completing the Application, Underwriting, and Delivering the policy
Which of the following will be included in a policy summary
premium amounts and surrender values
When would a misrepresentation on an insurance application be considered fraud?
If it is intentional and material
Insurance is a contract by which one seeks to protect another from
Loss
Insurance is the transfer of
Risk
If a policy includes a free look period of at least 10 days, the Buyer's Guide may be delivered to the applicant no later than
With the policy
Upon policy delivery, the producer may be required to obtain any of the following EXCEPT
signed waiver of premium
When an insurer begins underwriting procedures for an applicant, what will be the main source for its underwriting information?
Application
The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage become effective
As of the application date
Which of the following is a generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process
Buyer's Guide
A producer agent must do all of the following When delivering a new policy to the insured except
Disclose commissions earned from the sale of the policy
When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. Y was killed in an automobile accident on August 22, before the policy was issued. In this case, the insurance company will
Issue the policy anyway and pay the face value to the beneficiary
Most agents try to collect the initial premium for submission with the application. When an agent collects the initial premium from the applicant, the agent should issue a
Premium receipt
The insurer discovered that one of the applicants for life insurance missed a couple of questions on the application. What must the insurer do with the application
Return to the applicant for completion
Which of the following is not the consideration in a policy
The application given to a prospective insured
When is the earliest a policy may go into effect?
When the application is signed and a check is given to the agent
