Application. What is the term used for an applicants written request to an insurer for the company to issue a contract, based on the information provided? The agent should ask the customer to sign a statement acknowledging that he is aware of the change.
Which is true regarding obtaining underwriting sources?, which is true regarding obtaining underwriting sources? the applicant must be informed of the sources contracted and how the information is being before a customer’s agent delivers his policy, the insurer makes a last-minute change to the policy. the agent informs the customer of this change, and he accepts it.
Furthermore, When an applicant applies for insurance the process by which?, When an applicant applies for insurance, the process by which the insurer determines whether to issue a policy is called underwriting.
Finally, Whose responsibility is it to determine that all the questions on an insurance application are 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.
Frequently Asked Question:
How does a conditional receipt?
Under a conditional receipt, the applicant and the insurance company form a “conditional” contract that is contingent upon the conditions that existed when an application or medication exam is completed. It provides that the applicant is covered immediately as long as they pass the insurer’s underwriting requirements.
How does a conditional receipt differ from a binding receipt?
How does a conditional receipt differ from a binding receipt? “Binding receipts always provide insurance which starts from the date of receipt“. Only a binding receipt always provides insurance that is effective from the date the receipt is given. You just studied 16 terms!
What is the purpose of a conditional receipt quizlet?
What is the purpose of a conditional receipt? It is intended to provide coverage on a data earlier than the date of the issuance of the policy. An agent and an applicant for life insurance policy fill out and sign the application.
What is insurability conditional receipt?
Glossary: Insurability Conditional Premium Receipt
An insurance company offer that provides for insuring an applicant if he/she were to die before their application and premium reached the Home office.
What would happen if a life insurance applicant is given a conditional receipt from an insurance agent and then dies the next day?
What would happen if a life insurance applicant is given a conditional receipt from an insurance agent and then dies the next day? Claim will be paid if application is approved.
Whose responsibility is it to ensure that the application for health insurance is complete and accurate?
The application must be complete and if any information is left out the underwriters will return the application or conduct additional investigations. It is the agent’s responsibility to check the application for all required signatures.
Who signs an 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 is the best way to change an application insurance?
When a change needs to be made on the application for insurance, which is the best method of correcting the information? Complete a new application or ask the applicant to initial the correction on the original application.
When an insured makes a truthful statement?
When an insured makes truthful statements on the application for insurance and pays the required premium, it is known as what? Consideration. And insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable.
What must an applicant do in order to authorize the release of an attending?
| Question | Answer |
| 61. to authorize the release of an Attending Physician’s Report, the applicant must: | sign a consent form |
| 62. members of the Medical Information Bureau are required to report: | medical impairments found during the underwriting process |
When an applicant applies for a large amount of life insurance coverage which of the following would likely not be an underwriting requirement?
When an applicant applies for a large amount of life insurance coverage, which of the following would likely NOT be an underwriting requirement? Underwriting requirements for life insurance normally do not include an eye exam. The application for insurance is the basic source of insurability information.
What are the factors taken into consideration in insurance?
Description: Insurability of an individual or object is ascertained depending upon the norms and policies of the insurance company. The various factors that are taken into consideration include risk profile, life expectancy, proneness to disease, injury or accidents, etc.
What is the process called by which the insurance company evaluates your risk to be insured?
Underwriting is how an insurance company evaluates its risk. This may be in regard to insuring a home, car, driver, or a person’s health or life. It helps an insurance company decide whether taking a chance on providing coverage to a person or business would be profitable.
What is the biggest source of information used in underwriting?
What is the biggest source of information used in underwriting? The application is the biggest source of information used in underwriting. Who must sign the insurance application? An insurance application requires the agent, proposed insured, and the policyowner if different from the insured to sign it.
What is the term used for an applicant’s written request to an insurer for the company?
Only $3.99/month. What is the term used for an applicant’s written request to an insurer for the company to issue a contract, based on the information provided? A Insurance Request Form.
Who must pay for the cost of a medical examination required in the process of underwriting quizlet?
Who must pay for the cost of a medical examination required in the process of underwriting? An applicant for a health insurance policy returns a completed application to her agent, along with a check for the first premium. She receives a conditional receipt two weeks later.
Which of the following is true regarding elimination periods and the cost of coverage?
Which of the following is true regarding elimination periods and cost of coverage? The longer the elimination period, the lower the cost of coverage. – the elimination period is a period of days which must expire after onset of an illness or occurrence of an accident before benefits will be payable.