Texas Life Insurance exam Questions and Answers with Verified Solutions

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Texas Life Insurance exam Questions and Answers with Verified Solutions 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 specific information about policy provisions and benefits? ✔✔Policy summary Does not have an insurable interest? ✔✔Insured's best friend What is the main source of underwriting information used by the company in the risk selection process? ✔✔Application An insured submits the full premium along with a completed application, and the policy is issued 10 days later. When does the coverage begin? ✔✔On the date of application What is the main responsibility of a company's underwriting unit? ✔✔Risk selection and classification What best describes the USA PATRIOT Act with regards to the insurance industry? ✔✔To prevent terrorism activities through monitoring of financial transactions If the agent feels that could misrepresentation on the part of the applicant for insurance, what must the agent do? ✔✔Inform the insurance comapny Representations are statements made by th [Show More]

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