Field Underwriting Procedures [Health] Flashcards
Who is responsible for paying the cost of a medical examination required in the process of underwriting?
insurer
. What entities make up the Medical Information
Bureau?
Insurers
Who must sign a health insurance application?
The policy owner, the insured (if different), and
the agent
What is the entire contract in health insurance
underwriting?
The application and the policy issued
What is the best way to make a change on an
application for insurance?
Start over with a fresh application
If an insurer decides to obtain medical information from different sources in order to determine
the insurability of an applicant, who must be notified of the investigation?
applicant
What information are the members of the Medical
Information Bureau required to report?
Adverse medical information about the applicants or insured
Whose responsibility is it to inform an applicant
for health insurance about the insurer’s information gathering practices?
agent
What is the term used for a written request for an
insurer to issue an insurance contract based on
the provided information?
application
If an underwriter requires extensive information
about the applicant’s medical history, what report will best serve this purpose?
Attending Physician’s Statement
If an agent makes a correction on the application
for health insurance, who must initial the correct
answer?
applicant
In health insurance, the policy itself and the insurance application form what?
Entire Contract
When should an agent obtain a Statement of
Good Health from the insured?
When the premium was paid upon policy delivery and not at the time of application
If an underwriter requires extensive information about the applicant’s medical history, what report will best serve this purpose?
Attending physician’s statement
What information are the members of the Medical Information Bureau required to report?
Adverse medical information about the applicant’s or the insured
If an insurer decides to obtain medical information from different sources in order to determine the insurability of an applicant, who must be notified of the investigation?
the applicant
Who must sign a health insurance application?
The policy owner , the insured (If different) , and the agent
What law protects consumers against the circulation of inaccurate or obsolete personal or financial information?
The fair credit reporting act
An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated?
Consideration
What phase begins after a new policy is delivered?
Free-look period
Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will obtain?
3 days
An agent is ready to deliver a policy to an applicant but has not yet received payment. Upon delivery, the agent collects the applicant’s premium check, answers any questions the applicant may have, and then leaves. What did he forget to do?
Ask her to sign a statement of good health
The proposed insured makes the premium payment on a new insurance policy. If the insured should die, the insurer will pay the death benefit to the beneficiary if the policy is approved. This is an example of what kind of contract?
Conditional
When would a misrepresentation on the insurance application be considered fraud?
If it’s intentional and material
