Test Questions

Question 1

If you don’t submit a premium with your insurance application, when does it become effective?

Answer 1

When the applicant pays the first premium after the contract has been delivered to the applicant

Question 2

A temporary insurance agreement, also called a binding receipt, is temporary coverage until an application is _____

Answer 2

accepted or rejected

Question 3

Is group life insurance available to a group of creditors or debtors?

Answer 3

DEBTORS

Question 4

If a creditor requires credit life or health insurance as additional security on a debt, the debtor must be given the option to get required coverage from ____ coverage or from ______ insurer

Answer 4

existing coverage or any authorized insurer

Question 5

How is the MIB organized?

Answer 5

As a non-profit - no private hospitals

Question 6

Does an applicant need to sign an authorization form for information from the MIB to be given to a member company?

Answer 6

YES

Question 7

A rider on a whole life policy that adds temporary coverage for a spouse and children is called a ____

Answer 7

family term rider