Oklahoma Life Health & Accident-Underwriting Individual Life & Health

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Author:
hicksmix6
ID:
306109
Filename:
Oklahoma Life Health & Accident-Underwriting Individual Life & Health
Updated:
2015-08-06 10:26:24
Tags:
Oklahoma
Folders:
Insurance
Description:
L-96 TO L-97
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  1. The tendency for less favorable risk to purchase insurance is called:
    a. misrepresentation
    b. underwriting
    c. human nature
    d. adverse selection
    d. adverse selection
  2. Frank, a licensed insurance producer, sells a life insurance policy to Scott.  At the time of applications, Frank gives Scott a conditional receipt.  If Scott dies 2 days later, what will the insurer do?
    a. deny the claim and return the premium
    b. deny the claim and return none of the premium
    c. pay the claim when the underwriter approves the application
    d. pay the claim when the insured company receives the premium payment
    c. pay the claim when the underwriter approves the application
  3. All of the following are considered sources of underwriting information of the applicant EXCEPT?
    a. attending Physician Statement (APS)
    b. application
    c. Medical Information Bureau (MIB)
    d. Mortality Tables
    d. Mortality Tables
  4. Regarding the Medical Information Bureau (MIB), all of the following are true, EXCEPT?
    a. MIB is a non-profit agency that supplies member insurance companies with information regarding insurability to aid the underwriting process
    b. applicant must authorize the use of MIB 
    c. insurer is obligated to supply applicants will the information contained in MIB files
    d. insurer cannot deny coverage soley on information contained in MIB files
    c. insurer is obligated to supply applicants will the information contained in MIB files
  5. As a new producer, you have completed a life insurance application, received the annual premium, and issued a receipt.  The receipt states that coverage will start on the date of the latter of eith the application or the medical exam, if applicant is insurable.  This type of receipt is:
    a. approval receipt
    b. conditional receipt
    c. unconditional receipt
    d. 30-day binding term receipt
    b. conditional receipt
  6. All of the following can be used by the underwriter during the underwriting process EXCEPT?
    a. age
    b. blood test for HIV positive
    c. sexual orientation
    d. family medical history
    c. sexual orientation
  7. Which of the following regulates the Medical Information Bureau (MIB)?
    a. National Association of Insurance Commissioners (NAIC)
    b. Oklahoma Insurance Department (OID)
    c. Fair Credit Reporting Act
    d. Policy Replacement Law
    c. Fair Credit Reporting Act
  8. Which of the following underwriting factors would be considered the least important?
    a. occupation
    b. age
    c. education
    d. physical condition
    c. education
  9. When an applicant completes a non-medical application, receives a conditional receipt  with premium payment, and proves to be insurable, the insurance coverage will begin:
    a. when the premium is received at the insurer's home office
    b. upon the applicant's passing a physical exam                                                    
    c. on the date of application                    
    d. when the policy is delivered
    c. on the date of application
  10. The policy owner has the right to do all of the following EXCEPT?
    a. change the beneficiary
    b. cancel the policy

    c. sign all the policy change forms
    d. change the provisions of the policy
    d. change the provisions of the policy
  11. If a conditional receipt is not given, when does the life insurance policy go into force?
    a. when the applicant, insured, and producer sign                        
    b. when the policy is delivered to the insured
    c. when the insured is found to be in good health, premium paid, and the policy is delivered
    d. when the company underwriter approves
    c. when the insured is found to be in good health, premium paid, and the policy is delivered
  12. Jason White is concerned about an income for his family if he were to die.  His agent Barry Switzer's recommendation of a specific type of insurance policy should focus on:
    a. contesability
    b. understandability
    c. suitability
    d. accountability
    c. suitability

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