ch 6 life insurance underwriting and
policy issue
In which of the following relationships would there NOT be an insurable interest? - correct answer
✔✔Business owner to business customer
What is the purpose of the Medical Information Bureau (MIB) - correct answer ✔✔To help underwriters
evaluate risk
An underwriter's primary responsibility to an insurer is to protect against - correct answer ✔✔adverse
selection
An insurance company needs to obtain personal information from a third party concerning an applicant.
Which law do all insurers and their producers need to comply with? - correct answer ✔✔Fair credit
reporting act
An attending physician's statement would be appropriate for which life insurance purpose? - correct
answer ✔✔At the request of the insurer to assist in the underwriting decision
An insurance producer is often responsible for field underwriting during the application process. All of
these are possible field underwriting roles EXCEPT - correct answer ✔✔· providing commission
information to the applicant
Which of the following would be a valid reason why a policy premium would be higher than the standard
premium? - correct answer ✔✔The insured does not meet established underwriting requirements
Field underwriting performed by the producer involves - correct answer ✔✔completing the application
and collecting initial premium
Which of the following does a life insurance policy summary normally include? - correct answer ✔✔the
policys cash value
policy issue
In which of the following relationships would there NOT be an insurable interest? - correct answer
✔✔Business owner to business customer
What is the purpose of the Medical Information Bureau (MIB) - correct answer ✔✔To help underwriters
evaluate risk
An underwriter's primary responsibility to an insurer is to protect against - correct answer ✔✔adverse
selection
An insurance company needs to obtain personal information from a third party concerning an applicant.
Which law do all insurers and their producers need to comply with? - correct answer ✔✔Fair credit
reporting act
An attending physician's statement would be appropriate for which life insurance purpose? - correct
answer ✔✔At the request of the insurer to assist in the underwriting decision
An insurance producer is often responsible for field underwriting during the application process. All of
these are possible field underwriting roles EXCEPT - correct answer ✔✔· providing commission
information to the applicant
Which of the following would be a valid reason why a policy premium would be higher than the standard
premium? - correct answer ✔✔The insured does not meet established underwriting requirements
Field underwriting performed by the producer involves - correct answer ✔✔completing the application
and collecting initial premium
Which of the following does a life insurance policy summary normally include? - correct answer ✔✔the
policys cash value
