AD Banker Chapter 3 Verified
Quiz Questions and Correct
Answers!!
Medical exams are requested in all of the following situations, except: - ANSWERS
Low amount of premium
Which of the following signatures would not be considered valid on an application for
insurance? – ANSWERS
A minor insured
Which of the following is not a factor in premium determination? – ANSWERS
Reserves
If a medical exam is required as part of the underwriting process, who normally
conducts the exam? – ANSWERS
A physician or nurse
In determining the proper amount of life insurance, the Needs Analysis Approach takes
into consideration all of the following factors, except: - ANSWERS
The projected future value of services provided by the insured
Applicants must consent to be tested and be informed that testing for ________ may
determine insurability. – ANSWERS
HIV
Producer Andy is sent a newly issued policy by his insurer. Andy should now: -
ANSWERS
Visit the insured in person to deliver the policy
If after a policy has been issued and delivered, the insurer discovers unanswered
questions on the application, what can the insurer legally do at this point? – ANSWERS
Nothing, the insurer has waived its right to that information
During the application process, a mistake is made by the applicant in answering one of
the health questions and needs to be corrected. What is the best way to go about this?
– ANSWERS
Have the applicant initial the change or start over with a completely new
application
, A young couple just starting out on a limited budget, but having a large need for life
insurance coverage, most likely would be best suited for ________ life insurance: -
ANSWERS
Term
All of the following are true regarding an Attending Physician's Statement (APS), except:
- ANSWERS
An MIB report can be used in place of an APS
Part 1 of the application consists of all of the following information, except: - ANSWERS
Medical status of immediate family members, their ages and causes of death
Insurance covering the liability of a producer or agency is called _______. – ANSWERS
Errors and Omissions
Frieda wants coverage until she has paid back her business loan in 10 years. The ideal
life insurance policy with the least expense would be: - ANSWERS
Decreasing Term Life
A typical life insurance application contains how many parts? - ANSWERS2
When an applicant completes the insurance application in its entirety and provides the
producer with a premium check, what in effect has taken place? – ANSWERS
The applicant is making an offer to the insurer
Once the gross amount of dollars required to fund an insured's needs has been
determined using the needs analysis approach, what is the next step? – ANSWERS
Subtract any assets available to fund financial needs after death
The MIB is used in the underwriting of all of the following types of insurance, except: -
ANSWERS
Auto and Homeowners
XYZ Insurer has decided to issue a policy to a particular applicant. What is the next step
in this insurance transaction? - ANSWERSXYZ will send the policy to the producer for
delivery to the insured
The person who submits an application for insurance is always referred to as the
_______. – ANSWERS
Applicant
The person offering him/herself or another person to be insured by the contract best
defines the: - ANSWERS
Applicant
Quiz Questions and Correct
Answers!!
Medical exams are requested in all of the following situations, except: - ANSWERS
Low amount of premium
Which of the following signatures would not be considered valid on an application for
insurance? – ANSWERS
A minor insured
Which of the following is not a factor in premium determination? – ANSWERS
Reserves
If a medical exam is required as part of the underwriting process, who normally
conducts the exam? – ANSWERS
A physician or nurse
In determining the proper amount of life insurance, the Needs Analysis Approach takes
into consideration all of the following factors, except: - ANSWERS
The projected future value of services provided by the insured
Applicants must consent to be tested and be informed that testing for ________ may
determine insurability. – ANSWERS
HIV
Producer Andy is sent a newly issued policy by his insurer. Andy should now: -
ANSWERS
Visit the insured in person to deliver the policy
If after a policy has been issued and delivered, the insurer discovers unanswered
questions on the application, what can the insurer legally do at this point? – ANSWERS
Nothing, the insurer has waived its right to that information
During the application process, a mistake is made by the applicant in answering one of
the health questions and needs to be corrected. What is the best way to go about this?
– ANSWERS
Have the applicant initial the change or start over with a completely new
application
, A young couple just starting out on a limited budget, but having a large need for life
insurance coverage, most likely would be best suited for ________ life insurance: -
ANSWERS
Term
All of the following are true regarding an Attending Physician's Statement (APS), except:
- ANSWERS
An MIB report can be used in place of an APS
Part 1 of the application consists of all of the following information, except: - ANSWERS
Medical status of immediate family members, their ages and causes of death
Insurance covering the liability of a producer or agency is called _______. – ANSWERS
Errors and Omissions
Frieda wants coverage until she has paid back her business loan in 10 years. The ideal
life insurance policy with the least expense would be: - ANSWERS
Decreasing Term Life
A typical life insurance application contains how many parts? - ANSWERS2
When an applicant completes the insurance application in its entirety and provides the
producer with a premium check, what in effect has taken place? – ANSWERS
The applicant is making an offer to the insurer
Once the gross amount of dollars required to fund an insured's needs has been
determined using the needs analysis approach, what is the next step? – ANSWERS
Subtract any assets available to fund financial needs after death
The MIB is used in the underwriting of all of the following types of insurance, except: -
ANSWERS
Auto and Homeowners
XYZ Insurer has decided to issue a policy to a particular applicant. What is the next step
in this insurance transaction? - ANSWERSXYZ will send the policy to the producer for
delivery to the insured
The person who submits an application for insurance is always referred to as the
_______. – ANSWERS
Applicant
The person offering him/herself or another person to be insured by the contract best
defines the: - ANSWERS
Applicant
