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My HEALTH UNDERWRITI

health insurance underwriting

QuestionAnswer
An agent is aware that a prospective insured omitted information about an illness that the proposed insured had prior to the application. The agent should do what? Inform the proposed insured that he may have a claim rejected later on with possible other repercussions
Melanie tells her agent that she gave him the wrong date of birth on her application. The agent should: Notify the insurer to have the premium corrected to reflect the correct date of birth
Jim, an agent, notices when he returns to his office that he failed to obtain answers to a few questions on an application for John and Mary Smith. Before submitting the application, he should: Return in person to the Smiths to ask them the questions in person and have them initial the missed questions
T or F An underwriter has reviewed an application and determines that the risk does not meet the criteria for standard issue. The company may choose to Decline to accept the risk true
T or F An underwriter has reviewed an application and determines that the risk does not meet the criteria for standard issue. The company may choose to Issue a probationary policy that can be cancelled by the insurer after a specified time false
T or F An underwriter has reviewed an application and determines that the risk does not meet the criteria for standard issue. The company may choose to Issue the policy with an exclusion rider true
T or F An underwriter has reviewed an application and determines that the risk does not meet the criteria for standard issue. The company may choose to Issue the policy with a higher than standard premium true
A conditional receipt issued by the agent at the time of application provides what? Indicates that coverage will begin as of the application date if the policy is issued without modification
A complete and accurate ins app is important because: app is used to fully ID the applicant The info provided becomes the basis on which the company makes a decision to issue a policy The app becomes a part of the policy issued All of the above all of the above
William is seeking the best way to minimize his total premium for the year. His best choice is: annual
T or F conditional receipt will provide coverage from the policy date if all underwriting requirements have been met and the policy is issued as applied for true
T or F conditional receipt will guarantee coverage is in effect at the time of the payment false
T or F conditional receipt will list requirements for coverage to be effective under the receipt true
T or F conditional receipt will explain the limits of the agent's authority true
As a new agent, you are completing an application for health insurance. You should Ask and complete all questions on the application true
As a new agent, you are completing an application for health insurance. You should Witness all signatures whether present or not false
As a new agent, you are completing an application for health insurance. You should Complete the agent's report true
As a new agent, you are completing an application for health insurance. You should Submit all paperwork and money on a timely basis to the underwriting company true
Which of the following is not a factor the underwriter may consider? Medical history Moral hazards Race Occupation race
An underwriter considers physical conditions in addition to other factors in judging a risk. All of the following are physical conditions EXCEPT: Credit Score Height and weight History of heart trouble Hypertension credit score
Which of the following can be risk factors in judging a risk for insurance? Family Medical History Gender and Age Smoking All of the above all of the above
An agent takes an application. What information is in Part III? agents report
Agent John notices that he has made an error in completing an application for Sally Smith. John should do what For minor changes, the agent should correct the error and have the applicant initial the changes. For major changes, the agent should start a new application with prospective insured and safely dispose of the previous application.
Which of the following information is not required on the first page of an application for insurance? Agent's name Name of the insurance company Agent's license number Health information about the applicant health info about the applicant
T or F An application for insurance will contain A written request for insurance by the applicant true
T or F An application for insurance will contain Information about the applicant's background true
T or F An application for insurance will contain Information about the applicant's health history true
T or F An application for insurance will contain An oral request by the agent to the company to issue the requested coverage false
When a policy is issued and forwarded to the agent, what constitutes personal delivery of the policy? The final complete insurance policy is placed in the hands of the insured and any premium due is paid
Nathaniel completes an application for health insurance but he does not pay the first premium. What is the earliest date that coverage will begin? When the policy is delivered and the proper premium is paid
Joe is an agent. He has just completed an ins app on Allen Jones and collected the first premium. He has issued Allen a conditional receipt for the ins. He should also tell Allen He will receive a MIB report false
Joe is an agent. He has just completed an ins app on Allen and collected the first premium. He has issued Allen a conditional receipt for the ins. He should also tell Allen ins will not be in full force until any additional requirements are completed true
Joe is an agent. He has just completed an ins app on Allen Jones and collected the first premium. He has issued Allen a conditional receipt for the ins. He should also tell Allen policy has a free look period once he has received it true
Joe is an agent. He has just completed an ins app on Allen Jones and collected the first premium. He has issued Allen a conditional receipt for the ins. He should also tell Allen An insurance policy will not be issued until he completes the physical exam true
William has submitted an application for health insurance to All Good Insurance Company through his agent, Tom Smith. Under which set of circumstances will William's insurance coverage become effective? The applicant has met all underwriting requirements, the insurance company approves the policy, and the initial premium has been paid and the policy is issued
Joe Jones has completed an application for Accident and Health Insurance at an applicant's home. He collects the premium and returns to the office. Before sending the application to the home office, Joe should do what Complete an agent's report
What is considered constructive delivery to the policyholder? The company sends the policy to the agent or other representative of the policyholder and all premiums due are paid
T or F Conditional receipt is temporary insurance until the policy is issued false
T or F Conditional receipt may also be used in the case of reinstatement true
In some cases a credit-reporting agency is used in the underwriting process. According to the Fair Credit Reporting Act, when is the applicant to be notified that a report may be ordered? at the time of application
The agent issues a conditional receipt at the time of the application. T or F If the insurer accepts the policy as applied for, the coverage will take effect from the date of the application or medical exam, whichever is later true
The agent issues a conditional receipt at the time of the application. T or F The coverage is effective immediately until he hears otherwise from the insurance company false
Created by: 100000819223738
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