chapter 5 quiz life insurance underwriting and policy issue Flashcards
T is given a receipt after completing a life insurance application and paying the initial premium. under this situation, T’s coverage is
conditional depending on the insurers underwriting guidelines
a life insurance application mush be signed by all of these EXCEPT
the beneficiary
on August 6, D submitted an application for a $50,000 life insurance policy and did not pay the initial premium. on August 18, D went to his doctor complaining of chest pains and some tests were give to the doctor. the life policy was delivered by the producer on Aug 2 and D explains what had recently taken place with the doctor. what action should the producer then take?
collect initial premium along with a signed health statement
a statment made by an insured in an insurance application that must be true to the best of ones knowledge and which becomes a part of the contract is know as
a representation
upon deliery of a rated life insurance policy, the producer must obtain each of the following EXCEPT
a signed HIPPA disclosure
an underwriter determines that a life insurance applicants risk should be reclassified due to a health issue. this policy may be issued with an
extra premium
T cash surrenders a recently-issued whole life policy. he also requests that the proceeds be payable to an unrelatd third party. T would likely be red-flagged for violation of
anti money laundering rules
an underwriter determines that a life insurance applicants risk should be reclassified due to a health issue. this policy may be issued with an
extra premium
which of these factors do NOT play a role in underwriting of a life insurance policy?
marital status
what is the purpose of the USA patriot ACT
detect and deter terrosim
a $20,000 life insurance policy application is completed, however the producer does not collect the initial premium. at what point does the coverage go into effect?
when the applicant receives the policy and pays the initial premium
