Completing Application, Underwriting and Delivering the Policy
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each of the black spaces below before clicking
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| Required Signatures | show 🗑
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| show | Changes made to an application after it is completed must be initialed by the applicant; no whiteout is allowed
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| Consequences of Incomplete Applications | show 🗑
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| Warranty | show 🗑
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| show | A receipt is usually given to the applicant at the time the application is completed and the initial premium is paid.
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| show | States that coverage will be effective either on the date of the application or on the date of the medical exam, whichever is later, as long as the policy is issued as applied for; issued if the initial premium is paid at the time of application.
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| Replacement | show 🗑
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| Buyer's Guide | show 🗑
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| show | Describes the features and benefits of the policy being issued and must be provided no later than policy delivery, or upon requested
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| HIPAA (Health Insurance Portability and Accountability Act) | show 🗑
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| USA Patriot Act | show 🗑
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| Money Laundering | show 🗑
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| Money Laundering Steps | show 🗑
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| Insurable Interest | show 🗑
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| Medical Information Bureau (MIB) | show 🗑
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| Underwriting | show 🗑
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| show | Established as a way to protect consumer privacy by creating procedures to ensure that records are confidential, accurate, relevant and properly used. It protects against the circulation of inaccurate information
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| show | Includes written and or oral information obtained from employment records, credit reports, and other public sources regarding character, reputation and habits.
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| show | Similar to a consumer report except that it includes interviews with associates, friends, and neighbors of the consumer
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| Preferred Risk | show 🗑
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| Standard Risk | show 🗑
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| show | These applicants are not insurable at standard rates because of some health issue, medical history, occupation, or dangerous habits; also known as “rated” and pay the highest premium (highest risk)
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| show | If the risk is too great, the underwriter will decline the application
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| show | Violates the principle of insurable interest since the purchaser of the policy has no interest in the life of the insured; investors (strangers) persuade policy owners to take out new life insurance with the investors named as the beneficiaries.
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| show | Agent explains the the policy and discuss provisions, riders, exclusions, any ratings, and any amendments and have the policy owner to sign a receipt
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| show | If no premium was paid with the application, the agent will be required to collect the full premium and a signed statement of good health from the applicant at the time of policy delivery.
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| Contract | show 🗑
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| Offer and Acceptance (Agreement) | show 🗑
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| Consideration (Element of a Contract) | show 🗑
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| show | Parties to the contract must be of legal age, mentally competent to understand the contract, and not under the influence of drugs or alcohol
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| show | The contract must be legal and not against public policy; insurance policies must have both insurable interest and consent
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| Contract of Adhesion (Unique Characteristic) | show 🗑
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| show | An exchange of unequal values; the premiums amount paid is smaller than the amount the insurer will pay in the
event of a loss
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| Unilateral (Unique Characteristic) | show 🗑
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| show | Certain conditions must be met for the contract to be executed; the insured must pay the premiums and provide proof of loss for the death benefit to be paid
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| show | Part 1 - General Information
Part 2 - Medical Information
Part 3 - Agent's Report
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| show | Statements on the application that is true to the best of the applicant's knowledge; statements on an application are deemed to be representations
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Created by:
KHodge5812
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