Examination Of Records Flashcards
What is the primary purpose of a life insurance examination of records?
To assess the insurability of an applicant and evaluate risk.
True or False: A life insurance examination can include a review of medical records.
True
What type of records are typically examined in a life insurance application?
Medical records, financial records, and personal history.
Fill in the blank: The __________ is responsible for overseeing the examination of life insurance records.
Underwriter
Which of the following is NOT typically included in a life insurance record examination? (A) Medical history (B) Employment history (C) Social media accounts
C) Social media accounts
What is one key factor that underwriters look for in an applicant’s medical records?
Chronic illnesses or pre-existing conditions.
True or False: Life insurance examinations can involve interviews with the applicant.
True
What does HIPAA stand for?
Health Insurance Portability and Accountability Act
Multiple Choice: Which of the following is a common outcome of a life insurance examination? (A) Approval (B) Denial (C) Request for more information (D) All of the above
D) All of the above
What is a ‘paramedical exam’ in the context of life insurance?
A medical examination conducted by a trained professional as part of the underwriting process.
Fill in the blank: The __________ of an insurance policy is influenced by the findings of the examination of records.
Premium
True or False: Life insurance examiners have the right to access an applicant’s entire medical history without consent.
False
What is the significance of obtaining an applicant’s consent for record examination?
It ensures compliance with privacy laws and ethical standards.
Short Answer: Name one type of financial record that may be examined during the life insurance underwriting process.
Tax returns or bank statements.
What does it mean if an applicant is classified as ‘high risk’?
They have a higher likelihood of filing a claim due to health or lifestyle factors.
