Exam Fx Study Guide Questions And Answers Latest Update With Complete Solution

Exam Fx Study Guide What phase begins after a new policy is delivered? - Free look period In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. What contract element does this describe? - Unilateral What is the term used for an applicant's written request to an insurer for the company to issue a contract, based on the information provided? - application Whose responsibility is it to determine if all of the questions on an application have been answered? - the agent An insured is upset that her new health insurance policy was delivered to her by certified mail and not through her agent. Which of the following is true? - (there is nothing wrong with this form of policy delivery) Although it is advisable for an agent to personally deliver a policy, in order to answer any questions and insure delivery, it is legal for a policy to be effectively delivered without the presence of an agent. It is legal to deliver a policy through some types of mail The Medical Information Bureau (MIB) was created to protect - Insurance companies from adverse selection by high risk persons