Collection of Premiums. Given the scope of Distributor’s activities hereunder, it is not anticipated that Distributor would collect or receive premiums for the Contracts. However, to the extent that Distributor or a Distributor Representative receives a premium, such premium shall be remitted promptly, and in any event not later than two business days, in full, together with any applications, forms and any other required documentation, to the Contract Service Center. Checks or money orders in payment of premiums shall be drawn to the order of “Protective Life Insurance Company.” If any premium is held at any time by Distributor, Distributor shall hold such premium in a fiduciary capacity until remitted. Distributor acknowledges that all such premiums, whether by check, money order or wire, shall be the property of Insurer. Distributor acknowledges that Insurer shall have the unconditional right to reject, in whole or in part, any application or premium.
Índice
- What must be given to a life insurance applicant when the agent receives an application and the initial premium?
- When an applicant applies for insurance the process?
- What must be provided to the applicant by the agent when replacement occurs?
- Why should a producer collect a premium at the time the application is completed?
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1 | Purpose of Underwriting Which of the following questions would NOT be a legitimate concern for an underwriter?
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2 | Agents are sometimes referred to as field underwriters.
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3 | Underwriting Process In Florida, a child must be at least _______ years of age to sign a life insurance policy.
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4 | Among the following, who would most likely pay a lower premium amount?
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5 | The Application There are three basic sections in a typical life insurance application. Match the following sections with their respective descriptions.
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6 | Which of the following is NOT required on an insurance application?
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7 | Only a physician can complete and sign the Attending Physician's Statement.
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8 | Every applicant must receive and sign a written notice letting them know that the MIB may be consulted for more information during the underwriting process.
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9 | Fair Credit Reporting Act of 1970 Most every type of financial transaction relies on credit reports. Under the Fair Credit Reporting Act, if the insurer is given any adverse information about the applicant that results in coverage being denied, or approved with higher premium rates, the applicant must be notified within and given the name of the reporting agency used. If the applicant requests a summary of the nature and scope of the investigation, the insurer must provide that information within . Lesson 5.4 |
10 | Field Underwriting Procedures The system of coverage that is designed to allow the insured immediate coverage and yet allows the insured to defer premium payments is known as:
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11 | Match the following types of receipts with their respective descriptions.
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12 | Generally, if a receipt is issued when the initial premium deposit is collected, the would be considered the effective date of the policy. If the initial premium deposit is NOT collected and submitted with the application, the would be considered the effective date of the policy as long as the required premium payment is made within the appropriate timeframe. Lesson 5.5.6 |
13 | Policy Issue and Delivery Constructive Delivery is determined only when the policy is in the physical hands of the insured.
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14 | Constructive Delivery is the point at which the insurer releases control of the contract to another party, such as the agent, for unconditional delivery to the insured.
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What must be given to a life insurance applicant when the agent receives an application and the initial premium?
The conditional receipt provides that when the applicant pays the initial premium, coverage is effective on the condition that the applicant proves to be insurable either on the date the application was signed or the date of the medical exam.
When an applicant applies for insurance the process?
When an applicant applies for insurance, the process by which the insurer determines whether to issue a policy is called. underwriting; When an applicant applies for insurance, the process by which the insurer determines whether to issue a policy is called underwriting.
What must be provided to the applicant by the agent when replacement occurs?
Both the applicant and agent must sign a Notice Regarding Replacement of Life Insurance. The agent must submit a copy of the notice and all sales materials used to the replacing insurer and must also give the applicant copies of the sales materials used.
Why should a producer collect a premium at the time the application is completed?
Why should a producer collect a premium at the time the application is completed? Collecting the premium at the time of application allows the producer to issue a conditional coverage receipt, which can bring coverage into effect as early as the date of the application, provided all the conditions have been satisfied.