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Terms in this set (50)A Medical Information Report (MIB) report may disclose which of the following Prior use of marjuana An incomplete life insurance application submitted to an insurer will result in which of these actions? Application will be returned to the writing agent A life insurance application must be signed by all of these EXCEPT beneficiary A statement made by an insured in an insurance application that must be true to the best of one's knowledge and which becomes a part of the contract is known as a representation Which of these terms accurately defines an underwriter's assessment of information on a life insurance application? Risk classification M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT policy is delivered free-look period has expired A student pilot can pay regular premium costs for her life insurance policy with the addition of which of the following? Aviation exclusion Why is an applicant's signature required on a life insurance application? To attest that the statements on the application are accurate to the best of the applicant's knowledge Before a life insurance policy is issued, which of these components of the contract is required? Applicant's signature on application What is the purpose of a Policy Summary? It highlights the critical parts of the policy issued n order for coverage on a non-medical insurance application to take effect the same day, the producer must collect a signed application and the initial premium On January 8, an applicant filled out an application for a life insurance policy but did not include the initial premium. The insurance company approved the application on January 14 and issued the policy January 15. The producer delivered the policy on January 26 and collected the first premium. When did the coverage become effective? January 26 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 Any changes made on an insurance application requires the initials of whom? The applicant What is being delivered during a policy delivery? Insurance contract to the proposed insured An underwriter determines that an applicant's risk should be recategorized due to a health issue. This policy may be issued with a(n) exclusion for the medical condition What is the purpose of the U.S.A. Patriot Act? Detect and deter terrorism Upon delivery of a rated life
insurance policy, the Producer must obtain each of the following EXCEPT Signed HIPAA disclosure An agent gives a conditional receipt to a client for an insurance policy after collecting the initial premium. When will the policy become effective? When the conditions of the receipt are met An applicant's medical information received from the Medical Information Bureau (MIB) may be furnished to the applicant's physician What action should a producer take if the initial premium is NOT submitted with the application? Forward the application to the insurer without the initial premium P is a producer who notices 5 questions on a life application were not answered. What actions should P take? Set up a meeting with the applicant to answer the remaining questions Under the USA Patriot Act, insurers are required to report receipt of cash payments in excess of $10,000 Which of
these actions should a producer take when submitting an insurance application to an insurer? Inform insurer of relevant information not included on the application What would the Medical Information Bureau (MIB) identify? Testing positive for marijuana use from a previous screening Which Federal law allows an insurer to obtain an inspection report on a potential insured? Fair Credit Reporting Act Which parts of a life insurance policy are guaranteed to be true? Warranty At what time must a policyowner have insurable interest on the insured in order for the life policy to be valid? At the time of application On delivery of a policy, a signed statement of good health is typically requested if The application was submitted without the initial premium ABC Insurance Company has accepted a life insurance application which contains unanswered questions. The company then makes the application part of the life contract. In this situation, the insurer has waived one of its legal rights When a policyowner cash surrenders a Universal Life insurance policy in it's early years, this may be considered a red flag for a(n) Anti-Money Laundering violation An insurance company may NOT reject a prospective insured's life application on the basis of which of the following factors? Gender Which of these do NOT constitute policy delivery? Policy issued with a rating All of these are considered sources of underwriting information about an applicant EXCEPT Rating Services Consumer reports requested by an underwriter during the application process of a life insurance policy can be used to determine probability of making timely premium payments Information obtained from a phone conversation to the proposed insured can be found in which of these reports? Inspection Report The USA Patriot Act was enacted in 2001 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, when will coverage be effective? The date the agent delivered the policy, collected the initial premium, and obtained a good health statement from the insured T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later. Assuming that T is an acceptable risk, what item is given to T? conditional receipt 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 producer on August 20 and D explains what had recently taken place with the doctor. What action should the producer then take? Collect initial premium along with a signed health statement When an insurance application is taken by a producer, which of these statements is true? Any changes made on the application require the applicant's initials Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation? Policy was returned within the free-look period, premium will be fully refunded Which of the following correctly explains the actions an agent should take if a customer wants to apply for an insurance policy? 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 Which factors are taken into consideration when an insurance company determines the premium rate for a Whole Life policy on an applicant? Risk classification When does a life insurance contract become effective if the initial premium is not collected during the application process? When producer delivers policy and collects initial premium Which of these factors do NOT play a role in the underwriting of a life insurance policy? Marital status 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 K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved. What kind of receipt was used? Conditional Which of the following statements is CORRECT about an agent who is taking an insurance application? The agent should have the applicant initial any changes made on the application The underwriting process involves all of these EXCEPT for policy loan Students also viewed#6 Group Life10 terms kaitlin_mcintosh 5 - Life Insurance Underwriting and Policy Issue51 terms N_Ritchie Chapter 6 Exam - Group Life10 terms kayce_holder 5 - Life Insurance Underwriting and Policy Issue31 terms mercyx21 Sets found in the same folderLife Insurance Ch. 3 - Life Policies & Life Provis…77 terms anfiordland1 4 - Life Insurance Premiums, Proceeds and Benefici…24 terms mercyx21 5 - Life Insurance Underwriting and Policy Issue31 terms mercyx21 6 - Group Life Insurance13 terms mercyx21 Other sets by this creatorTexas Insurance Laws56 terms christina_collins5 Policy Underwriting11 terms christina_collins5 Health Insurance Policy Provisions62 terms christina_collins5 Senior Plans15 terms christina_collins5 Verified questions
algebra Use the table discussed before to find the amount that needs to be invested today to receive payments for the specified length of time. $$ \begin{array}{lll} \text{Payment amount} & \text{Annual interest rate} & \text{Years }& \text{Frequence of payments} & \text{Sinking fund payment }\\ \\ \$ 10,000 & 8 \% &5 & \text{Quarterly} & \underline{\qquad\qquad\qquad}\\ \end{array} $$ Verified answer
economics Nicolas has asked for a raise. His boss must decide whether to approve his request. If Nicolas doesn't get the raise, he will have to decide whether to stay at his job or quit. Construct a decision tree for these sequential decisions and choose a payoff structure where Nicolas has a dominant strategy to stay at his job even without getting the raise. Verified answer algebra Add. $$ \$450.00 +\$9.50 + \$40.00 $$ Verified answer
algebra Kristin Thomas’ job expenses last year were: tools, $1,250; work supplies,$180; work clothes, $360; union dues,$480; truck expenses, $3,800. Her total job benefits for the year were$48,000. Find Kristin’s net job benefits. Verified answer Recommended textbook solutions Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions
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Business Math17th EditionMary Hansen 3,734 solutions Other Quizlet setsBIOL 2150 - The Endocrine System62 terms alex_bowen1 Comm Theory68 terms megangelber12Plus AIS Exam 2 pt 253 terms maishawalker43 What is the purpose of the Medical Information Bureau MIB quizlet?What is the purpose of the Medical Information Bureau (MIB)? To help underwriters evaluate risk. Statements made by an insurance applicant on an application are considered to be what? Describe the three basic parts of an application.
What is the Medical Information Bureau quizlet?he Medical Information Bureau (MIB) provides extensive medical history to insurance companies regarding applicants to life insurance.
What is a MIB report quizlet?the Medical Information Bureau (MIB) report. a medical exam (including an electrocardiogram, or EKG; treadmill test; or other examination by a physician)
Which of the following best describes MIB quizlet?Which of the following best describes the MIB? The MIB is a nonprofit association that collects information about individuals' medical conditions and insurability.
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What would the Medical Information Bureau MIB identify quizlet?
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