Chapter 5 Exam: Underwriting and Policy Issue Test with
100% Verified Answers
What is the initial source of underwriting for insurance? - -Application
containing statements from insured
Consumer reports requested by an underwriter during the application process
of a life insurance policy can be used to determine: - -Probability of
making timely premium payments
What action should a producer take if the initial premium is not submitted
with the application? - -Forward the application to the insurer without
the initial premium
T applies for a life insurance policy and is told by the producer that the insurer
is bound to the coverage as of the date of the application or medical
examination, whichever is later, provided that T is an acceptable risk. What
item is given to T? - -Conditional Reciept
Upon policy delivery, a signed good health statement is requested from the
applicant, why would this be necessary? - -The initial premium was not
submitted with the application
In order for coverage on a non-medical insurance application to take effect
the same day, the producer must collect a signed application and... - -
The initial premium
An incomplete life insurance application submitted to an insurer will result in
which of these actions? - -Application will be returned to writing agent
, Chapter 5 Exam: Underwriting and Policy Issue Test with
100% Verified Answers
What is being delivered during a policy delivery? - -Insurance contract
to the proposed insured
What is the purchase of the USA Patriot Act? - -Detect and Defer
Terrorism
Any changes made on an insurance application requires the initials of whom?
- -Applicant
ABC Insurance Company has accepted a life insurance application which
contains unanswered questions. The company then makes the application
part of the life contract. In this situation, the insurer has - -Waived one
of its legal rights
When a policyholder cash surrenders a Universal Life Policy in its early years,
this may be considered a red for a(n): - -Anti-Money Laundering
Violation
A Medical Information Report (MIB) report may disclose which of the
following: - -Prior use of marijuana
An underwriter determines that a life insurance applicant's risk should be
reclassified due to a health issue. This policy may be issued with a(n): -
-Extra premium
100% Verified Answers
What is the initial source of underwriting for insurance? - -Application
containing statements from insured
Consumer reports requested by an underwriter during the application process
of a life insurance policy can be used to determine: - -Probability of
making timely premium payments
What action should a producer take if the initial premium is not submitted
with the application? - -Forward the application to the insurer without
the initial premium
T applies for a life insurance policy and is told by the producer that the insurer
is bound to the coverage as of the date of the application or medical
examination, whichever is later, provided that T is an acceptable risk. What
item is given to T? - -Conditional Reciept
Upon policy delivery, a signed good health statement is requested from the
applicant, why would this be necessary? - -The initial premium was not
submitted with the application
In order for coverage on a non-medical insurance application to take effect
the same day, the producer must collect a signed application and... - -
The initial premium
An incomplete life insurance application submitted to an insurer will result in
which of these actions? - -Application will be returned to writing agent
, Chapter 5 Exam: Underwriting and Policy Issue Test with
100% Verified Answers
What is being delivered during a policy delivery? - -Insurance contract
to the proposed insured
What is the purchase of the USA Patriot Act? - -Detect and Defer
Terrorism
Any changes made on an insurance application requires the initials of whom?
- -Applicant
ABC Insurance Company has accepted a life insurance application which
contains unanswered questions. The company then makes the application
part of the life contract. In this situation, the insurer has - -Waived one
of its legal rights
When a policyholder cash surrenders a Universal Life Policy in its early years,
this may be considered a red for a(n): - -Anti-Money Laundering
Violation
A Medical Information Report (MIB) report may disclose which of the
following: - -Prior use of marijuana
An underwriter determines that a life insurance applicant's risk should be
reclassified due to a health issue. This policy may be issued with a(n): -
-Extra premium
