Chapter 5 Exam - Life Underwriting Questions and Answers Graded A+
Which of these do NOT constitute policy delivery? - Answers Policy mailed to applicant
Policy mailed to agent
Policy delivered to the applicant by the agent
*Policy issued with a rating*
The underwriting process involves all of these EXCEPT for - Answers Credit report
*Policy loan*
Risk classification
Application
K is an agent who takes an application for individual life insurance and accepts a check from the client.
He submits the application and check to the insurance company, however the check was never signed
by the applicant. If the application is approved, when will coverage be effective? - Answers The date the
sales appointment was made
The date the application was submitted to the insurance company
The date of application
*The date the agent delivered the policy, collected the initial premium, and obtained a good health
statement from the insured*
, Agent J takes an application and initial premium from an applicant and sends the application and
premium check to the insurance company. The insurance company returns the check back to J because
the check is made out to J instead of the insurance company. What action should J take? - Answers
Deposit the applicant's check into his account and make a personal check out to the insurance company
from his personal account
*Return to the customer, collect a new check made out to the insurance company, and send the new
check out to the insurance company*
Cross off his name on the "pay to" portion of the check, write the name of the insurance company, and
send the check back to the insurance company
Deposit the check in to his personal account, use the funds to purchase a cashiers check, and send the
new cashiers check back to the insurance company
An applicant's medical information received from the Medical Information Bureau (MIB) may be
furnished to the - Answers agent
applicant's spouse
National Association of Insurance Commissioners (NAIC)
*applicant's physician*
Information obtained from a phone conversation to the proposed insured can be found in which of
these reports? - Answers Agent's report
MIB report
*Inspection report*
Which of these do NOT constitute policy delivery? - Answers Policy mailed to applicant
Policy mailed to agent
Policy delivered to the applicant by the agent
*Policy issued with a rating*
The underwriting process involves all of these EXCEPT for - Answers Credit report
*Policy loan*
Risk classification
Application
K is an agent who takes an application for individual life insurance and accepts a check from the client.
He submits the application and check to the insurance company, however the check was never signed
by the applicant. If the application is approved, when will coverage be effective? - Answers The date the
sales appointment was made
The date the application was submitted to the insurance company
The date of application
*The date the agent delivered the policy, collected the initial premium, and obtained a good health
statement from the insured*
, Agent J takes an application and initial premium from an applicant and sends the application and
premium check to the insurance company. The insurance company returns the check back to J because
the check is made out to J instead of the insurance company. What action should J take? - Answers
Deposit the applicant's check into his account and make a personal check out to the insurance company
from his personal account
*Return to the customer, collect a new check made out to the insurance company, and send the new
check out to the insurance company*
Cross off his name on the "pay to" portion of the check, write the name of the insurance company, and
send the check back to the insurance company
Deposit the check in to his personal account, use the funds to purchase a cashiers check, and send the
new cashiers check back to the insurance company
An applicant's medical information received from the Medical Information Bureau (MIB) may be
furnished to the - Answers agent
applicant's spouse
National Association of Insurance Commissioners (NAIC)
*applicant's physician*
Information obtained from a phone conversation to the proposed insured can be found in which of
these reports? - Answers Agent's report
MIB report
*Inspection report*
