Completing the Application, Underwriting, and Delivering the Policy
Why do the uniform standards require the city and state where an application is signed?
Answer and explanation
Answer: A. Section 2(N) requires the city and state where signed together with the date of signature, which fixes where and when the transaction took place. Premiums are not set by city, licenses are issued by state rather than city, and applications are not filed locally.Source: Interstate Insurance Product Regulation Commission — Individual Life Insurance Application Standards — § 2(N), Date and place
More completing the application, underwriting, and delivering the policy questions
- If a life insurance application contains a clause that clearly conflicts with established state public policy, how is this clause treated under general contract and regulatory standards?
- If an applicant makes an error while filling out a paper application, what is the proper procedure to correct it?
- If an applicant submits a completed application WITH the initial premium and receives a conditional receipt, when does coverage begin if the applicant is later found insurable as applied for?
- If an application is submitted WITHOUT premium, when does coverage officially take effect upon policy delivery?
- If an MIB report indicates a medical impairment that was not disclosed on the application, what action must the underwriter take under MIB rules?
- In a life insurance contract, what does each side supply as consideration?
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