Which will be included in a policy summary? - Answer Premium amounts and surrender
values
Why should the producer personally deliver the policy when the
... [Show More] first premium has
already been paid? - Answer To help the insured understand all aspects of the contract
An insurance contract requires that both the insured and the insurer meet certain
conditions in order for the contract to be enforceable. What contract characteristic does
this describe? - Answer Conditional
If a policy includes a free-look period of at least 10 days, the Buyer's Guide may be
delivered to the applicant - Answer With the policy
If an applicant for a life insurance policy is found to be a substandard risk, the insurance
company is most likely to - Answer Charge a higher premium
Which of the following best details the underwriting process for life insurance? - Answer
Selection, classification, and rating of risks
Upon policy delivery, the producer may be required to obtain any of the following
EXCEPT - Answer Signed waiver of premium
Which of the following is a risk classification used by underwriters for insurance? -
Answer Standard
Which of the following documents delivered to the policy owner includes information
about premium amounts, cash values, surrender values, and death benefits for specific
policy years? - Answer A policy summary
When both parties to a contract must perform certain duties and follow rules of conduct
to make the contract enforceable, the contract is - Answer Conditional
Representations are written or oral statements made by the applicant that are - Answer
Considered true to the best of the applicant's knowledge
Most agents try to collect the initial premium for submission with the application. When
an agent collects the initial premium from the applicant, the agent should issue the
applicant a - Answer Premium receipt
All of the following are duties and responsibilities of producers at the time of application
EXCEPT - Answer Change any incorrect statement on the application by personally
initialing next to the corrected statement (must be initialed by the applicant)
In insurance policies, the insured is not legally bound to any particular action in the
insurance contract, but the insurer is legally obligated to pay losses covered by the
policy. What contract element does this describe? - Answer Unilateral
An insurer neglects to pay a legitimate claim that is covered under the terms of the
policy. Which of the following insurance principles has the insurer violated? - Answer
Consideration
Which of the following is TRUE regarding the premium in term policies? - Answer The
premium is level
Which of the following terms best describe the coverage provided by term policies, as
compared to any other form of protection? - Answer Greatest [Show Less]