5 - Life Insurance Underwriting and Policy Issue

And applicants medical information received from the Medical Information Bureau (MIB) may be furnished to the

Applicant's physician

At what time must a policyowner have insurable interest on the insured in order for the life policy to be valid?

At the time of application

The underwriting process involves all of these except for

Policy loan

Which parts of a life insurance policy are guaranteed to be true?

Warranty

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

In life insurance application must be signed by all of these except

Beneficiary

Which of these actions should a producer take when submitting an insurance application to an insurer?

Inform insurer of relevant information not included on the application

What is being delivered during policy delivery?

Insurance contract to the proposed insured

K is an agent who takes an application for individual life insurance and excepts 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 the coverage be effective?

The date the agent delivered the policy, collected the initial premium, and obtained a good health statement from the insured

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

The initial premium