Company Underwriting (ID-L)

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Question 1 of 7

1. Question

Who normally makes the final decision to accept or reject life insurance applications?

Field underwriters

Producers

Agents

Company underwriters

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Question 2 of 7

2. Question

Which of the following statements is FALSE regarding a paramedical report?

The insurer pays for it.

It can only be completed by a physician.

Specimens of blood, urine, and oral fluids are typically taken during the exam.

It is a common information gathering technique requested by underwriters.

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Question 3 of 7

3. Question

Which of the following is true about the Medical Information Bureau (MIB)?

It is used by insurance companies to share customers’ medical information with each other.

Underwriting decisions must be based solely on MIB information.

It provides all the medical information needed by an insurer to decide if they will insure an applicant.

Information on the MIB can, by itself, be the reason for an applicant being denied life insurance.

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Question 4 of 7

4. Question

Answers to specific medical questions required by the underwriter are provided by a doctor on a report known as what

An attending physician statement (APS)

A paramedical (paramed) report

An investigative consumer report

The Medical Information Bureau (MIB)

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Question 5 of 7

5. Question

What is the difference between consumer reports and investigative consumer reports?

Investigative consumer reports are produced by investigators who conduct personal interviews with people that know the applicant.

Investigative consumer reports contain easily obtainable information from computer databases.

Investigative consumer reports can be obtained without following the regulations found in the Fair Credit Reporting Act.

Investigative consumer reports do not contain any information about the applicant’s character, habits and hobbies.

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Question 6 of 7

6. Question

Which federal law contains the regulations that insurers need to follow when obtaining information through consumer reports and investigative consumer reports?

The Investigative Privacy Act

The Consumer Privacy Act

The Fair Credit Reporting Act

The Privacy in Insurance Act

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Question 7 of 7

7. Question

What are the four risk classifications that a life insurance underwriter can assign to an applicant?

Above average, average, below average, declined

Approved, minimal reservation, moderate reservation, denied

Optimum health, average health, below average health, denied

Preferred, standard, substandard, declined

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