Which of these do NOT constitute policy delivery?
Policy mailed to applicant
Policy mailed to agent
Policy delivered to the applicant by the agent
Policy issued with a rating
The underwriting process involves all of these EXCEPT for
Credit report
Policy loan
Risk classification
Application
K is an agent who takes an application for individual life insurance and accepts a check from the client. He submits the application and check to the insurance company, however the check was never signed by the applicant. If the application is approved, w
The date the sales appointment was made
The date the application was submitted to the insurance company
The date of application
The date the agent delivered the policy, collected the initial premium, and obtained a good health statement from the insured
Agent J takes an application and initial premium from an applicant and sends the application and premium check to the insurance company. The insurance company returns the check back to J because the check is made out to J instead of the insurance company.
Deposit the applicant's check into his account and make a personal check out to the insurance company from his personal account
Return to the customer, collect a new check made out to the insurance company, and send the new check out to the insurance comp
An applicant's medical information received from the Medical Information Bureau (MIB) may be furnished to the
agent
applicant's spouse
National Association of Insurance Commissioners (NAIC)
applicant's physician
Information obtained from a phone conversation to the proposed insured can be found in which of these reports?
Agent's report
MIB report
Inspection report
Attending physician's report
In order for coverage on a non-medical insurance application to take effect the same day, the producer must collect a signed application and
a Medical Information Report
the initial premium
forward it immediately to the insurer
Attending Physician Statement
From what authority derives the requirement that an insurance application contains a disclosure stating that an investigative consumer report may be obtained on an applicant?
Fair Credit Reporting Act
Medical Information Bureau
Part III of the application
Life Insurance Buyer's Guide
P completes an application for a $10,000 life policy, but does not give the producer the initial premium. P's coverage becomes effective when
P receives the policy and pays the premium
P passes the medical examination
the producer receives the policy
the insurance company approves the policy
Which of the following statements is CORRECT about an agent who is taking an insurance application?
The agent should avoid asking the applicant questions that may cause embarrassment
The agent should have the applicant initial any changes made on the application
The agent may allow a member of the applicant's immediate family to sign the application if
All of these are considered sources of underwriting information about an applicant EXCEPT
Inspection Report
Credit Report
Rating Services
Medical Information Bureau
Which of these actions should a producer take when submitting an insurance application to an insurer?
Issue a binding receipt to applicant if no initial premium is submitted
Disclose to the applicant the amount of commissions to be earned on this transaction
Inform insurer of relevant information not included on the application
Arrange for a copy of the A
What is being delivered during a policy delivery?
A binding receipt to the proposed insured
Insurance contract to the proposed insured
Application and initial premium to the insurer
Policy summary sheet and disclosure material to the proposed insured
On August 6, D submitted an application for a $50,000 Life Insurance policy and did not pay the initial premium. On August 18, D went to his doctor complaining of chest pains and some tests were given by the doctor. The life policy was delivered by the pr
Collect initial premium
Collect initial premium along with a signed health statement
Explain to the applicant the policy is no longer in effect due to change in health condition
Collect initial premium and leave a binding receipt
Which of these terms accurately defines an underwriter's assessment of information on a life insurance application?
Risk classification
Warranty review
Insurable interest
Inspection report