Completing the Application, Underwriting, and Delivering the Policy
What must the signature section of a life insurance application capture?
Answer and explanation
Answer: A. Section 2(N) of the uniform application standards requires signature items including the city and state where signed, the date of signature, and the signature of each proposed insured who has reached the age of majority required where the policy is issued for delivery, together with signatures of a spouse, parent or guardian, or owner as applicable. Notarisation and a beneficiary's signature are not required elements.Source: Interstate Insurance Product Regulation Commission — Individual Life Insurance Application Standards — § 2(N), Signature requirements
More completing the application, underwriting, and delivering the policy questions
- After signing an application but before policy delivery, the proposed insured begins taking a newly prescribed heart medication. What should the proposed insured do?
- An adult applies for a policy on his own life and names his sister as beneficiary. Whose signatures does the application ordinarily require?
- An agent observes unusual funding behavior while selling a covered life product. What is the agent's proper AML role?
- An applicant applies for preferred rates and the insurer issues a standard-rated policy instead. In contract terms, what has the insurer done?
- An applicant applies without paying any premium. The insurer issues the policy exactly as requested. When is the contract formed?
- An applicant asks whether every answer on a life application is an absolute guarantee of literal accuracy. Which response is correct?
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