Signature is not required on life insurance application

Assignment Help Operation Management

Reference no: EM131651529

1. Expense loading ___________ from company to company.

A. Varies

B. Is higher

C. Is lower

D. Is the same

2. Whose signature is not required on a life insurance application?

A. Producer

B. Policyowner

C. Beneficiary

D. Insured

3. A personalized computer-generated illustration detailing premiums, cash values, interest rates, and surrender values is called __________.

A. An advertisement

B. A hypothetical

C. A policy summary

D. Sales literature

4. When an insurer requires that an insured be subjected to a medical examination, who pays for the medical exam?

A. The insured

B. The insurer

C. The applicant

D. The producer

5. The mortality rate is based on mortality tables which show life expectancy and the death rate per _______ people living in the U.S.

A. 100

B. 1,000

C. 100,000

D. 10,000

6. A producer must include their name and address on which of the following?

A. Any policy amendment or rider

B. A buyer's guide

C. An insurance policy's cover page

D. A policy summary

7. n order for a life insurance policy to be valid, insurable interest must exist at time of _________.

A. Claim

B. Issuance change to expiration

C. Conversion

D. Application

8. The name used to indicate the insured's age at time of policy renewal is the ________ age.

A. Issue

B. Attained

C. Legal

D. Effective

9. Insurable interest for life insurance is necessary only at the time of:

A. Policy renewal

B. Death

C. Policy delivery

D. Application

10. The ___________ branch writes and passes state insurance laws, or statutes, to protect the insuring public.

A. Executive

B. Judicial

C. Electoral

D. Legislative

11. With health and life insurance a/an _________ is required at the time of the application.

A. Beneficiary status

B. Indemnity interest

C. Ownership right

D. Insurable interest

12. Which of the following is NOT considered one of the essential elements of a contract?

A. Conditions

B. Competent Parties

C. Offer and Acceptance

D. Legal Purpose

13. refers to the jurisdiction where an insurer was formed or incorporated.

A. Authorized

B. Admitted

C. Approved

D. Domicile

14. Which of the following statements is true?

A. Insurer X rates the insured based on health reasons. X accepted an offer and the policy is in effect

B. Insurer X issues a policy with an outstanding premium requirement. X accepted an offer and the policy is in effect

C. Q completes an application and submits it to the insurer. Q made an offer

D. Q completes an application and submits it with premium to the insurer. Q made an offer

15. The Financial Privacy rule requires insurers to provide consumers with a privacy notice:

A. At the time the consumer relationship is established and annually thereafter

B. At time of application and monthly thereafter

C. With each billing statement

D. At the time of policy delivery and quarterly thereafter

16. The insurance industry is primarily regulated at the _________ level.

A. Federal

B. State

C. County

D. Insurers

Reference no: EM131651529

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