Unit 2 life insurance underwriting

Question 1

Changes in the application

Answer 1

must be initialed by the applicant

Question 2

backdating

Answer 2

Usually no more than 6 months

Question 3

Required signatures

Answer 3

Insured, Producer/agent Applicant (if not the insured)

Question 4

Producers Report

Answer 4

Completed by the producer/agent Not attached to policy if issued

Question 5

Conditional Receipt

Answer 5

Premium paid with application

Question 6

Conditional Receipt

Answer 6

Insurance effective–later of Date applicatoin completed and signed Medical Exam (if required)

Question 7

Conditional Receipt

Answer 7

Must be standard or preferred risk–Can be determined after death

Question 8

Binding receipt

Answer 8

Temporary. Not common in Life Insurance