FAQ: Within How Many Days Of Requesting An Investigation?

How many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?

The user must disclose to the consumer that an investigative consumer report may be obtained. This must be done in a written disclosure that is mailed, or otherwise delivered, to the consumer at some time before or not later than three days after the date on which the report was first requested.

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When must a producer notify an applicant that a credit report may be requested?

To comply with Fair Credit Reporting Act, when must a producer notify an applicant that a credit report may be requested? A notice to the applicant must be issued to all applicants for health insurance coverage.

What provides an underwriter with information concerning an applicant’s health history?

Which of the following would provide an underwriter with information concerning an applicant’s health history? EXPLANATION: An agent’s report and inspection report provide personal information.

Whose responsibility is it to determine if all of the questions on an application have been answered?

Whose responsibility is it to determine if all of the questions on an application have been answered? It is the responsibility of the agent to make sure that the application has been properly signed and that all questions have been answered correctly.

What is the reason for backdating a policy?

The purpose of backdating a life insurance policy is to use premiums based on an earlier age.

What do employers look for in a consumer report?

A consumer report contains information about your personal and credit characteristics, character, general reputation, and lifestyle. Some employers only want an applicant’s or employee’s credit payment records; others want driving records and criminal histories.

What is the biggest source of information used in underwriting?

Underwriting is the process that insurance companies use to select, classify and rate risks. What is the biggest source of information used in underwriting? The application is the biggest source of information used in underwriting.

At what point must an outline of coverage be delivered?

An outline of coverage shall be delivered to an applicant for a long-term care insurance policy at the time of initial solicitation through means that prominently direct the recipient’s attention to the document and its purpose.

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When must an insurance applicant be notified about their rights under the Fair Credit Reporting Act?

At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? An applicant for life insurance must be informed of their rights upon completion of the application.

Why is it called underwriting?

What Is Underwriting? The term underwriter originated from the practice of having each risk-taker write their name under the total amount of risk they were willing to accept for a specified premium. Although the mechanics have changed over time, underwriting continues today as a key function in the financial world.

Which of the following best details the underwriting process for the life insurance?

Which of the following best details the underwriting process for life insurance? The underwriting process is accomplished by reviewing and evaluating information about an applicant and applying what is known of the individual against the insurer’s standards and guidelines for insurability and premium rates.

What are the merits of underwriting?

Merits of Underwriting Underwriting ensures success of the proposed issue of shares since it provides an insurance against the risk. 2. Underwriting enables a company to get the required minimum subscription. Even if the public fail to subscribe, the underwriters will fulfill their commitments.

Which of the following is a statement that is guaranteed to be true?

What is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? Warranty. A warranty in insurance is a statement guaranteed to be true.

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Who must pay for the cost of medical examination required in the process of underwriting?

Who must pay for the cost of a medical examination required in the process of underwriting? An applicant for a health insurance policy returns a completed application to her agent, along with a check for the first premium.

What is an alternative for field underwriting?

insurance underwriter insurance firm nondepository financial institution insurance company insurer.

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