9.2a

Question 1

During the sales process, an agent is required to supply both the policy summary and general buyer’s guide to an applicant before ______.

Answer 1

collecting the application and initial premium.

Question 2

After collecting the policy summary and initial premium, the agent submits the application, and most often, the initial premium from the applicant to the insurer by either mailing it or electronically transferring it to the insurance company’s home office for ______.

Answer 2

policy underwriting

Question 3

As a licensed agent, it is important to maintain accurate record keeping and, if required to collect in person, proper handling and submission of the ______ to the insurer.

Answer 3

initial premium

Question 4

When an insurance company receives an application for insurance, it always provides the applicant with a receipt, whether it be an ‘inspection receipt’ that does not provide immediate coverage for the applicant, or a ______ or ‘binding receipt’ which does provide immediate coverage for the applicant while the policy is being underwritten by the insurance company.

Answer 4

‘conditional’

Question 5

Sometimes an applicant wishes to review, or ‘inspect’ a prospective policy before providing the initial premium to the insurer. When this occurs, an ______ is provided to the applicant by the insurer.

Answer 5

inspection receipt