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Study sets matching "life insurance underwriting"

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Study sets matching "life insurance underwriting"

5 terms
Life Insurance Underwriting
underwriting
risk selection
classification
need for underwriting
process that decides whether or not it will issue insurance.…
refers to the decision to offer/not offer insurance
determination of the terms, conditions, and rates to be applied
without it private insurance markets cannot generally function
underwriting
process that decides whether or not it will issue insurance.…
risk selection
refers to the decision to offer/not offer insurance
8 terms
Life Insurance underwriting
What is underwriting
What 2 factors affect underwriting
What is the important information in u…
What is the role of competition in ins…
The process an ins company undergoes to see if they are willi…
1) Info... 2) Competition
The averages, not the individual
1) lowering cost... "cream skimming" charging most profitable pr…
What is underwriting
The process an ins company undergoes to see if they are willi…
What 2 factors affect underwriting
1) Info... 2) Competition
33 terms
Life Insurance Underwriting and Policy Issue
All of these are typically sources of…
When does a life insurance policy typi…
Which of the following pertains to the…
Which of the following describes a per…
Disclosure authorization response
When initial premium is collected and policy is issued
Underwriting
Substandard risk
All of these are typically sources of…
Disclosure authorization response
When does a life insurance policy typi…
When initial premium is collected and policy is issued
51 terms
Pennsylvania Life Insurance - Premiums/Underwriting
Which statement regarding the joint an…
Which of these factors do NOT affect l…
The initial premium for a life insuran…
The highest mortality rate belongs to…
The income payments are larger as compared to a single-life i…
An insurer's rating
It is typically obtained by the producer and sent to the insu…
Age 70 Males
Which statement regarding the joint an…
The income payments are larger as compared to a single-life i…
Which of these factors do NOT affect l…
An insurer's rating
16 terms
Life Insurance Underwriting and Policy Issue
Underwriting
The agent
The application
Agent's report
risk selection and classification process used to determine a…
company's front line/field underwriter; responsibilities incl…
submitted to insurer for approval by person applying for insu…
agent's personal observations concerning the proposed insured…
Underwriting
risk selection and classification process used to determine a…
The agent
company's front line/field underwriter; responsibilities incl…
10 terms
Life Insurance Underwriting and Policy Issue
A life insurance application must be s…
Any changes made on an insurance appli…
All of these are considered sources of…
K applies for a life insurance policy…
Beneficiary
Applicant
Rating Services
Conditional
A life insurance application must be s…
Beneficiary
Any changes made on an insurance appli…
Applicant
18 terms
Underwriting Life Insurance and Other Insurance Concepts
Agent Responsibility
Application Fields
Life Insurance Application
Conditional Receipt
Honest, complete and accurate completion of the application f…
Name, address, age, sex and occupation of the insured;... The ty…
Must be signed by the insured and the agent, the former to at…
Makes coverage effective on the later of the date of applicat…
Agent Responsibility
Honest, complete and accurate completion of the application f…
Application Fields
Name, address, age, sex and occupation of the insured;... The ty…
51 terms
Life Insurance Underwriting and Policy Issue
Underwriting
What are the two basic questions under…
When must an applicant show that an in…
What are the two most notable factors…
Another term for risk selection; the process of reviewing the…
1. Is the applicant insurable?... 2. If the applicant and insur…
Only at the inception of the life insurance policy; does not…
1. The size of the requested policy... 2. The risk profile deve…
Underwriting
Another term for risk selection; the process of reviewing the…
What are the two basic questions under…
1. Is the applicant insurable?... 2. If the applicant and insur…
16 terms
Life Insurance Underwriting and Policy Issue
Underwriting
The agent
The application
Agent's report
risk selection and classification process used to determine a…
company's front line/field underwriter; responsibilities incl…
submitted to insurer for approval by person applying for insu…
agent's personal observations concerning the proposed insured…
Underwriting
risk selection and classification process used to determine a…
The agent
company's front line/field underwriter; responsibilities incl…
12 terms
Life Insurance Underwriting and Policy Issue(13)
The policy loan
Completing required replacement forms
"copy of the signed authorization"
Medical ailments discovered during the…
All of the following are part of the underwriting process EXC…
