Life underwriting 2024/2025 Questions and Answers with complete solution

A change in an insurance application requires - an initial made by the applicant A field underwriter's main task is? - To ensure an applicant's medical information is accurate and complete A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? - preferred risk All of these are considered sources of information that can assist an underwriter in determining whether or not to accept a risk EXCEPT Agent's report Medical Information Bureau (MIB) Inspection reports National Association of Insurance Underwriters - National Association of Insurance Underwriters An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of - Fraud An attending physician's statement would be appropriate for which life insurance purpose? - at the request of the insurer to assist in the underwriting decision An insurance applicant with a below-average likelihood of loss is typically considered to be a - preferred risk An insurance company needs to obtain personal information from a third party concerning an applicant. Which law do all insurers and their producers need to comply with? - Fair Credit Reporting Act An insurer has a right to screen applicants for HIV in which of the following ways? - Blood testAn underwriter's primary responsibility to an insurer is to protect against - adverse selection Field underwriting performed by the producer involves - completing the application and collecting inital premium In which of the following relationships would there NOT be an insurable interest? - Business owner to business customer Preferred risk policies with reduced premiums are issued by insurance companies because the insured has - better than average mortality or morbidityy experiance