Completing the Application, Underwriting, and Delivering the Policy
Which set names the elements of a contract as the Georgia outline lists them?
Answer and explanation
Answer: C. The Georgia content outline lists the elements of a contract as consideration, offer and acceptance, competent parties, and legal purpose. Delivery and underwriting are steps in the transaction, and insurable interest is a separate requirement particular to insurance rather than one of the general contract elements.Source: Pearson VUE — Georgia Insurance Examination Content Outlines #121102 — Outline page S2, Elements taken together
More completing the application, underwriting, and delivering the policy questions
- An applicant plans to surrender an existing whole life policy after the new policy is issued. How should the replacement question be answered?
- An applicant submits an application without premium. The policy is issued as applied for. Before delivery and premium collection, the applicant suffers a severe heart attack. What must the producer do at delivery?
- An applicant submits truthful application statements and the required initial premium. What does the insurer furnish as its side of the contract's consideration?
- An applicant will keep an existing policy nominally in force but reduce its face amount to fund the new policy. Which replacement disclosure is appropriate?
- An applicant with average health, normal build, and no hazardous hobbies is classified into which standard underwriting category?
- An applicant with superior health, excellent family history, and non-smoker status is placed in which underwriting risk class, receiving lower premium rates?
592 Georgia questions like this one.
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