Missouri Life And Health Insurance Verified Answer
Missouri Life and Health Insurance Verified Answer
Exam (elaborations)
Missouri Life and Health Insurance Verified Answers
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Course
Missouri Life and Health Insurance Verified Answer
Institution
Missouri Life And Health Insurance Verified Answer
Missouri Life and Health Insurance Verified Answers
Insurance Transactions - Insurance transaction includes:
️ By mail or other means: - Solicitation - Negotiation - Sale - Advising an individual about coverage
Elements of a Legal Contract - Elements include:
️ - Agreement (...
✔️ - Medical status of relatives/causes of deaths.
Role of the Underwriter
- Field underwriter:
✔️ - Solicits the potential insured
✔️ - Analyzes health
✔️ - Gathers information on the client.
- Agent's report:
✔️ - Observations concerning the proposed insured
✔️ - Does not become a part of the entire contract
✔️ - Communicates with the underwriter and provides information about the applicant known by the
agent.
Application Modifications and Completeness
- Required signatures:
, ✔️ - The proposed insured
✔️ - The agent
✔️ - The policy owner (if not the proposed insured).
- Changes in the application:
✔️ - The applicant must initial any change.
- Consequences of incomplete applications:
✔️ - Must return to the applicant for completion.
✔️ - If a policy is issued with questions left unanswered, it will be interpreted as if the insurer waived
its right to have an answer.
Premiums and Receipts
- Premium receipt:
✔️ - Agent must issue it.
✔️ - Determines when coverage becomes effective.
- Conditional receipt:
✔️ - Effective either on the date of application or medical exam.
✔️ - Most common type of receipt
✔️ - Used when an applicant submits a prepaid application.
Replacement and Underwriting
- Replacement:
✔️ - Terminating an existing policy or letting it lapse to obtain a new one.
✔️ - Nothing illegal about replacing life insurance.
- Underwriting:
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