Life Chapter 1 (4 of 9) Completing the Application

The application is the starting point and basic source of information used by the company in the ___________ selection process

risk

The life insurance application has two (2) basic sources of information, __________________ information like client personal information, current policy and beneficiary information.

general

The life insurance application has two (2) basic sources of General information and _______________________ information. health questions

medical

The agent is the company's front line and is referred to as a ___________ underwriter

field

The field underwriter(agent) has the 6 important responsibility during the underwriting process and beyond; ( 1 of 6) proper _______________ of applicants

solicitation

The field underwriter(agent) has the 6 important responsibility during the underwriting process and beyond; ( 2 of 6) helping to ______________ adverse selection

prevent

The field underwriter(agent) has the 6 important responsibility during the underwriting process and beyond; ( 3 of 6) completing the __________________

application

The field underwriter(agent) has the 6 important responsibility during the underwriting process and beyond; ( 4 of 6) obtaining the required ___________________

signature

The field underwriter(agent) has the 6 important responsibility during the underwriting process and beyond; ( 5 of 6) ________________ the initial premium and _______________ the receipt

collecting and issuing

The field underwriter(agent) has the 6 important responsibility during the underwriting process and beyond; ( 6 of 6) _____________ the policy

delivering

A life insurance agent, also called a _______________________, is the company's field underwriter.

producer

The agent's report does ____________ become a part of the entire contract

not

The agent's report does NOT become a part of the entire contract, although it is a part of the application _______________

process

Their are 5 steps to the application process (1 of 5) Up to ____ signatures are required on a life application

3

Up to 3 signatures are required on a life application (1 of 3 ) the O___________

owner

Up to 3 signatures are required on a life application the owner, (2 of 3) proposed ______________, if different from the owner

insured

Up to 3 signatures are required on a life application the owner, proposed insured, if different from the owner, and (3 of 3) the ___________

agent

The exception to needing the proposed insured signature is when the proposed is a ______________

minor

Their are 5 steps to the application process (2 of 5) C________________ in the application

changes

Their are the two options the agent has for changing information on an application. Have the ____________ initial the change or complete a new application.

applicant

The agent should never _____________ or use ______________ out when changing information

erase or white

Their are 5 steps to the application process (3 of 5) Consequences of an _______________________ application

incomplete

If an application is received by the insurance company with an answer not completed, the company must ______________ the application for completion to the proposed insured.

return

Before a policy is issued, all questions must be answered. If a policy is issued with a question not answered the right to deny coverage based on the unanswered question is considered ______________ by the insurer

waived

Their are 5 steps to the application process (4 of 5) Collecting the initial _______________ and .....

premium

When an agent collects a premium and submit the application to the insurer. The agent must issue a premium _________________

receipt

The most common type is a premium receipt is a _________________ receipt.

conditional

A conditional receipt states that coverage begins at the date of the application or the date of the medical exam, whichever occurs _____________

last

The conditional receipt rule will apply as long as the policy is or would have been issued as a __________________ risk, not rated, declined or riders excluded

standard

A conditional receipt allows for the proposed insured to possibly be covered the __________ of the application.

day

Their are 5 steps to the application process (5 of 5) _______________________ is a practice of terminating an existing policy to obtain another policy

replacement