Life Insurance Basics
When is a statement of good health obtained on delivery of a life insurance policy?
Answer and explanation
Answer: B. The statement bridges the gap between the medical evidence and the moment cover begins, so it is taken where the premium was not paid at application and the policy takes effect on delivery. It is not required where a conditional receipt already put cover in force.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, statement of good health
More life insurance basics questions
- How does an insurer usually issue a policy to an applicant classified as substandard?
- How does the needs approach differ from the human life value approach?
- How may a New York policyholder learn what the guaranty corporation protects?
- How may an insurer use a Medical Information Bureau record in underwriting an application?
- How must a producer handle a premium collected from an applicant?
- If an insurer's expected investment return rises, what happens to the premium, other things being equal?
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