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.
Multiple Choice: Which of the following could be a reason for a life insurance application to be denied? (A) Age (B) Smoking (C) History of heart disease (D) All of the above
D) All of the above
True or False: Life insurance examinations can only be performed on applicants over the age of 18.
False
What is the role of a medical director in the life insurance examination process?
To review medical records and provide guidance on underwriting decisions.
Fill in the blank: An applicant’s __________ can impact their life insurance premium rates significantly.
Health status
What is the purpose of a ‘MIB check’ in life insurance underwriting?
To verify the applicant’s medical history against a database of past insurance applications.
True or False: Life insurance companies can use genetic information in their underwriting process.
True, but there are regulations governing its use.
What does the term ‘adverse selection’ refer to in life insurance?
The tendency of higher-risk individuals to seek insurance more than lower-risk individuals.
Short Answer: What is one potential consequence of inaccurate information provided during a life insurance application?
Policy cancellation or denial of claims.
Multiple Choice: Which of the following factors is least likely to be considered during a life insurance examination? (A) Family medical history (B) Personal hobbies (C) Favorite color
C) Favorite color
What is ‘underwriting’ in the context of life insurance?
The process of evaluating risk and determining the terms of coverage for an applicant.
