Insurable Interest In One'S Own Life Is Legally Considered As

Question: When the disclosure of an insured’s nonpublic information is involved, what is the insurer obligated to do?

Answer: Give notice, explain, and allow opting out

Question: Which report contains information regarding an individual’s general reputation and credit standing?

Answer: Consumer report

Question: When does the producer give a premium receipt for a life insurance application?

Answer: When the initial premium has been paid with the application

Question: The principal source of information concerning an applicant’s identity, age, and marital status is found in the

Answer: completed application

Question: A signed good health statement may be requested by a life producer at the time of

Answer: policy delivery

Question: When an applicant applies for a large amount of life insurance coverage, which of the following would likely NOT be an underwriting requirement?

Answer: Eye examination

Question: The initial premium for a life insurance policy is typically paid in what way?

Answer: It is typically obtained by the producer and forwarded to the insurer

Question: The reason for backdating a policy is

Answer: to obtain a premium rate based on an earlier age

Question: An applicant submits a life insurance application where an investigative consumer report is used in the underwriting process. Which of these statements is true?

Answer: Applicant has a right to receive a copy of the report

Question: Field underwriting by a producer

Answer: may result in the disclosure of hazardous activities of the applicant