Personally delivering a life policy is advantageous to the ag…
When an insurance company requests an attending physician's r…
What are members of the Medical Information Bureau (MIB) requ…
The policy loan
All of the following are part of the underwriting process EXC…
Completing required replacement forms
Personally delivering a life policy is advantageous to the ag…
51 terms
Chapter 09: Life Insurance Underwriting and Policy Issue
Underwriting
What are the two basic questions under…
When must an applicant show that an in…
What are the two most notable factors…
Another term for risk selection; the process of reviewing the…
1. Is the applicant insurable?... 2. If the applicant and insure…
Only at the inception of the life insurance policy; does not…
1. The size of the requested policy... 2. The risk profile devel…
Underwriting
Another term for risk selection; the process of reviewing the…
What are the two basic questions under…
1. Is the applicant insurable?... 2. If the applicant and insure…
31 terms
5 - Life Insurance Underwriting and Policy Issue
When does a life insurance contract be…
Who is NOT required to sign a life ins…
A life insurance application must be s…
An applicant's medical information rec…
When producer delivers policy and collects initial premium
Beneficiary
beneficiary
applicant's physician
When does a life insurance contract be…
When producer delivers policy and collects initial premium
Who is NOT required to sign a life ins…
Beneficiary
26 terms
Life insurance: Completing the application, underwriting, and delivering the policy
The National Do Not Call Registry was…
Which of the following would NOT be co…
Which of the following regulatory auth…
The full premium was submitted with th…
Telemarketers - the National Do Not Call Registry was created…
Calls based from outside of the United States -
FTC (The Federal Trade Commission) - and the Federal Communic…
As of the application date - If the full premium was submitte…
The National Do Not Call Registry was…
Telemarketers - the National Do Not Call Registry was created…
Which of the following would NOT be co…
Calls based from outside of the United States -
14 terms
Systemic, Demographic, Underwriting & Non-Life Insurance Risk
Describe the different types of system…
List some ways to manage the following…
Describe three ways to assess mortalit…
List two aspects of trend risk.
• To become a systemic risk, the ultimate effect must be one…
o Determine the expected levels of mortality rates in the fut…
Describe the different types of system…
• To become a systemic risk, the ultimate effect must be one…
List some ways to manage the following…
8 terms
L5 - Life Insurance Underwriting & Policy Issue
In order for coverage on a non-medical…
Any changes made on an insurance appli…
A life insurance application must be s…
An incomplete life insurance applicati…
Initial Premium
Applicant
the policyowner, the agent, & the insured (if an adult)
Application will be returned to the writing agent
In order for coverage on a non-medical…
Initial Premium
Any changes made on an insurance appli…
Applicant
15 terms
6 - (Vocab) Life Insurance Underwriting and Policy Issue
Purpose of underwriting
Underwriting Process
Part 1 General Information
Part 2 Medical Information
...
...
...
...
Purpose of underwriting
...
Underwriting Process
...
51 terms
Life Insurance (Completing the Application, Underwriting, and Delivering the Policy)
Insurance
Agency Contract
Agent/Producer
Applicant or proposed Insurer
Transfers the risk of loss from an individual or business ent…
Contract held between an insurer and an agent/producer. (Cont…
Person who acts for another person or entity known as the pri…
A person who requests or seeks insurance from an insurer
Insurance
Transfers the risk of loss from an individual or business ent…
Agency Contract
Contract held between an insurer and an agent/producer. (Cont…
17 terms
5 - Life Insurance Underwriting and Policy Issue
At what time must a policyowner have i…
Which Federal law allows an insurer to…
All of these are considered sources of…
An underwriter determines that an appl…
At the time of application
Fair Credit Reporting Act
Rating Services
exclusion for the medical condition
At what time must a policyowner have i…
At the time of application
Which Federal law allows an insurer to…
Fair Credit Reporting Act
19 terms
CHP#9 - Life Insurance Underwriting & Policy Issue
underwriting process... 9
insurable interest... 9
consumer & investigative reports... 9
application... 9
...
...
...
...
underwriting process... 9
...
insurable interest... 9
...
12 terms
6 - (Questions) Life Insurance Underwriting and Policy Issue
Part 3 of the application contains what?
An insurance applicant's character and…
When an insurance company requests an…
What are members of the Medical Inform…
Part 3 of the application is termed the agent's (or producer'…
The purpose of these reports is to provide a picture of an ap…
copy of the signed authorization
Members of the Medical Information Bureau are required to rep…
Part 3 of the application contains what?
