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10 Cards in this Set
- Front
- Back
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In insurance contracts, a warranty is a
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A. Product Verification
B. Policy Benefits C. Statement that must be true D. Statement believed to be true |
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When must insurable interest exist in life insurance?
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A. Death of the insured
B. Policy delivery date C. Policy issue date D. Date of application |
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If no receipt is issued at the time of application, a statement of good health is usually required at the time of
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A. Application
B. Policy delivery C. Policy renewal D. The paramedic's report |
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The MIB is
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A. A government entity that reviews medical information.
B. An association of physicians who write insurance rules. C. A directory of paramedical services and providers. D. A source of medical information to alert insurers to adverse medical history. |
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A substandard risk compared to a standard risk would pay
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A. A lower premium.
B. A higher premium. C. The same premium. D. A premium and a surcharge. |
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Which of the following documents describes specific information about policy provisions and benefits?
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A. Buyer's guide
B. Policy illustrations C. Agent's report D. Policy summary |
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All the following may have an insurable interest in the insured EXCEPT
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A. The spouse
B. Insured's children C. The employer D. Insured's close friend |
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Which of the following would be the main source of underwriting information used by the company in the risk selection process?
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A. Application
B. Warranty C. Medical Information Bureau's report D. Attending physician's statement |
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An insured submits the full premium along with a completed application; 10 days later, the policy is issued. When does the coverage begin?
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A. When the policy is received
B. After the free-look period C. On the date of the application D. On the date the policy is issued |
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What is the main responsibility of a company's underwriting unit?
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A. Controlling business written by new agents
B. Marketing and solicitation of insurance C. Issuing policies D. Risk selection and classification |
