Which federal law allows an insured to obtain an inspection report on a potential insured?
The Fair Credit Reporting Act requires that an insurance application state that an investigative consumer report may be obtained on an applicant.
Which of the following correctly explains the actions and agent should take if a customer wants to apply for an insurance policy?
Which of the following correctly explains the actions an agent should take if a customer wants to apply for an insurance policy? Complete the application and review the information with the customer prior to obtaining the customer’s signature, then send the application off to the insurance company.
Who must sign the insurance application?
If the policy is taken out on the life of a child (under age 15), the application must be signed by a parent or legal guardian. If the application is for a business entity, the application must contain signatures of one or more partners or officers of the company.
What is a proposed insured?
The proposed insured is the person who will be covered by a life insurance policy that is currently going through underwriting. In other words, this person’s life insurance policy is not yet in force. (see also: Insured).
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”.
Which type of plan normally includes hospice?
managed care plans
What is an agent’s report in insurance?
The portion of the insurance application in which the agent reports anything he or she knows or suspects about the proposed insured that is not reported by the applicant or proposed insured.
What is the basic source of information for life insurance underwriting and policy issue?
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 the purpose of the agents report in the application process?
What is the purpose of the agent’s report? Provides the agent’s personal observations concerning the proposed insured . Who is required to sign an application for life insurance? Both the agent and the proposed insured usually the applicant must sign the application.
What is the difference between owner and insured?
1. The insured is the person whose life is covered by the policy. When the insured dies the death benefit is paid. … The owner is the person who owns and controls the policy.
What is the function of an insurance proposal form?
Proposal form is used in order to analyse the risk exposure of a person, asset or a company. Its’ structure must help insurance companies to realize a better evaluation of the risks. Further more, it is an integrative part of the insurance contract.