Part 3 of the application is termed the agent's (or producer'…
An insurance applicant's character and…
The purpose of these reports is to provide a picture of an ap…
23 terms
Unit 9-Life Insurance Underwriting and Policy Issue
Underwriting process
Insurable interest
Medical reports
Special questionnaires
Reviewing and evaluating information about an applicant and a…
When the death of the insured would have a clear financial im…
May be required to provide further underwriting information.…
May be required for underwriting purposes to provide more det…
Underwriting process
Reviewing and evaluating information about an applicant and a…
Insurable interest
When the death of the insured would have a clear financial im…
10 terms
Unit 9 Life insurance underwriting and policy issue
Underwriting is a process of... A. select…
Which of the following statements pert…
If a medical report is required on an…
Which of the following statements pert…
d. selection, classification and rating of risks
a. the names of both the insured and the beneficiary are indi…
b.a paramedic or examining officer
c.the MIB provides assistance in the underwriting process
Underwriting is a process of... A. select…
d. selection, classification and rating of risks
Which of the following statements pert…
a. the names of both the insured and the beneficiary are indi…
14 terms
Fin 341 Life Insurance Pricing & Underwriting
Requirements
Buyer's Guide and Policy Summary
Pricing Objectives For Insurance Company
Adequate
The Life Insurance Policy Illustration Model Act requires ins…
The goal is to reduce misunderstanding of policy values by po…
-Adequate ... -Equitable ... -Economically Feasible
Premiums are sufficient to fund the benefits promised. Rate a…
Requirements
The Life Insurance Policy Illustration Model Act requires ins…
Buyer's Guide and Policy Summary
The goal is to reduce misunderstanding of policy values by po…
32 terms
6 - Life Insurance Underwriting and Policy Issue
Which of the following statements pert…
Which of the following statements pert…
Part 3 of the application contains wha…
What risk classification rewards excep…
C) The names of both the insured and the beneficiary are indi…
D) The MIB provides assistance in the underwriting of life in…
B) The agent's report of personal observations about the insu…
A) Preferred risk.... Many insurers today reward exceptionally…
Which of the following statements pert…
C) The names of both the insured and the beneficiary are indi…
Which of the following statements pert…
D) The MIB provides assistance in the underwriting of life in…
22 terms
Life insurance completing the application, underwriting, and delivering the policy
Underwriting
Underwriter
Tools used in underwriting
Three parts of application***
The process that an insurance company goes through to assess…
The person that does the underwriting for the insurance compa…
Application... Special questionnaire... Medical information bureau…
Part I: non-medical information*... Part II: medical information…
Underwriting
The process that an insurance company goes through to assess…
Underwriter
The person that does the underwriting for the insurance compa…
10 terms
5 - Life Insurance Underwriting and Policy Issue
In life insurance application must be…
At what time must a policyowner have i…
In order for coverage on a non-medical…
When does a life insurance contract be…
Beneficiary
At the time of application
The initial premium
When producer delivers policy and collects initial premium
In life insurance application must be…
Beneficiary
At what time must a policyowner have i…
At the time of application
19 terms
Underwriting by the Insurer
underwriter's objectives
Underwriting guidelines
adverse selection
underwriting agency
write a book of business in which the actual losses approxima…
a set of rules and requirements an insurer provides for its a…
the people most interested in buying and keeping insurance ar…
agents have underwriting and policy writing authority from th…
underwriter's objectives
write a book of business in which the actual losses approxima…
Underwriting guidelines
a set of rules and requirements an insurer provides for its a…
26 terms
Insurer Underwriting
Underwriter
Underwriting Factors
Premium Assumptions
Rate
Underwriting protects the insurer against adverse selection a…
1. Nature of the risk.... 2. Hazards that are present.... 3. Claims…
An adequate premium must be charged for the risk based on the…
The dollar amount charged for a particular unit of insurance,…
Underwriter
Underwriting protects the insurer against adverse selection a…
Underwriting Factors
1. Nature of the risk.... 2. Hazards that are present.... 3. Claims…
53 terms
Life Insurance Ch.1: Completing the Application, Underwriting and Delivering the Policy
Insurance
Insurance transaction
Types of Insurers
Stock Companies
transfers risk of loss from an individual or business entity…
solicitation, negotiations, sale (contract), advising an indi…
Stock Companies and Mutual Companies
-owned by stockholders who provide capital to establish and o…
Insurance
transfers risk of loss from an individual or business entity…
Insurance transaction
solicitation, negotiations, sale (contract), advising an indi…
21 terms
Underwriting by the Insurer
underwriter
underwriting guidelines
binder
sources of information that property a…
reviews the application and determines whether the insurer wa…
set of rules and requirements and insurer provides for its ag…
while the application is pending and before a policy has been…
application, agency report, loss history data, motor vehicle…
