GA LIFE INSURANCE EXAM REVIEW QUESTIONS WITH VERIFIED SOLUTIONS; GRADED A+ 100% SOLVED
GA LIFE INSURANCE EXAM REVIEW QUESTIONS WITH CORRECT ANSWERS; 100% solved Graded A+
LIFE INSURANCE STUDY EXAM QUESTIONS WITH VERIFIED SOLUTIONS; graded A+ latest life insurance prep exam questions ; 100% solved
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LIFE INSURANCE STUDY EXAM PREP
QUESTIONS WITH CORRECT ANSWERS
Whose responsibility is it to determine that all the questions on an insurance application
are answered? - The agent's
What is the name of the process that insurance companies use to determine whether or
not an applicant is insurable? - Underwriting
What is insurance underwriting? - The process of risk selection and classification
Insurance is a contract that protects the insured from what - Loss
What is the best way to handle incomplete insurance applications - Return the
application to the applicant for completion
What is the purpose of the agent's report during the application process - The agent's
report discusses the agent's personal observations about the proposed insured that
may help in the underwriting process
When would a misrepresentation on an insurance application be considered fraud? -
When it is intentional and material
If an insurer needs to obtain information about the applicant from investigators, what is
the insurer required to do. - Provide the applicant a disclosure authorization notice
Health insurance contracts are unilateral. What does that mean? - Only one party
makes a legally enforceable promise
What two elements are necessary for a life insurance contract to have a legal purpose?
- Insurable interest and consent
In forming an insurance contract, when does acceptance usually occur? - When the
insurer approves a prepaid application
What is adverse selection? - People who are more likely to submit insurance claims are
seeking insurance more often than preferred risks.
The 3 risk classifications used by underwriters for life insurance - Standard,
substandard, and preferred
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