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