underwriter
reviews the application and determines whether the insurer wa…
underwriting guidelines
set of rules and requirements and insurer provides for its ag…
19 terms
Insurance/ Underwritting
Additional Drivers- how Qualify? Addit…
Contract Violations
Negligent Entrustment
Hand Controlled Cars- How to obtain on…
Qualify the same manner as regular rentals. Keep there CC on…
-Driving under the influence... -driving in unauthorized areas... -…
Renting to someone who you know shouldn't be. Examples: under…
Send e-mail to Ken Green at vehicle acquisitions about obtain…
Additional Drivers- how Qualify? Addit…
Qualify the same manner as regular rentals. Keep there CC on…
Contract Violations
-Driving under the influence... -driving in unauthorized areas... -…
15 terms
Life & Health CH. 16 Health Insurance Policy Underwriting, Issuance, and Delivery
Selection against the insurer in terms…
A sum of money the insured pays the in…
The portion of an advance premium paym…
Frequency with which premiums are paid
Adverse Selection
Premium
Unearned Premium
Payment Modes
Selection against the insurer in terms…
Adverse Selection
A sum of money the insured pays the in…
Premium
58 terms
Life Insurance: Completing the Application, Underwriting, and Delivering the Policy (12 Questions)
Completing the Application
Required signatures
Without all the required signature the…
Parts of the Life Insurance Application
The agent must fill out the application neatly, honestly, and…
It is the agent's responsibility to check the application for…
-the proposed insured has not given permission to the underwr…
GMA - Gold Makes Awards... I. General Information... II. Medical…
Completing the Application
The agent must fill out the application neatly, honestly, and…
Required signatures
It is the agent's responsibility to check the application for…
15 terms
Life & Health Ch.16 Health Insurance Policy Underwriting, Issuance, and Delivery
Which of the following will have to me…
1. All of the following are parties to…
2. Which of the following will have to…
3. In many instances, the __________ a…
Beneficiary
b A beneficiary and the underwriter are not parties to a life…
a - In addition to the information about the applicant for in…
a - The owner of a life insurance policy may also be the pers…
Which of the following will have to me…
Beneficiary
1. All of the following are parties to…
b A beneficiary and the underwriter are not parties to a life…
Georgia Life & Health: General Insurance/Completing the Application, Underwriting, & Delivering the Policy
A person who does not lock the doors t…
What are the four elements of an insur…
Insurance is used to transfer what to…
What are the three types of hazards?
Morale
1. Agreement (offer & acceptance... 2. Consideration... 3. Competen…
Financial responsibility for loss
1. Physical... 2. Moral... 3. Morale
A person who does not lock the doors t…
Morale
What are the four elements of an insur…
1. Agreement (offer & acceptance... 2. Consideration... 3. Competen…
34 terms
5 Life - Employee Benefit Plans, Social Insurance, Underwriting
contributory group
noncontributory group
qualified plan
IRA
...
...
...
- type of qualified retirement plan
contributory group
...
noncontributory group
...
Insurance - Field Underwriting Procedures
true
Proposed Insured... Policyowner... Agent who…
Statement of continued good health
Attending Physician Report
T/F The application is part of the entire contract
What three signatures are needed on a health insurance applic…
In cases where a premium did not accompany app for insurance,…
What type of medical source is best for accurate info on the…
true
T/F The application is part of the entire contract
Proposed Insured... Policyowner... Agent who…
What three signatures are needed on a health insurance applic…
84 terms
Unit 2 life insurance sales and suitability (Application, Underwriting and Policy Delivery.)
One of the most important features of…
Final expenses
Determining the amount of personal lif…
Human life value
And involves immediate creation of an estate. The full amount…
Doctor and hospital bills from a final illness, funeral expen…
1. Human life value ... 2. Needs approach.
Individual's future stream of income. ... *How much will be insu…
One of the most important features of…
And involves immediate creation of an estate. The full amount…
Final expenses
Doctor and hospital bills from a final illness, funeral expen…
18 terms
Insurance Underwriting G3
Underwriting
Purpose of Underwriting
Sources of Insurability Information
Selection and Classification Factors
how insurers select who they will insure and what premium rat…
Make sure insurer charges the right ant for the coverage it p…
-"field underwriting"-Producer visibly observes applicant... -Ap…
age, gender, health, avocation, medical history, moral charac…
Underwriting
how insurers select who they will insure and what premium rat…
Purpose of Underwriting
Make sure insurer charges the right ant for the coverage it p…
28 terms
Insurance Life( completing the application, underwriting, and delivering the policy) Q and A
All of the following are duties and re…
An Insurer that holds a certificate of…
In insurance policies, the insured is…
An underwriter may obtain information…
Change any incorrect statement on the application by personal…
Authorized insurer
Unilateral
Inspection report
All of the following are duties and re…
Change any incorrect statement on the application by personal…
An Insurer that holds a certificate of…
Authorized insurer
43 terms
General Insurance - Underwriting Basics
What is the underwriter's job?
