Completing the Application, Underwriting, Delivering Policies, Contract Law
Which individual would be deemed legally INCOMPETENT to enter into a binding life insurance contract?
Answer and explanation
Answer: C. Competent parties require legal age, mental capacity, and absence of severe intoxication or legal disability.Source: Texas Insurance Code Chapter 1103 — § 1103.054
More completing the application, underwriting, delivering policies, contract law questions
- An insurer declines an application partly because of a consumer report. Which item belongs in the FCRA adverse-action notice?
- An insurer issues a policy although one health question on the application was left completely blank. What is the usual legal consequence for the insurer?
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- An owner receives a replacement life policy approved under the Insurance Compact standards and decides during the required review period that it is unsuitable. What action preserves the free-look remedy?
- An underwriter wants to obtain an applicant's medical records from a treating physician. What is required first?
- At delivery, a client is confused about a rider and an exclusion. What should the producer do?
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