Answer a: False. The medical questionnaire had already filled in the application to the insurance company. The signed policy illustration is not necessary of a T-20 life insurance. The policyholder has to sign an illustration acknowledging that he understands the limitations of the illustration in case of policies that are very sensitive to the investment returns like the participating whole life and universal life policy outcomes.

Answer b: False. The agent’s comments section had already completed in the application to the insurance company.

Answer c: False. The agent does not deliver the policy by mail or give it to somebody else than the applicant. He has to meet the applicant to ensure that nothing important has changed that would affect the insurability of life insured.

Answer d: Correct answer. To close the underwriting process, the agent has to meet the client, obtain the premium for the insurance after a carefully analyze the contract with him, and finally, obtain the declaration of insurability and confirmation of delivery receipt from the client.

References

Preparation manual: Life insurance, 3^rd edition, 2016, section 9.9.1

Evaluated competency sub-component in Curriculum: 3.3 Confirm the requirements that must be met to implement the recommendation

Life Insurance

Competency: Recommend individual and group life insurance products adapted to the client’s needs and situation

Share