Completing the Application, Underwriting, and Delivering the Policy
An applicant mentions a health condition to the agent, but it never appears on the application. What follows from the standard agreement language?
Answer and explanation
Answer: C. Section 2(K) requires the application to state that no information will be considered to have been given to the company unless it is stated in the application. Telling the agent without recording it therefore does not put the insurer on notice, delivery does not cure the gap, and the application is not thereby void.Source: Interstate Insurance Product Regulation Commission — Individual Life Insurance Application Standards — § 2(K), Information not written down
More completing the application, underwriting, and delivering the policy questions
- Which question does consumer guidance say an owner should be able to answer after reading a delivered policy?
- Which set names the elements of a contract as the Georgia outline lists them?
- Which statement best explains why a life insurance policy is legally considered a conditional contract?
- Which statement correctly separates the aleatory character of a life policy from its conditional character?
- Why do applications ask both about other coverage in force and about replacement intent?
- Why do the uniform standards require the city and state where an application is signed?
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