Insurance fx - Study guides, Class notes & Summaries

what are the three risk classifications in life insurance? - ANSWER-Standard, Substandard, Preferred what is the main responsibility of a company's underwriting unit? - ANSWER-Risk Selection When would a misrepresentation be considered material? - ANSWER-when it may alter the underwriting decision What entities make up the Medical Information Bureau? - ANSWER-Insurers if an applicant for an insurance policy and the potential insured are two different people, what would be the underw...

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The causes of loss insured against in an insurance policy are known as - Perils Before an insurer will pay any loss under a policy, what is usually required from the insured? - Proof of loss An insured works outside the home. The insured's sister lives with him and cares for his four children. When the insured's home is severely damaged by fire, the family moves into an apartment while repairs are being made. The largest apartment available in the area has two bedrooms, so the insured's...

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Health Insurance (Exam FX) Agent/Producer - A legal representative of an insurance company Broker - An insurance producer not appointed by an insurer and whom represents the client Insured - A person covered by an insurance policy Insurance policy - A legal contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured/beneficiary for losses caused by specific events Principal - Insurer, company who issues insurance policies Policyowner...