The beneficiary
is not required to sign a life insurance application as they do not own or own the policy.
Why is an applicant signature required on a health insurance application?
Why is an applicant's signature required on a life insurance application? A signature is required on a life insurance application
to acknowledge the purchase of insurance coverage and the permission of a medical background check
.
What action should a producer take when submitting an insurance application to an insurer?
Terms in this set (51) What action should a producer take if the initial premium is NOT submitted with the application? The correct answer is “
Forward the application to the insurer without the initial premium
“. In this situation, the producer should submit the application to the insurance company without the premium.
Does an insurance application have to be signed?
we require the insured's signature on every insurance application
. “One of our brokers has invoked the “law of agency” as a rationale for submitting apps with his signature only, in lieu of the policyholder's.
Who signs a life insurance policy?
Generally there are three parties to a life insurance policy:
The policyholder: Person who owns the policy. The insured: Person whose life is insured. The beneficiary: Person who collects the death benefit when the insured person dies
.
Which provision is not a requirement in a group life policy?
Which provision is NOT a requirement in a group life policy?
An AD&D provision
is not required in a group life policy. The correct answer is “the entire cost of the plan is paid for by the employer”. When an employer provides noncontributory group term life insurance, the employer pays the entire cost of the plan.
In which of the following relationships would there not be an insurable interest?
Insurable interest generally is present in blood relationship but would not exist in the following scenarios unless there is proof of financial dependence:
Aunts and uncles
. Cousins. Nieces and nephews.
What is an insurance application?
Application —
a form providing the insurer with certain information necessary to underwrite a given risk
. The applicant completes it to receive insurance.
Which of the following actions will an insurance company most likely not take if an applicant who has diabetes applies for a disability income policy?
Which of the following actions will an insurance company most likely NOT take if an applicant, who has diabetes, applies for a Disability Income policy? The correct answer is “
Issue the policy with an altered Time of Payment of Claims provision
“.
What would happen if a life insurance applicant is given a conditional receipt?
A conditional receipt gives an insurance company a window of time in which they can ultimately issue or refuse to approve the policy. If during this time, the applicant for a life insurance contract dies,
the company will pay a death benefit if the policy would have been issued
.
What is not a consideration in a policy?
Lack of consideration means that
one of the parties to a contract is not obligated in any way, while the other party holds all obligation to act
. Generally, courts will not interfere with parties to a contract.
Which of these life insurance riders allows the applicant?
Term riders
allow an applicant to have excess life insurance coverage.
At what time must a policy owner have insurable interest on the insured in order for the life policy to be valid?
For life insurance, the insurable interest only needs to exist
at the time the policy is purchased
. Since a policyowner must have an insurable interest in the insured at the time the policy is purchased, individuals cannot arbitrarily take out a life insurance policy on anyone they want.
What provision in a life insurance policy states that the application is considered?
What provision in a life insurance policy states that the application is considered part of the contract?
The Entire Contract provision
, found at the beginning of the policy, states that the policy document, the application (which is attached to the policy), and any attached riders constitute the entire contract.
Can insurance agents lie?
The simple answer?
Generally, yes
. If an insurance company knowingly lies to a customer, it often can be held responsible for any emotional or punitive damages suffered by the plaintiff.
Which of the following would qualify as a competent party?
Competent parties are
parties who are themselves legally capable of entering into agreements and contracts
. For an insurance contract to be valid, both parties must be competent. People who may not qualify as competent parties include minors and people with severe mental disabilities.
What is included in Part 1 of an insurance application?
By signing this Application – Part I, the Proposed Insured or the person authorized to act on the Proposed Insured's behalf: (1)
authorizes each Source to give Information when this Authorization is presented; and (2) acknowledges receipt of the Notice to Proposed Insured and Owner
.
What is a policyholder in insurance?
In the insurance world, a policyholder — which you may also see written as “policy holder” (with a space) — is
the person who owns the insurance policy
. As a policyholder, you are the one who purchased the policy and can make adjustments to it. Policyholders are also responsible for making sure their premiums get paid.
Is the policyholder the insured?
The policyholder is the owner of the policy, also called the named insured
. They get all the benefits the policy offers.
Can the insured and beneficiary be the same person?
The insured and policyowner are often the same person, but not always. The policyowner and beneficiary can also be the same person, but
the insured and beneficiary cannot be the same person
.
Which of the following groups is not eligible for group life insurance?
Which of the following is NOT an eligible group to obtain group life insurance? Group life insurance is limited to
employer groups, multiple employer trusts, labor unions, group credit life insurance, and association plans
.
Which of the following is an eligibility requirement for using the health insurance marketplace?
To be eligible to enroll in Marketplace Health Insurance, you must
live in the U.S., be a U.S. citizen or national (or be lawfully present), and not be incarcerated
. If you have Medicare coverage, you're not eligible to use the Marketplace to buy a health or dental plan.
Is life insurance mandatory for employees?
Yes, medical insurance for employees is compulsory in India post the nation-wide COVID-19 lockdown in 2020
. Before getting into the details, here's a quick explanation of the Group Mediclaim Policy. When you buy insurance for yourself, it is known as Individual Health Insurance.
Which of the following individuals must have insurable interest in the insured?
ANSWER: D EXPLANATION:
The policyowner
must have an insurable interest in the insured (his/her own life if the policyowner and the insured is the same person), or in the life of a family member or a business partner.
What is not considered an insurable interest?
In general,
persons who do not suffer any financial loss due to damage or destruction of the property or person
do not have an insurable interest. An insurance policy provides a cover for the risk exposure to a policyholder.
Who can have insurable interest?
A person or entity
has an insurable interest in an item, event, or action when the damage or loss of the object would cause a financial loss or other hardships. To have an insurable interest a person or entity would take out an insurance policy protecting the person, item, or event in question.
