chapter 5 life insurance license test Questions and Answers Already
Graded
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?
Ans: application
An insurance policy, together with the policy application and any other riders form what is known
as?
Ans: entire contract
To comply with Fair Credit Reporting Act, when must a producer notify an applicant that a credit
report may be requested?
Ans: at the time of the application
When is a notice to the applicant issued to applicants?
Ans: for health insurance coverage
Which of the following entities can legally bind a coverage?
Ans: insurer
Which is true regarding obtaining underwriting sources?
Ans: The applicant must be informed of the sources contacted and how the information is being
gathered
Whose responsibility is it to determine if all of the questions on an application have been answered?
Ans: the agent
An agent is ready to deliver a policy to an applicant but has not yet received payment. Upon
delivery, the agent collects the applicant's premium check, answers any questions the applicant may
have, and then leaves. What did he forget to do?
© Get it right 2025 Getaway - Stuvia US All rights reserved
Graded
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?
Ans: application
An insurance policy, together with the policy application and any other riders form what is known
as?
Ans: entire contract
To comply with Fair Credit Reporting Act, when must a producer notify an applicant that a credit
report may be requested?
Ans: at the time of the application
When is a notice to the applicant issued to applicants?
Ans: for health insurance coverage
Which of the following entities can legally bind a coverage?
Ans: insurer
Which is true regarding obtaining underwriting sources?
Ans: The applicant must be informed of the sources contacted and how the information is being
gathered
Whose responsibility is it to determine if all of the questions on an application have been answered?
Ans: the agent
An agent is ready to deliver a policy to an applicant but has not yet received payment. Upon
delivery, the agent collects the applicant's premium check, answers any questions the applicant may
have, and then leaves. What did he forget to do?
© Get it right 2025 Getaway - Stuvia US All rights reserved
