2 Video Flashcards

Question

What are the consequences of incomplete applications?

Answer 1

If not, they send it back to the agent to get the lack of information. If they issue policy anyway, the insurance company can never go back and will not put themselves at risk.

Answer 2

Attending Physician Statement

Answer 3

the underwriter sees answers to certain questions that could indicate greater risk, and the underwriter wants to obtain specific medical details, the underwriter will request a statement from the applicant's physician . - helps determine the likelihood of claims - less expensive than a medical exam

Answer 4

- nonprofit trade organization compromised of member insurance companies - stores and shares medical information among member insurers - helps uncover misrepresentations and prevent concealment - adverse medical information from MIB cannot be the sole reason for denial of coverage (not only source)

Answer 5

similar to consumer reports, but additional information is obtained through an investigation and interviews with associates, friends, or neighbors of the insured.

Answer 6

within 3 days of the request

Answer 7

Financial and Moral Information such as | Credit, character, employment records, hobbies, habits

Answer 8

- Say "We may run an HIV/AIDS test. You request your permission if we deem it to be necessary." - Filled by the applicant with doctor's information, in case of a positive result.

Answer 9

The insurance company takes the information of the Medical doctor of the applicant, the medical professional will talk to them about the results of the test.

Answer 10

No, as long as the conditions are met: - testing is required of all individuals in the same class - proposed insured is not denied coverage solely on the basis of such testing (other reason and sometimes test is a false positive) - approved by the FDA and otherwise comply with applicable state and federal laws.

Answer 11

type of receipt issued when premiums are collected with the application

Answer 12

an agent obtains this when they hand-deliver an individual policy or annuity to the policy owner.

Answer 13

The most common type of receipt - Only used when the applicant submits a prepaid application. The conditional receipt says that coverage will be effective either on the date of the application or the date of the medical exam (occurs last) * as long as approved by the underwriters.

Answer 14

Preferred: Reduced risk of loss, covered reduced rate Standard: average exposure, covered standard rate Substandard: increased risk of loss, covered at an increased rate. We can still make you an offer -(option) Decline a risk: too high of a risk, and not covered

Answer 15

Annual Semi-Annual Quarterly Monthly

Answer 16

they incur additional billing charges and extra monthly fees to process the checks

Answer 17

1. The premium check (not gathered at the time of application. 2. Statement of (continuing) good health and that it has not changed since the process of underwriting. *then you hand them the policy

Answer 18

-to lower premium based on the insured's age -no more than 6 months The premium must be paid from the effective date of coverage