration for issuing a policy

When a policyowner cash surrenders a Universal Life insurance policy in it's early years, this may be considered a red flag for a(n)

AML violation

When an insurnce application is taken by the producer

any changes made on the application require the applicants initals

what is action and agent should take if a customer wants to apply for an insurance policy

completed the application and review the information with the customer prior to obtaining the customer signature then send the application off to the insurance company

A life insurance application may be rejected on the basis of all of these factors except Medical history hobbies gender weight

Gender

Information obtained from a phone conversation to the proposed insured can be found in which of these reports?

Inspection report

An ------------- contained in a life insurance policy states the policy will not cover certain risks

exclusion

In order for coverage on non medical insurance application to take effect the same day the producer must collect a singned application

inital premium

Which of these do not constitute policy deliver Policy mailed to the applicant policy deliver to the applicant by the agent policy mailed to the agent policy issued with rating

policy issued with rating

Assement of information on a life insurance application

risk classification

before a life policy issued which of these contract element is necessary

signed application by the prospect

Abc insurance Company has accepted life insurance application which contains unanswered questions the company make the application part of the life contract in the situtation the insurer

waived one its 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 inital premium

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

when the conditions of receipt are met

T is given a receipt after completing a life insurance application and paying the inital premium . Under this situation t coverage is 1 guaranteed no what is found during the underwriting process 2 effective upon completion for the free lock period 3 conditional depending on the insurers underwriting guidelines 4 effective upon delivery of the policy

conditional depending on the insurers underwriting guidelines

what is the purpose of a policy summary

It highlights the critical parts of the policy issued

Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation?

Policy was returned within the free look period premium will be refunded

Before a life insurance policy is issued, which of these components of the contract is required? applicatant signature beneficary signature conditional receipt attending physicans statement (aps)

applicants signature on application

T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later, provided that T is an acceptable risk. What item is given to T?

conditional receipt

K is an agent who takes an application for individual life insurance and accepts a check from the client. He submits the application and check to the insurance company, however the check was never signed by the applicant. If the application is approved, when will coverage be effective?

date the agent deliverd the policy collected the inital premium and obtain a good health statement from the insured

which federal laws allows and insurere to obtain an inspection report on a potential insurer

fair credit reporting act

what action should a producer take if the inital premium is not submitted with the application

forward the application to the insurer without the premium

Which of the following statements is correct about and agent who is taking an insurance application the agent should avoid asking the applicant questions that may cuause embrasement 2 the agent should have the applicant inital any change made on the application 3 the agent may allow a member of the applicants immediate family to sign the application if the applicant is not available 4the agent may answer routine question on the application for the applicant

the agent may allow a member of the applicants immediate family to sign the application if the applicant is not available