Which application receives more scruti…
The underwriter's main goal is to prot…
What is adverse selection?
To use all the information gathered from many sources to dete…
Individual application.
Adverse selection.
When the group of risks are more likely than an average group…
What is the underwriter's job?
To use all the information gathered from many sources to dete…
Which application receives more scruti…
Individual application.
61 terms
health insurance underwriting -7
reviewing and evaluating ... information…
the size of the requested policy and t…
comprehensive and diligent the underwr…
The Application
The underwriting process is accomplished by
Underwriters have several sources of underwriting information…
The larger the policy, the ... more...
source of underwriting, the basic source of insurability info…
reviewing and evaluating ... information…
The underwriting process is accomplished by
the size of the requested policy and t…
Underwriters have several sources of underwriting information…
25 terms
Life Underwriting
Underwriting is the name of the proces…
Once the insurer has looked at the fac…
Which of the following would have the…
All of the following are commonly used…
Preferred
The risk classification and mortality, interest earnings and…
He/she is grossly overweight.
Talking to the neighborhood watch
Underwriting is the name of the proces…
Preferred
Once the insurer has looked at the fac…
The risk classification and mortality, interest earnings and…
24 terms
Insurance laws and underwriting procedures
20 to 30 days
2 year max... 3 year minimum
10 days after receiving report
20 hours per line ... 7.5 classroom; 12.5…
after the cease and desist order has been issued Insurance di…
Can suspend license?... Can revoke license
Violators can request a hearing after cease and desist order
requirements for license
20 to 30 days
after the cease and desist order has been issued Insurance di…
2 year max... 3 year minimum
Can suspend license?... Can revoke license
Insurance - Application/Underwriting/Delivering Policy
Transfers risk of loss from individu…
Agency Contract
Personally Liable
Agent/Producer
Function of Insurance?
What is a contract that is held between an insurer or an agen…
Any agent who is in violation of the agency contract may be h…
A person who acts for another person or entity with regards t…
Transfers risk of loss from individu…
Function of Insurance?
Agency Contract
What is a contract that is held between an insurer or an agen…
10 terms
Health Insurance Underwriting(9)
Assume the following individuals are i…
One technique that helps to control he…
If a health insurance policy has lapse…
The expected incidence of sickness or…
Jack-noncancellable."
"Second surgical opinions".
At least 10 days after the date of reinstatement
morbidity
Assume the following individuals are i…
Jack-noncancellable."
One technique that helps to control he…
"Second surgical opinions".
16 terms
Health Insurance policy underwriting
Underwriting Objectives
Definition of Premium
Earned and Unearned Premium
mode of premium payment
Health insurance underwriting is the process of selecting, cl…
The premium is a sum of money the insured pays the insurer in…
Premium payment frequency varies, but regardless of frequency…
refers to the frequency with which premiums are paid. Insurer…
Underwriting Objectives
Health insurance underwriting is the process of selecting, cl…
Definition of Premium
The premium is a sum of money the insured pays the insurer in…
50 terms
1 - ExamFX Life and Health - General Insurance / Completing Application, Underwriting and Delivering The Policy
What two elements are necessary to a l…
Insurance is a contract that protects…
What Type of Risk is Insurable?
What is the term for the causes of los…
1. Insurable Interest... 2. Consent
Loss
Pure
Peril
What two elements are necessary to a l…
1. Insurable Interest... 2. Consent
Insurance is a contract that protects…
Loss
22 terms
Individual Underwriting by the Insurer
Sources of Underwriting Information
Application
Agent/Producer report
Attending physician statement
issued as requested and applied for;... issued as a rated (subst…
The application is the first source of information an underwr…
An important appendage to the application is the agent's repo…
After reviewing the application and agent's report, the under…
Sources of Underwriting Information
issued as requested and applied for;... issued as a rated (subst…
Application
The application is the first source of information an underwr…
18 terms
Iowa insurance - Life Accident Health 1.1-Field Underwriting-ExamFX
Producer's first major role in transac…
producer
agent
applicant or proposed insured
completing the application and delivering the policy
a legal representative of an insurance company; the classific…
agents of the insurer
person applying for insurance
Producer's first major role in transac…
completing the application and delivering the policy
producer
a legal representative of an insurance company; the classific…
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