Underwriting

Question 1

say you start a business and hire Alex to run it. In this case, you would have an insurable interest in Alex’s life, because if he were to die, you would experience a loss of business profits

Answer 1

Insurable Interest

Question 2

information about a person’s credit history, medical conditions, driving record, criminal activity, and even their participation in dangerous sports.

answer a few questions about medical history and lifestyle

Answer 2

Medical and Consumer Reports

Question 3

gives you the right to be told if information in your credit file is used against you to deny your application for credit, employment or insurance

Answer 3

Fair Credit Reporting Act

Question 4

preferred, standard, and substandard.

Answer 4

Risk Classification

Question 5

where an investor pays a person to take out a large life insurance policy for the person.

Answer 5

. Stranger/Investor-owned life insurance (STOLI/IOLI)