Life Insurance Underwriting and Policy Issue Exam 2024 With Guaranteed Accurate Answers

All of these are typically sources of underwriting information for life or health insurance EXCEPT * Consumer reports * Medical Information Bureau (MIB) reports * Disclosure authorization response * Attending physician's statement (APS) - correct answer Disclosure authorization response When does a life insurance policy typically become effective? * When the policy is issued * When initial premium is collected and policy is issued * When the application is completed and signed * When the completed application is signed and initial premium is collected - correct answer When initial premium is collected and policy is issued Which of the following pertains to the analysis of an applicant's personal information and determining whether insurance should be issued or declined? Adverse calculation Underwriting Risk classification Actuarial determination - correct answer Underwriting Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? Standard risk Preferred risk