What is underwriting - Study guides, Class notes & Summaries

AINS 101 Question with Verified 100 % correct answers. The two main sectors of the insurance industry are:Answer: Propertycasualty insur- ance and life-health insurance. 2. Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an insurance contract is called a:Answer: Contract of utmost good faith. 3. Earned premiums are shown on an insurer's income statement because they are:Answer: Revenues 4. Destructive comp...

Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. This rider is called a(n) Answers>>Guaranteed insurability rider A guaranteed insurability rider allows for the insured to purchase additional insurance at specific dates or events without evidence of insurability. Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered Answers&...

Samuel is a commercial accounts underwriter working on a new application with five buildings located within the same territory. Samuel would like a photo of each building, and some nontechnical information about the condition of the parking lots and the neighboring buildings. Which one of the following would be the most reliable and cost effective source of this information? Answer - Marketing representative The principal purpose of underwriting is to Answer - Develop and maintain a profitabl...

NYS Life, accident, and health insurance Exam Questions with verified Answers Which type of life insurance policy is best suited for paying off the outstanding balance of a 30-year mortgage in the event of the insured's death? How many days notice does the ACA require insurers to give before rescinding coverage? A signed good health statement may be requested by a life producer at the time of Carol purchases a whole life policy that provides a choice of dividend options. This policy is req...

Which policy provision permits the policy owner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policy owner rejects the terms or costs? - Free Look When will a policy pay on a UCR basis? - When particular benefits are not listed on a payment schedule Which type of rider reimburses health and social service expenses incurred in a convalescent or nursing home facility? - long term care rider Which of the following is exempt...

The Fair Credit Reporting Act - correct answer what law protects consumers from the circulation of inaccurate or obsolete information? domestic, foreign, and alien - correct answer Insurers are classified according to their domicile. What are the 3 types of insurers? Fraternal insurer - correct answer what type of insurer is a voluntarily formed organization that provides religious organizations with a representative form of government? mutual company - correct answer the type of insura...

The Commissioner of Insurance in Mississippi is elected to office for a term of 4 years The burden of proof for determining that a producer is representing an authorized insurer falls on The producer The fine the Commissioner may levy for violating any provision of the Insurance Code is $1000 A foreign insurer An insurer formed under the laws of any state other than Mississippi would be known as Each of the following is true about the Mississippi Residential Prope...

Life-Only Agent Exam 1 Questions and Answers 100% Pass AN example of a moral hazard in relation to a life insurance application would be: - Answer ️️ -Misstating your health history to an insurance company. John applies for a variable annuity and does not request that the premiums be immediately invested in a stock or bond portfolio. After the annuity is issued, John returns the annuity contract to the insurer within the free look period. What will John receive from the insurer? - Ans...

Michigan Life and Health Final Exam Actual Questions and Answers 100% Correct What amount will be paid under a policy where the insured misstated his/her age? ANS-an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days ANS-30 days which of these is considered to be a Living benefit option in a life insurance policy ANS-Accelerated death benefit loans o...

Xcel Testing Solutions (Life & Health) Final 150 Question Practice Exam complete Questions and Answers When can a policy owner change a revocable beneficiary? M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? What is the un...