• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

Card Range To Study



Play button


Play button




Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

16 Cards in this Set

  • Front
  • Back

Process of evaluating risk


Must be initialed by applicany

Any changes in application

Backdating of Application

No more than 6 months

Requires signatures on Application



Applicant (if not insured)

Application parts

Part I -General

Part II- Health

PartIII - Producers Report

Producers Report

Prepared by producer/agent regarding applicants financial status, habits, chatacter

Conditional Reciept

Premium paid w/ application

Effective date of insurance either date of application completed or date of medical exam.

Can only be issued to preferred risk or standard risk individuals.

Binding Receipt


Application, Medical Exams and testing, Attending Physician Statement, AIDS testing, Medical Information Bureau Consumer Reports Investigative Reports

Sources of Underwriting Information

Classification of Risks

Standard, Preferred, Substandard, Declined

Policy Delivery

To get signed delivery receipt

To get statement of good health

Effective dates of coverage

Premium collected at time of application effective date is date of application or medical exam if required

Fair Credit Reporting Act

Third party info.

Notice to applicant required


Banned in most states

Investors named as beneficiaries

Targeted senior citizens

US Patriot Act

Designed to prevent and detect money laundering and financing of terrorism

ERISA-Employee Retirement Income Security Act

Protects participants in employee benefit plans, qualified pension plans and group insurance plans

Reporting and disclosure information for plan participants