Underwriting - Study guides, Class notes & Summaries

ARKANSAS LIFE INSURANCE EXAM QUESTIONS AND ANSWERS J is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? - ANS Twisting What is implied authority defined as? - ANS Authority that is not specifically given to an agent contract, but that an agent can reasonably assume to carry out his/her duties A person who is a nonsmoker, average weight, excellent health would fall into what risk classification? - ANS ...

Which of the following is not permitted in a contract lawsuit? a. Liquidated damages b. Actual damages c. Specific performance d. Punitive damages d. Punitive damages A non-conforming loan fails to meet whose underwriting standards? a. The primary lender b. The provider of the mortgagee title policy c. Fannie Mae d. The PMI insurer c. Fannie Mae What is the

CIP C120: Underwriting Essentials

Who is considered a field underwriter? - An agent When must insurable interest exist in life insurance? - Application or issue date If no receipt is issued at the time of application, a statement of good health is usually required at the time of? - Policy delivery The Medical Information Bureau is?(MIB) - a source of medical information to alert insurers to adverse medical history A substandard risk compared to a standard risk would pay? - a higher premium Which document describes specifi...

How are individually rated automobiles regulated vs. fleets : - individually rated automobiles is regulated the same in commercial and personal - fleets are less regulated in commercial that individually rated vehicles 3 elements of underwriting: : - Accept/reject risk - Invest of capital - Implement strategic plan to build profitable portfolio Underwriting Function : - insurance professional employed to accept or reject risk on behalf of an insurer - to ACCEPT, MODIFY or REJECT risk...

An earned premium resulting from the cancellation of a policy is calculated on: - On a pro rata basis, based on the previous year's rate M owns a parking garage & has coverage that states: "We will cover losses regardless if you are legally liable for the loss." This no-fault ideology will be found under: - Excess Direct Coverage An insurance company writing business in a state other than the one in which it is domiciled is called: - a Foreign Y is running a home daycare out of their ho...

UHC Certification 2023/2024 Exam| Actual Questions and Verified Answers| A Grade Q: A government program, offered only through a private insurance company or other private company approved by Medicare, that provides prescription drug coverage describes which of the following: Answer: Medicare Parts A and B Q: Which of the following statements is true about eligibility requirements for Medicare Prescription Drug Plans? Answer: A consumer must be entitled to Medicare Part A ...

Arizona Life and Health Insurance Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: Which statement concerning the Entire Contact provision in an individual accident and health insurance policy is TRUE? Answer: The agent doesn't have the authority to change the policy or waive its provisions Q: Under the Fair Credit Reporting Act, which statement is true? Answer: The consumer who was investigated must be advised that credit, insurance...

C120 - Underwriting Essentials Chapter 1 - Introduction to Underwriting Questions and Answers Already Passed What is a table of limits, and how are the amounts in the table determined? (AKA Rating matrix) Outlines the amount of insurance an underwriter may be authorized to offer for varying types of risks. They are determined by the Occupancy, Public Fire Protection and Construction of the risk. 3 main reasons why an underwriter may reject a risk 1) Class of risk is not permitted in t...

What is a SWOT analysis? - Answer-A method to identify strengths, weaknesses, opportunities, and threats. What are some factors contributing to Millstone's deteriorating loss experience? - Answer-Increase in fraudulent claims and weather-related disasters. Why is Millstone concerned about its upper-level employees nearing retirement age? - Answer-Few employees can immediately step into those roles. Why is it a problem that few college graduates are choosing to enter the insurance industry...