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12 Cards in this Set

  • Front
  • Back

Underwriting

Is the risk selection and classification process.

Know this

Conditional receipt means the application may be covered as early as the date of the application

Know this

Insurance interests must exit at time of application

Know this

The policyowner must have insurable interest in the life of the insured

Know this

An insurance application is the key source under writers use for information about the application

The Fair Credit Reporting Act

Established procedures that consumer- reporting agencies must follow in order to ensure that record are confidential, accurate, relevant, and properly used.

Consumer report

Include written and/or oral information regarding a consumer's credit, character, reputation,or habits collected by a reporting agency from employment records, credit reports, and other public sourcs

Investigative Consumer Report

Are similar to consumer reports in that they also provide information on the consumer's character,reputation, and habits.

Fair credit reporting Art

Is liable in the amount equal to the loss to the consumer, as well as any reasonable attorney fees incurred in the process

Medical information bureau (MIB)

Is a membership corporation owned by members insurance companies

Nonprofit trade organization

Which receives adverse medical information from insurance companies and maintains confidential medical impairment information on individual

Know this

Insurers cannot refuse coverage solely on the basis of adverse information on an MIB report