Applications
Changes in the application
what is must be initialed by the applicant
Underwritter
what is a person or company that underwrites an insurance risk
Agent delivers and gets
what is a signed delivery receipt
Fair Credit Reporting Act
what is notify client of credit report that is ordered
Term Insurance
what is a type of life insurance policy that provides coverage for a certain period of time
You can back date as far back as
what is 6 months
who pays for medical exams
What is the insurer
Required if no premium with application
What is Statement of good health
Errors And Omissions
What is insurance to protect agent
Whole Life Insurance
what is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime
Required Signatures
what is insured, agent, applicant
underwriters primary source
what is the application
A client did not pay premium at time of application, their health changed what must the agent do
what is not deliver the policy
STOLI
What is banned in most states because of no insurable interest/ strangers buying policies
Universal Life Insurance
what is permanent life insurance with an investment savings element and low premiums like term life insurance
Never seen by applicant
What is Producers Report
Classification of Risks
What is standard, preffered, substandard, and declined
Client received a conditional receipt dated 5/29. Client completed a medical exam 5/31.
The policy was issued Standard. What is the effective date?
What is 5/31
U.S Patriot Act
What is designed to prevent and detect money laundering and financing of terrorism
Annuity
what is a living benefit that requires the insurer to make payments to you
Insurance is effective later of
what is date of application or medical exam
Sources of information (at least 4)
What is application, medical exams, APS, AIDS, MIB, Consumer Reports, Investigative Reports
Client received a conditional receipt dated 5/29. Client completed a medical exam 5/31. The results came back substandard so the policy was conditionally issued with a higher premium. Client agreed to premium and signed delivery receipt 6/2. What is the effective date?
what is the date of policy issued.
ERISA
what is Employee retirement income security act/ protects participants in employee benefit plans
Life policy exclusions
what is suicide, aviation, war or military service