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What is the purpose of the USA Patriot Act quizlet insurance?

The PATRIOT Act requires that insurance companies establish anti-money laundering (AML) measures to prevent the use of their products in money laundering or terrorist activity financing and report "suspicious activities." The cooperation of a company's producers is essential to the program's success.

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Which of these actions should a producer take when submitting an insurance application to an insurer quizlet?

Terms in this set (51) What action should a producer take if the initial premium is NOT submitted with the application? The correct answer is "Forward the application to the insurer without the initial premium". In this situation, the producer should submit the application to the insurance company without the premium.

What is being delivered during a policy delivery?

What is being delivered during a policy delivery? The correct answer is "Insurance contract to the proposed insured". Policy delivery refers to the delivery of the insurance contract to the applicant.

What would the Medical Information Bureau identify?

The Medical Information Bureau (MIB) maintains a database of confidential medical and non-medical (hazardous avocations, hobbies, and driving violations) information. The main function of the MIB is to provide the exchange of underwriting information among its members.

What was the purpose of the Patriot Act quizlet?

The main purpose of the Patriot Act is to combat terrorism by tracing money that funds terrorist groups.

Why is the Patriot Act controversial quizlet?

There is controversy surrounding the patriot act as many believe it is an invasion of privacy and a violation of the 4th amendment which is the right for people to be secure against unreasonable searches.

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What specific new procedures does the USA PATRIOT Act require of insurance companies?

Under the rule, a company must establish and maintain a written anti-money laundering program applicable to its covered products that is reasonably designed to prevent the insurer from being used to facilitate money laundering or the financing of terrorist activities.

When was the USA PATRIOT Act signed into law quizlet?

The USA PATRIOT Act is an Act of Congress that was signed into law by President George W. Bush on October 26, 2001. Its title is a ten-letter backronym (USA PATRIOT) that stands for "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001".

What must be given to a life insurance applicant when the agent recieves an application and the initial premium?

The conditional receipt provides that when the applicant pays the initial premium, coverage is effective on the condition that the applicant proves to be insurable either on the date the application was signed or the date of the medical exam.

Which of the following actions will an insurance company most likely not take if an applicant who has diabetes applies for a disability income policy?

Which of the following actions will an insurance company most likely NOT take if an applicant, who has diabetes, applies for a Disability Income policy? The correct answer is "Issue the policy with an altered Time of Payment of Claims provision".

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What must an insurance application contain?

Each application must be signed by the proposed insured, the policyowner (if different from the insured), and the agent. The application must contain the name of the insurance company, the name of the soliciting agent, and the agent's I.D. number.

What must a producer provide when replacing a life insurance policy?

Which of the following must a producer present to an applicant at the time of application when a life insurance policy is to be replaced? Insurer's Statement of Warranty.

What is being delivered in a policy delivery?

A policy delivery receipt provides an insurance company with written evidence that the insured received his/her insurance policy and has physical possession of it. Policy delivery also starts the insured's free look period, which is a 10-day period where the insured can decide if she wants to keep the policy.

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When delivering a policy which of the following is an agent responsibility?

When delivering a policy, which of the following is an agent's responsibility? The agent has the responsibility to deliver the policy to the insured and to collect any premium that may be due at the time of delivery.

What must be given to a life insurance applicant upon policy delivery?

At policy delivery, a good health statement may need to be signed by the insured to ensure there has NOT been any adverse medical conditions since the time of application.

What phase begins after a new policy is delivered?

What phases begins after a new policy is delivered? Free-look Period.

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What does the Medical Information Bureau MIB identify?

An MIB report includes information about your life insurance applications over the last three to five years. Information found on an MIB report includes: Date of any previous life insurance applications. Date of diagnosis or treatment for an illness.

What information is in the Medical Information Bureau?

MIB operates as a database of underwriting information that insurance companies can search and access. In doing so, it alerts the insurance company of errors, omissions, and representations made on life insurance applications. The goal is to reduce fraud so that insurance rates stay low and affordable for consumers.

What is the function of the Medical Information Bureau?

What is the Medical Information Bureau? The MIB was founded in 1902 and works with life insurance companies to combat fraud by compiling information from previous life, health, disability, and long-term care insurance applications.

Life insurance companies keeping beneficiaries in the dark

What is the purpose of Medical Information Bureau quizlet?

What is the purpose of the Medical Information Bureau (MIB)? To help underwriters evaluate risk.

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