LIFE CHAPTER ONE

RETURN THE APPLICATION TO THE APPLICANT FOR COMPLETION

which is the appropriate action by the insurer if a prospective insured submitted an incomplete application?

***THE AGENT SHOULD CHANGE AN INCORRECT STATEMENT ON THE APPLICATION BY PERSONALLY INITIALING NEXT TO THE CORRECTED STATEMENT***

which of the following in INCORRECT regarding the agent's duties and respinsibilites at the time of the application?

***MEDICAL BACKGROUND***

which of the following information about the applicant is NOT included on part 1of the application for insurance?

***DEBTOR IN CREDITOR***

which of the following is NOT an example of insurable interest?

APPLICANT

which of the following is aterm for a person who seeks insurance from an insurer?

EDUCATION

all of the following factors, which are identified on the application, play a vital role in determining the insured's insurability EXCEPT

OBTAINING AN INSURANCE LICENSE

all of the following would be considered an insurance transaction EXCEPT

BENEFICIARY

if a loss occurs, insurance policies pay the proceeds to

***WHETHER AN INSURABLE INTEREST EXISYS BETWEEN THE INDIVIDUALS***

if an applicant for a life insurance policy and person to be insured by the policy are two differetn people, the iunderwriter would be concerned about

LOSS

insurance is a contract by which one seeks to protect another from

RISK

insurance is the transfer of

REPRESENTATIONS

statements made by an applicant for a life insurance policy that are true to the best of the applicant's knowledge are referred to as

***THE AGENT OR PRODUCER***

the responsibility of making certain that an application for insurance is filled out completely, correctly, and to the best of his or her knowledge is the responsibility of whom?

***INSURANCE***

what do individuals use to transfer their risk of loss to a larger group?

UNDERWRITING

what process do insurance companies use to determine whether or not a particular applicant is insurable?

***AN APPLICATION ON WHICH THE MEDICAL INFORMATION IS COMPLETED BY THE APPLICANT AND THE AGENT ONLY***

which of the following would be considered a nonmedical insurance application?

OTHER INSURANCE COVERAGES

part II of the application provides questions regarding all of the following EXCEPT

***APPLICATION**

which of the following would be the basic source of information used by the company in the risk selection process?