reason insurance application important quizlet

Which of these is NOT a reason the insurance application is important Quizlet

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  2. Business
  3. Insurance

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Terms in this set (15)

A report which is based on credit worthiness and personal characteristics that influences and insurance applicant eligibility for life and health insurance is called and

Consumer report

The objective of underwriting is to

Avoid selecting a disproportionate Number of bad risks

What must an applicant do in order to authorize the release of an attending physical report

Sign a consent form

An applicant has revealed conditions that require more information. Which of the following is needed Next?

Attending physician statement

Which of the following is not an important reason for a life insurance application

The beneficiary must sign the application before the insurer will issue the policy

When an insurance company request an attending physicians Report, the request must be accompanied by a

Copy of the signed authorization

Which of the following types of information is NOT required for a life insurance application

ethnicity

What are members of the medical information bureau (MIB) Required to report?

Medical ailments discovered during the underwriting process

Which of the following risk classification charges the lowest premium?

Preferred

Which of the following is NOT a risk classification that an underwriter would use?

Divided risk

Most U.S. life insurance companies belong to the

Medical Information Bureau

How does a conditional receipt differ from a binding receipt

Binding receipts always provide insurance which starts from the date of receipt

When an applicant applies for insurance, the process by which the insured determines whether to issue a policy is called

Underwriting

Which of the following risk classification charges the highest premium?

Standard

The objective of underwriting is to

Avoid selecting a disproportionate number of bad risk

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Which of the following is not an important reason for a life insurance application?

Which of the following types of information is NOT required for a life insurance application? Ethnicity is not required information needed for a life insurance policy.

Which of the following is not a necessary element of an insurance policy quizlet?

Which of the following is NOT an essential element of an insurance contract? In order for insurance contracts to be legally binding, they must have four essential elements: agreement (offer and acceptance), consideration, competent parties, and legal purpose. Counteroffer is not required.

What is the purpose of having insurance quizlet?

The purpose of insurance is to protect against losses caused by pure risk. This is accomplished through the insurance contract, which requires one party to pay a specified sum to another if a previously identified event occurs.

Which of these actions should a producer take when submitting an insurance application to an insurer?

One of the actions a producer should take when submitting an application is to advise the insurer of any other relevant information not contained in the application.

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