Life Insurance Underwriting and Policy Issue
(xcel solutions)
What would the Medical Information Bureau (MIB) identify? - Correct Answer
✔️✔️The Medical Information Bureau (MIB) report will identify marijuana
use determined by a previous screening.
On delivery of a policy, a signed statement of good health is typically requested
if - Correct Answer ✔️✔️The application was submitted without the initial
premium
Which of the following correctly explains the actions an agent should take if a
customer wants to apply for an insurance policy? - Correct Answer ✔️✔
️Complete the application and review the information with the customer prior
to obtaining the customer's signature, then send the application off to the
insurance company
,An insurance company may NOT reject a prospective insured's life application
on the basis of which of the following factors? - Correct Answer ✔️✔
️Gender
Who is NOT required to sign a life insurance application? - Correct Answer ✔
️✔️Beneficiary
At what time must a policyowner have insurable interest on the insured in order
for the life policy to be valid? - Correct Answer ✔️✔️At the time of
application
With life insurance, insurable interest must exist only at the policy inception.
The USA Patriot Act was enacted in - Correct Answer ✔️✔️The USA
Patriot Act was enacted in 2001 to detect and deter terrorism.
, A Medical Information Report (MIB) report may disclose which of the following -
Correct Answer ✔️✔️Prior use of marjuana
A Medical Information Report (MIB) may disclose lifestyle habits such as drugs,
drinking, overeating and smoking.
In order for coverage on a non-medical insurance application to take effect the
same day, the producer must collect a signed application and - Correct Answer
✔️✔️the initial premium
Coverage begins on the day in which the producer collects the initial premium
and has the applicant sign the life insurance contract.
Why is an applicant's signature required on a life insurance application? -
Correct Answer ✔️✔️To attest that the statements on the application are
accurate to the best of the applicant's knowledge
(xcel solutions)
What would the Medical Information Bureau (MIB) identify? - Correct Answer
✔️✔️The Medical Information Bureau (MIB) report will identify marijuana
use determined by a previous screening.
On delivery of a policy, a signed statement of good health is typically requested
if - Correct Answer ✔️✔️The application was submitted without the initial
premium
Which of the following correctly explains the actions an agent should take if a
customer wants to apply for an insurance policy? - Correct Answer ✔️✔
️Complete the application and review the information with the customer prior
to obtaining the customer's signature, then send the application off to the
insurance company
,An insurance company may NOT reject a prospective insured's life application
on the basis of which of the following factors? - Correct Answer ✔️✔
️Gender
Who is NOT required to sign a life insurance application? - Correct Answer ✔
️✔️Beneficiary
At what time must a policyowner have insurable interest on the insured in order
for the life policy to be valid? - Correct Answer ✔️✔️At the time of
application
With life insurance, insurable interest must exist only at the policy inception.
The USA Patriot Act was enacted in - Correct Answer ✔️✔️The USA
Patriot Act was enacted in 2001 to detect and deter terrorism.
, A Medical Information Report (MIB) report may disclose which of the following -
Correct Answer ✔️✔️Prior use of marjuana
A Medical Information Report (MIB) may disclose lifestyle habits such as drugs,
drinking, overeating and smoking.
In order for coverage on a non-medical insurance application to take effect the
same day, the producer must collect a signed application and - Correct Answer
✔️✔️the initial premium
Coverage begins on the day in which the producer collects the initial premium
and has the applicant sign the life insurance contract.
Why is an applicant's signature required on a life insurance application? -
Correct Answer ✔️✔️To attest that the statements on the application are
accurate to the best of the applicant's knowledge
