When a policyowner cash surrenders a Universal Life insurance policy in it's early years, this may be considered a red flag for a(n): Show
Anti-money laundering violation A life insurance application must be signed by all of these except An incomplete life insurance application submitted to an insurer will result in which of these actions? Application will be returned to the writing agent Agent J takes an application and initial premium from an applicant and sends the application and premium check to the insurance company. The insurance company returns the check back to J because the check is made out of J instead of the insurance company. Return to the customer, collect a new check made out to the insurance company, and send the new check out to the insurance company At what time must a policyowner have insurable interest on the insured in order for the life policy to be valid? At the time of application When does a life insurance contract become effective if the initial premium is not collected during the application process? When producer delivers policy and collect initial premium Which factors are taken into consideration when an insurance company determines the premium rate for a whole life policy on an applicant? An underwriter determines that an applicant's risk should be recategorized due to a health issue. This policy may be issued with an Exclusion for the medical condition Under the USA Patriot Act, insurers are required to report receipt of cash payments in excess of Who is not required to sign a life insurance application? On Jan 8, an applicant filled out an application for a life insurance policy but did not include the initial premium. The insurance company approved the application on Jan 14 and issued the policy Jan 15. The producer delivered the policy on Jan 26 and collected the first premium. When did the coverage become effective? Which of these factors do not play a role in the underwriting of a life insurance policy? On delivery of a policy, a signed statement of good health is typically requested if: The application was submitted without the initial premium Upon delivery if a rated life insurance policy, the producer must obtain each of the following, except An insurance company may not reject a prospective insured's life application on the basis of which of the following factors? When does a life insurance contract become effective if the initial premium is not collected during the application process? When producer delivers policy and collects initial premium Who is NOT required to sign a life insurance application? A life insurance application must be signed by all of these EXCEPT An applicant's medical information received from the Medical Information Bureau (MIB) may be furnished to the Which of these actions should a producer take when submitting an insurance application to an insurer? Inform insurer of relevant information not included on the application Which Federal law allows an insurer to obtain an inspection report on a potential insured? Fair Credit Reporting Act K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved. What kind of receipt was used? On August 6, D submitted an application for a $50,000 Life Insurance policy and did not pay the initial premium. On August 18, D went to his doctor complaining of chest pains and some tests were given by the doctor. The life policy was delivered by the pr Collect initial premium along with a signed health statement An underwriter determines that an applicant's risk should be recategorized due to a health issue. This policy may be issued with a(n) exclusion for the medical condition Which of these factors do NOT play a role in the underwriting of a life insurance policy? When an insurance application is taken by a producer, which of these statements is true? Any changes made on the application require the applicant's initials 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. Assuming that T is an acceptable risk, what item is given to T? What is being delivered during a policy delivery? Insurance contract to the proposed insured Which parts of a life insurance policy are guaranteed to be true? Before a life insurance policy is issued, which of these components of the contract is required? Applicant's signature on application Which of these do NOT constitute policy delivery? Policy issued with a rating An incomplete life insurance application submitted to an insurer will result in which of these actions? Application will be returned to the writing agent Any changes made on an insurance application requires the initials of whom? P is a producer who notices 5 questions on a life application were not answered. What actions should P take? Set up a meeting with the applicant to answer the remaining questions Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this s Policy was returned within the free-look period, premium will be fully refunded All of these are considered sources of underwriting information about an applicant EXCEPT At what time must a policyowner have insurable interest on the insured in order for the life policy to be valid? At the time of application Why is an applicant's signature required on a life insurance application? To attest that the statements on the application are accurate to the best of the applicant's knowledge Which of these terms accurately defines an underwriter's assessment of information on a life insurance application? The underwriting process involves all of these EXCEPT for Consumer reports requested by an underwriter during the application process of a life insurance policy can be used to determine probability of making timely premium payments What is the purpose of the U.S.A. Patriot Act? detect and deter terrorism From what authority derives the requirement that an insurance application contains a disclosure stating that an investigative consumer report may be obtained on an applicant? Fair Credit Reporting Act What action should a producer take if the initial premium is NOT submitted with the application? Forward the application to the insurer without the initial premium M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT free-look period has expired In order for coverage on a non-medical insurance application to take effect the same day, the producer must collect a signed application and Why should the producer deliver the policy when the first premium has already been paid?Why should the producer personally deliver the policy when the first premium has already been paid? To help the insured understand all aspects of the contract.
Why is an application signature required on a life insurance application?Why Is an Applicant's Signature Required on a Life Insurance Application? It is considered insurance fraud if you lie or knowingly misrepresent information on a life insurance application. By signing the policy, you affirm that everything included in the application was accurate and truthful.
What must the producer obtain upon delivery of a rated life insurance policy?The correct answer is "Signed HIPAA disclosure". Upon delivery of a rated life insurance policy, the Producer must obtain all of these EXCEPT a "Signed HIPAA disclosure". The HIPAA disclosure should be taken at the time of sale with the application. The correct answer is "detect and deter terrorism".
What is the consideration given by an insurer in the consideration clause of a life policy?The consideration clause spells out exactly how much premium payments are and when they are due. The legal consideration for a life policy consists of the application and payment of the initial premium. It may also list the effective date.
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What action should a producer take if the initial premium is NOT submitted with the application
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