Texas Life Insurance exam with correct solutions

Who is considered a field underwriter? An agent When must insurable interest exist in life insurance? Application or issue date If no receipt is issued at the time of application, a statement of good health is usually required at the time of? Policy delivery The Medical Information Bureau is?(MIB) a source of medical information to alert insurers to adverse medical history A substandard risk compared to a standard risk would pay? a higher premium Which document describes specific information about policy provisions and benefits? Policy summary Does not have an insurable interest? Insured's best friend What is the main source of underwriting information used by the company in the risk selection process? Application An insured submits the full premium along with a completed application, and the policy is issued 10 days later. When does the coverage begin? On the date of application What is the main responsibility of a company's underwriting unit? Risk selection and classification What best describes the USA PATRIOT Act with regards to the insurance industry? To prevent terrorism activities through monitoring of financial transactions