9.2e

Question 1

______ is the best way to deliver the policy and obtain the statement of good health if necessary, though some insurers mail the policy directly to the insured. Legally, the policy is considered delivered and the sale completed when the policy is mailed to or personally handed to the insured. ______ is an important final step the agent should take with the insured to ensure the policy is completely understood and all questions have been answered.

Answer 1

Personal delivery

Policy review

Question 2

Once an insurer has decided to issue a policy, it can issue such policy as either ‘as applied’, ‘modified,’ or ______. Policy Amendments are defined as benefit limits, exclusions of certain risk or additional premium that the insurer adds to a policy for any applicant underwritten as ______.

Answer 2

‘amended.’

substandard risk

Question 3

Again, the life insurance policy’s Effective Date is the date that the application is submitted along with______. In a circumstance where an inspection receipt is requested by the applicant to review the coverage before premium is submitted, the effective date is then the ______ and appears on the face page of the policy.

Answer 3

the initial premium and a conditional receipt is given to the applicant

date the policy is issued by the insurer

Question 4

When death occurs, proof of the death is sent to the insurer and ______. Often, the agent will help contact the insurer regarding the loss if the family needs help during their grieving. By law, the insurer is required to provide the death benefit within ______ days of proof of death; however, most insurers will finalize the insurance process within a few days and promptly pay the claim to the beneficiary.

Answer 4

prompt payment is sent to the designated beneficiary

60

Question 5

______ is defined as replacing a life insurance policy using its cash value to purchase a larger face amount or to obtain a new policy, either from the same insurer or through a new insurer.

Answer 5

Life insurance replacement

Question 6

Life insurance replacement is considered to be either Internal, meaning that it is replaced with another policy by the same insurer, or External, meaning it is ______.

Answer 6

replaced with another policy by a different insurer