life and health

If only one party to an insurance contract has made a legally enforceable promise, What kind of contract is it?

Unilateral

Which of the following documents delivered to the policy owner includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years?

A policy summary

An insurance contract must contain all of the following to be considered legally binding EXCEPT?

Beneficiary's consent

All of the following are duties and responsibilities of the producer at the time of application EXCEPT?

Change any incorrect statement on the application by personally initialing next to the corrected statement.

If a change needs to be made to the application for insurance. The agent may do all of the following EXCEPT?

Erase the incorrect answer

An applicant is denied insurance because of information found on a consumer report. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company?

Fair credit Reporting Act

What is the purpose of a conditional receipt?

It is intended to provide coverage on a date earlier than the date of the insurance of the policy.

An applicant who receives a preferred risk classification qualified for?

Lower premiums, than a person who receives a standard risk.

Which of the following information is not included on Part 1 of the application for insurance?

Medical background

Under the Fair Credit Reporting Act, individuals rejected for insurance due to the information contained in a consumer report...

Must be informed of the source of the report

Which of the following types of risk will result in the highest premiums?

Substandard- rating indicates that an individual represents under-average insurance risk because of family history, habits, and hobbies.

Which of the following is NOT the consideration policy?

The application given to the prospective insured.

Which of the following would provide an underwriter with information concerning an applicant's health history?

The medical information bureau

An agent and an applicant for a life insurance policy fill out and sign the application. However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. When will the coverage began?

When the agent delivers the policy, collects the initial premium, and the applicant complete an acceptable statement of good health.

If a policy includes a free-book period of at least 10 days, the Buyer's Guide may be delivered to the applicant?

With the policy or before accepting the initial premium

Annuity

a fixed sum of money paid to someone each year, typically for the rest of their life.