completing the application, underwriting, and delivering the policy

All of the following may have an insurable interest in the insured EXCEPT..

Insured's best friend

The medical information bureau is..

A source of medical information to alert insurers to adverse medical history

A substandard risk compared to a standard risk would pay..

a higher premium

Which of the following is considered a field underwriter ?

an agent

Which of the following would be the main source of underwriting information used by the company in the risk selection process?

application

When must insurable interest exist in life insurance?

application or issue date

Representations are statements made by the applicant that are..

considered true the best of the applicant knowledge

Which of the following includes information regarding a persons credit, character, reputation, an habits ?

consumer reports

Insurance is a contract by which one seeks to protect another from..

loss

An insured submits the full premium along with a completed application, and the policy is issued 10 days later. When does the coverage begin?

on the date of the application

If no receipt is issued at the time of application, a statement of good health is usually required at the time of ?

policy delivery

Which of the following documents describes specific information about policy provisions and benefits ?

policy summary

If an agent fails to obtain an applicants signature on the insurance application, the agent must ..

return the application to the application to the applicant for signature

what is the main responsibility of a company's underwriting unit ?

risk selection and classification

Which method of dealing with risk is applied when insurance is purchased ?

transfer