Why is an applicant’s signature required on a life insurance application? T applies for a life insurance policy and is told by the producer that
the insurer is bound to the coverage as of the date of the application or medical examination
, whichever is later.
What is an applicant signature required on a life 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.
Why is an applicant signature required on a life insurance application quizlet?
signature on an application is
required before a life policy will be issued
. Agent J takes an application and initial premium from an applicant and sends the application and premium check to the insurance company.
Who signs a life insurance application?
The application is defined as a “form supplied by the insurance company, usually filled in by the agent and medical examiner (if applicable) on the basis of information received from the applicant. It is
signed by the applicant
and is part of the insurance policy if it is issued.
What are considered sources of underwriting information about an applicant?
Your application: The basic source of underwriting information is
your completed application for term insurance
. The questions on the application are designed to give the insurer much of the information needed to make a decision.
What is a field underwriter’s main task?
Field underwriters
inspect the property listed in insurance applications to determine whether or not their employer should approve the application and provide coverage for the home
, building, car, or other property.
When would a misrepresentation on the insurance?
Applicants commit fraud when they
make willful misrepresentation with intent to defraud or deceive
. If the insurance company proves that the insured intended to deceive by providing wrong information on the application, it can invoke a policy rescission beyond a two-year incontestable period.
Which statement is true regarding a minor beneficiary?
Which statement is true regarding a minor beneficiary? In most cases, insurers require that
a guardian be appointed in the Beneficiary clause of the policy
or that a guardian be designated in the will.
When an employee is terminated Which statement about a group term life conversion is true?
When an employee is terminated, which statement about a group term life conversion is true? The correct answer is “
Policy proceeds will be paid if the employee dies during the conversion period
“. An individual must apply for individual coverage within 31 days after the date of group coverage termination.
What provision in a life insurance policy states that the application is considered?
The entire contract clause
states that the life insurance policy and attached application constitute the complete contract between the insurer and policyowner. No statement can be used by the insurer to void the policy unless the statement is a material misrepresentation and is part of the application.
What prevents you from getting life insurance?
- Anxiety and depression.
- Asthma.
- Diabetes.
- Heart disease.
- High blood pressure.
- High cholesterol.
- HIV.
- Obesity.
What information do life insurance companies have access to?
Insurance companies will ask for personal information such as
your Social Security number and birth date
to confirm your identity. They may also want to know what your salary is because they might limit how much insurance you can get based on your annual earnings. It’s important to answer questions honestly.
Can life insurance ask for medical records?
Life insurance companies may only access your medical records if you provide written consent
. If you grant permission, they can see a variety of information, including: Doctor visits – the reason and the diagnosis. Any prescribed medications.
How do you get information from underwriting?
- Fill out the insurance closing request form (SPPA).
- Interview.
- Test series, such as medical tests, vehicle or building eligibility tests, and so on.
- Direct survey.
Which is not a source of underwriting information?
Terms in this set (21) Which of these is NOT considered to be a risk factor in life insurance underwriting?
The National Association of Insurance Underwriters
is NOT a source of information that may aid an underwriter in determining whether to underwrite a risk.
Whose responsibility is it to determine if all the questions on an application have been answered?
Whose responsibility is it to determine if all of the questions on an application have been answered? It is the responsibility of
the agent
to make sure that the application has been properly signed and that all questions have been answered correctly.
