life insurance exam
over several years, a policyowner paid $10,000 in premiums for his insurance policy. when he suffered a loss, the insurance company paid out $50,000 in benefits. what characteristic of an insurance contract does this describe?
Aleatory
What is insurance?
Insurance transfers the risk of loss
what is the Medical Information Bureau (MIB)?
a source of medical information to alert insurers to adverse medical history
What are the four elements of an insurance contract?
agreement, consideration, competent parties, legal purpose
who is considered a field underwriter?
an agent
If no receipt is issued at the time of application, a statement of good health is usually required at the time of _____?
application
what is the main source of underwriting information used by the company in the risk selection process?
application
