WI LIFE INSURANCE LATEST
How does life insurance reduce financial loss upon the insured's death? -
ANSWERS-By transferring the risk to the insurer
The person who submits an application for insurance is always referred
to as the _______. - ANSWERS-Applicant
In order for a life insurance policy to be valid, insurable interest must
exist at time of _________. - ANSWERS-Application
Ultimately it is up to the _______ to determine if the proposed insured is
an acceptable risk. - ANSWERS-Home office underwriter
The National Do Not Call Registry requires companies to update their
list at least once every ______ days. - ANSWERS-31
An insurable interest must exist between the _______ and the ________
at the time of application for life insurance to be valid. - ANSWERS-
Applicant/Insured
A (an)_________ is used when the insured's age, medical history, or
amount of coverage does not require a medical exam for underwriting
purposes. - ANSWERS-Nonmedical application
END OF
PAGE
1
, WI LIFE INSURANCE LATEST
Medical exams are requested in all of the following situations, except: -
ANSWERS-Low amount of premium
The process of calculating life insurance net premium requires
consideration of all of the following, except: - ANSWERS-The
morbidity rates to be used
To purchase the greatest amount of coverage, for the least amount of
initial premium, a client would purchase which of the following? -
ANSWERS-A term policy
An applicant's signature on an application indicates what? - ANSWERS-
That their statements are true
Which of the following is a policy not issued with a rating? -
ANSWERS-Preferred Rate
The _________ settlement industry has increased awareness of
STOLI/IOLI. - ANSWERS-Life
END OF
PAGE
2
, WI LIFE INSURANCE LATEST
All of the following are true regarding disclosures at the point of sale
and issues relating to AIDS, except: - ANSWERS-Much like illegal
drugs and nicotine the applicant does not have to provide consent prior
to insurer's testing for HIV
In determining the proper amount of life insurance, the Needs Analysis
Approach takes into consideration all of the following factors, except: -
ANSWERS-The projected future value of services provided by the
insured
The Attending Physician's Statement (APS) is completed by: -
ANSWERS-An applicant's physician to provide information about the
applicant's medical history
Which of the following is a type of rating that does not involve an extra
premium being assessed? - ANSWERS-The lien plan
A generic brochure was developed by the ________ to assist prospective
buyers of life insurance, which includes descriptions of all the basic
types of life insurance and comparisons of their relative costs. -
ANSWERS-NAIC
END OF
PAGE
3
, WI LIFE INSURANCE LATEST
Interest earned on premiums paid to an insurer helps to ________ the
premiums charged. - ANSWERS-Lower
An Errors & Omissions policy primarily covers the liability of: -
ANSWERS-A producer or agency
A typical life insurance application contains how many parts? -
ANSWERS-2
Which of the following medical reports cannot be used as the sole basis
for rating or denying coverage to an applicant? - ANSWERS-MIB
What happens if an applicant discovers that there has been inaccurate or
incomplete information in any report used during the underwriting
process for life insurance? - ANSWERS-The applicant has the right to
challenge the inaccurate or incomplete information
Of the following, which can a home office underwriter solely use to
determine insurability of an applicant based on age, medical history, and
amount of coverage? - ANSWERS-A nonmedical application
END OF
PAGE
4
How does life insurance reduce financial loss upon the insured's death? -
ANSWERS-By transferring the risk to the insurer
The person who submits an application for insurance is always referred
to as the _______. - ANSWERS-Applicant
In order for a life insurance policy to be valid, insurable interest must
exist at time of _________. - ANSWERS-Application
Ultimately it is up to the _______ to determine if the proposed insured is
an acceptable risk. - ANSWERS-Home office underwriter
The National Do Not Call Registry requires companies to update their
list at least once every ______ days. - ANSWERS-31
An insurable interest must exist between the _______ and the ________
at the time of application for life insurance to be valid. - ANSWERS-
Applicant/Insured
A (an)_________ is used when the insured's age, medical history, or
amount of coverage does not require a medical exam for underwriting
purposes. - ANSWERS-Nonmedical application
END OF
PAGE
1
, WI LIFE INSURANCE LATEST
Medical exams are requested in all of the following situations, except: -
ANSWERS-Low amount of premium
The process of calculating life insurance net premium requires
consideration of all of the following, except: - ANSWERS-The
morbidity rates to be used
To purchase the greatest amount of coverage, for the least amount of
initial premium, a client would purchase which of the following? -
ANSWERS-A term policy
An applicant's signature on an application indicates what? - ANSWERS-
That their statements are true
Which of the following is a policy not issued with a rating? -
ANSWERS-Preferred Rate
The _________ settlement industry has increased awareness of
STOLI/IOLI. - ANSWERS-Life
END OF
PAGE
2
, WI LIFE INSURANCE LATEST
All of the following are true regarding disclosures at the point of sale
and issues relating to AIDS, except: - ANSWERS-Much like illegal
drugs and nicotine the applicant does not have to provide consent prior
to insurer's testing for HIV
In determining the proper amount of life insurance, the Needs Analysis
Approach takes into consideration all of the following factors, except: -
ANSWERS-The projected future value of services provided by the
insured
The Attending Physician's Statement (APS) is completed by: -
ANSWERS-An applicant's physician to provide information about the
applicant's medical history
Which of the following is a type of rating that does not involve an extra
premium being assessed? - ANSWERS-The lien plan
A generic brochure was developed by the ________ to assist prospective
buyers of life insurance, which includes descriptions of all the basic
types of life insurance and comparisons of their relative costs. -
ANSWERS-NAIC
END OF
PAGE
3
, WI LIFE INSURANCE LATEST
Interest earned on premiums paid to an insurer helps to ________ the
premiums charged. - ANSWERS-Lower
An Errors & Omissions policy primarily covers the liability of: -
ANSWERS-A producer or agency
A typical life insurance application contains how many parts? -
ANSWERS-2
Which of the following medical reports cannot be used as the sole basis
for rating or denying coverage to an applicant? - ANSWERS-MIB
What happens if an applicant discovers that there has been inaccurate or
incomplete information in any report used during the underwriting
process for life insurance? - ANSWERS-The applicant has the right to
challenge the inaccurate or incomplete information
Of the following, which can a home office underwriter solely use to
determine insurability of an applicant based on age, medical history, and
amount of coverage? - ANSWERS-A nonmedical application
END OF
PAGE
4
