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.
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Can life insurance application be denied?
A life insurance application may be denied if you have high-risk medical conditions, dangerous hobbies, or if you left important information off your application. You may also be ineligible for certain policies due to advanced age.
Why is an applicant signature required on a life insurance application?
Conclusion. Signing your life insurance application is an important step in the process. It helps to confirm the identity of the applicant and it also confirms that both parties agree to the terms of the policy.
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.
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.
Why would a life insurance application be denied?
A life insurance application may be denied if you have high-risk medical conditions, dangerous hobbies, or if you left important information off your application. You may also be ineligible for certain policies due to advanced age.
What percentage of life insurance applications are denied?
Life insurance is nearly always settled as expected. According to the American Council of Life Insurers (ACLI), fewer than one in 200 claims are denied.
Does everyone get approved for life insurance?
A life insurance application may be denied if you have high-risk medical conditions, dangerous hobbies, or if you left important information off your application. You may also be ineligible for certain policies due to advanced age. It depends on the reason you were denied and the insurance company.
Do you need signature for life insurance?
When you're getting life insurance, the person whose life will be insured is required to sign the application and give consent. Forging a signature on an application form is punishable under the law. So the answer is no, you can't get life insurance on someone without telling them, they must consent to it.
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Does an insurance application have to be signed?
The insurance agent or broker must sign the application; this duty may not be delegated.
What information is required on a life insurance application?
Obviously, the life insurance company will need basic information such as your name, address, phone number, date of birth, state/country of birth, citizenship, marital status, occupation (including details of job duties and salary), net worth, driver's license number and social security number.
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.
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.
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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".