Chapter 2 (Policy Issue and delivery)

Question 1

When the insurer relinquishes control of the policy by mailing it to the policyowner, policy is considered legally delivered. However, it is advisable to obtain a signed ___________

Answer 1

delivery receipt

Question 2

When an agent hand delivers an individual policy or annuity to the policyowner, the agent must obtain a signed ____________

Answer 2

delivery receipt

Question 3

In addition, the agent should explain the rating procedure to the client, especially if the policy is _________ than applied for, or has been modified or amended in any other way.

Answer 3

rated differently

Question 4

If the ___________ is not paid with the application, the agent will be required to collect the premium at the time of policy delivery.

Answer 4

initial premium

Question 5

The agent may also be required to get a _____________ from the insured.

Answer 5

statement of good health

Question 6

If the _________ was submitted with the application and the policy was issued as requested, the policy coverage would generally coincide with the date of application if no medical exam were required.

Answer 6

full premium

Question 7

NO premium, mean _____ coverage.

Answer 7

NO