performance tracker life/health underwriting

If consumer information reports are obtained under false pretenses, the maximum penalty is

$5,000 fine imprisonment for 1 year or both

A Notice to Applicant must be issued to the consumer no later than

3 days after the REPORT was requested

A consumer may make a written request for complete disclosure of the nature and scope of an investigative report regarding her credit history. The disclosure must be made within

5 days

which of the following statements is CORRECT

George's brother, father, and grandfather had diabetes during their lifetimes. family history will be considered a risk factor when Georgia applies for insurance

what about medical information bureau is CORRECT

Information obtained from the MIB by insurers may not be used as the sole reason to decline an applicant's request for insurance

what about medical information bureau (MIB) is NOT CORRECT

MIB organized and supported by private hospitals ** it is nonprofit

which of the following would NOT constitute unfair discrimination in insurance underwriting

Maria is charged a higher premium based on her poor health

which section of the applicant should contain a record of any injuries the applicant may have suffered

The medical section

what about FAIR CREDIT REPORTING ACT is TRUE

a notice to applicant is required

If a medical report is required on an applicant, it is completed by: a paramedic or examining physician

a paramedic or examining physician

following criteria may be used when determining the premium rate for an insurance applicant

age

which of the following situations is the best example of unfair discrimination

an insurer assigns a premium rating to an applicant because of studies that suggest members of the applicant's race have a shorter than avg life expectancy

an insurer will use all of the following to determine if a person should be issued a policy EXCEPT

applicant's work history

what is a basic source of information for life insurance underwriting and policy issue

application

with regard to life insurance applications, which of the following statements is CORRECT

application includes the names of the insured and the beneficiary

all of the following may be done to determine insurability in regard to AIDS except

asking questions regarding the applicant's sexual orientation

Underwriting techniques commonly used by insurers in issuing policies to applicants who do not measure up to a standard rating include the following EXCEPT:

averaging total risks pending

which of the following is NOT considered unfair discrimination

charging a higher individual life insurance premium for a 50 year old than for a 25 year o

all of the following are forms of unfair discrimination EXCEPT

charging one person a higher premium than someone else of the same age and sex because of a higher risk represented by that person

all of the following factors influence an applicant's mortality rate EXCEPT

credit report

if an application for insurance is sent to the insurer without the first premium, but the first premium is paid when the policy is delivered, the effective date of coverage is

date the policy was delivered

which of the following statements regarding the delivery of a life insurance policy is NOT CORRECT

during the delivery appointment, the agent must have the application signed by the policy owner

If a premium payment has not been given with the application, the policy becomes effective only when the producer delivers the policy and:

explains its provisions and obtains the initial premium and a signed statement of continued of good health

following acts of legislation requires fair and accurate reporting of a consumer's buying and bill-paying history

fair credit reporting act

which act helps ensure confidential, fair, and accurate reporting of consumer information

fair credit reporting act

major risks factors in life and health insurance underwriting include all of the following EXCEPT

financial status

penalties for violating the fair credit reporting act include

fines, actual damages suffered by the consumer, punitive damages, and reasonable attorney's fees ** think of fair : reasonable attorney

all of the following are found in the first part of the application EXCEPT

hobbies

an investigative consumer report is also called

inspection report

which statement pertaining to inspection reports and credit reports on life insurance applicants is NOT correct

inspection reports only require consumer notification when they are conducted

what is the most common approach for rating life insurance applicants who are determined to be substandard risks

issuing a policy in the amount applied for, with a higher than standard premium

which of the following statements regarding risk factors is NOT correct

jill is 15 years younger than her supervisor and therefore poses a higher risk to an insurance company

all of the following are penalties for violating the fair credit reporting act EXCEPT

loss of license indefinitely

Delivering policies in person gives the agent an opportunity to do all of the following EXCEPT:

make last minute changes to the policy

all of the following can directly affect the amount of premium an individual insured pays EXCEPT

martial status

major risk factors in health insurance underwriting include all of the following EXCEPT

martial status

an attending physician's statement (APS) requested by the underwriting department will normally contain all of the following applicant information EXCEPT

medical information bureau

which of the following statements about policy delivery is CORRECT

most insurers require agents to personally deliver the policy so that they can explain the policy's terms, exclusions, and riders

an agent must notify the applicant that all of the following sources will be used to asses the applicant EXCEPT

personal references

For situations where no initial premium was paid when the application was taken, when delivering that policy the agent is generally required to do all of the following EXCEPT:

present the insured with a conditional receipt

Mailk works as a dentist and mountain climbs, skies, and flies airplanes in his spare time. when he applies for a life insurance policy, the agent's and malik's signatures will be required on all of the following documents EXCEPT

report issued by the medical information bureau

which of the following statements regarding consumer rights is NOT correct

reporting agencies may not delete information in reports when proved incorrect

Purpose of Fair Credit Reporting Act

requires consumer report agencies to adopt reasonable procedures when exchanging credit information

If the first premium was not paid at the time of application, what must the producer also collect?

signed statement of good health

all of the following are sources of insurability information about life insurance applicants EXCEPT

social security reports

which of the following statements pertaining to sources of insurability information is CORRECT

special questionnaires are used to obtain additional information when an extra hazard or risk may be involved

an insured that meets the avg health and life expectancy anticipated by the insurer for a person of that age and gender would be classified as

standard risk

Choua applied for a $100,000 whole life policy but did not pay the initial premium at the time of application. When the agent later delivers the policy, the agent must collect the premium and obtain which of the following statements from Choua?

statement of good health

which of the following statements regarding policy delivery is NOT true

the agent may hold on to the policy for safekeeping without showing it to the policy owner

which of the following statements pertaining to the Fair credit reporting act is NOT correct

the fair care reporting act is a state law that helps to ensure accurate reporting of information about consumers ** it is federal ** think of F in fair as federal

which of the following is NOT found in part I of the application

the name and address of the insured's physical physician

which of the following is an accurate statement for a producer to make regarding underwriting

the primary source of information used in underwriting will be the application

Jordan completed an application for life insurance and paid the initial premium. When his agent delivers the policy, the premium is higher. This is because

the underwriters determined Jordan to be a substandard risk

which of the following statements pertaining to inspection reports on life insurance applicants is NOT correct

they provide information obtained principally from law enforcement officials

An applicant determined by underwriting to be declined would be

uninsurable at any price

during the underwriting process, an insurer may do all of the following EXCEPT

verify the applicant's military records, if any

with regard to substandard life insurance risks, which of the following statements is CORRECT

when the applicant represents a substandard risk, the policy may be modified to reduce the benefits provided

Jia is applying for individual medical insurance coverage. All of the following factors will adversely affect her ability to obtain coverage at a reasonable premium EXCEPT

working at a desk everyday