ALU 202 Exam Chapter 10 – Questions With Expert
Solutions
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Terms in this set (24)
How does underwriting impact It causes fear in Life UW that death claim could have
recissions, claims, and litigation? been prevented during IR or claims that will involve
the UW's testimony in a legal setting. Usually the
legal setting is a from of deposition rater than
courtroom testimony.
Claim file review The UW's role in claim process is to determine
whether there was material misrepresentation as a
well as any UW factors that could involve the
principles of waiver & estoppel and present this info
to the claims area in a way that does not compromise
the company's ability to contest the claim.
Replacement Activity and Recurrent replacement activity can generate several
Underwriting problems for the UW, who must possess the
presence of mind to anticipate possible replacement
activity based on past experience and future
anticipated actions.
Contestable Clause typical clause states that a company can deny or
contest a claim if death occurs within 2 years of the
issue date if it subsequently discovered that the
applicant materially misrepresented info that would
have caused the UW to either decline the app or
issued at a rate class higher than applied for.
Solutions
Save
Terms in this set (24)
How does underwriting impact It causes fear in Life UW that death claim could have
recissions, claims, and litigation? been prevented during IR or claims that will involve
the UW's testimony in a legal setting. Usually the
legal setting is a from of deposition rater than
courtroom testimony.
Claim file review The UW's role in claim process is to determine
whether there was material misrepresentation as a
well as any UW factors that could involve the
principles of waiver & estoppel and present this info
to the claims area in a way that does not compromise
the company's ability to contest the claim.
Replacement Activity and Recurrent replacement activity can generate several
Underwriting problems for the UW, who must possess the
presence of mind to anticipate possible replacement
activity based on past experience and future
anticipated actions.
Contestable Clause typical clause states that a company can deny or
contest a claim if death occurs within 2 years of the
issue date if it subsequently discovered that the
applicant materially misrepresented info that would
have caused the UW to either decline the app or
issued at a rate class higher than applied for.
