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16 Cards in this Set
- Front
- Back
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Process of evaluating risk |
Underwriting |
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Must be initialed by applicany |
Any changes in application |
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Backdating of Application |
No more than 6 months |
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Requires signatures on Application |
Insured Producer/Agent Applicant (if not insured) |
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Application parts |
Part I -General Part II- Health PartIII - Producers Report |
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Producers Report |
Prepared by producer/agent regarding applicants financial status, habits, chatacter |
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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. |
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Binding Receipt |
Temporary |
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Application, Medical Exams and testing, Attending Physician Statement, AIDS testing, Medical Information Bureau Consumer Reports Investigative Reports
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Sources of Underwriting Information |
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Classification of Risks |
Standard, Preferred, Substandard, Declined
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Policy Delivery |
To get signed delivery receipt To get statement of good health |
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Effective dates of coverage |
Premium collected at time of application effective date is date of application or medical exam if required |
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Fair Credit Reporting Act |
Third party info. Notice to applicant required
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STOLI/IOLI |
Banned in most states Investors named as beneficiaries Targeted senior citizens |
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US Patriot Act |
Designed to prevent and detect money laundering and financing of terrorism |
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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 |
