Ch 9: Insurance Applications & Underwriting

About This Chapter

Increase your grades, earn a course credit, or acquire a personal understanding of insurance applications and underwriting with help from this short chapter. Boost your knowledge with short lessons, and assess your comprehension by taking multiple-choice quizzes.

Insurance Applications & Underwriting - Chapter Summary

Simplify the process of understanding insurance applications and underwriting with fun-to-review lessons you can access anytime and from any computer or mobile device. Delve into key topics that include insurance policy delivery, insurable interest and the insurance underwriting process. In no time, you will be able to:

  • Explain the process of completing an insurance application
  • Share details about the USA PATRIOT Act
  • Describe the initial premium payment in the insurance application
  • Detail the process of delivering insurance policies
  • Define and describe the insurance underwriting process
  • Provide the definition of insurable interest, and discuss eligibility qualifications
  • Discuss the meaning of stranger-owned and investor-owned life insurance
  • List common sources of insurability information

Each lesson in this chapter is accompanied by a short quiz designed to assess your comprehension of insurance applications and underwriting. Take these quizzes as many times as needed to confirm your understanding. This chapter also offers a practice exam you can use to review all lessons in this chapter. Any questions you have about lesson concepts can be submitted to our experts.

8 Lessons in Chapter 9: Insurance Applications & Underwriting
Test your knowledge with a 30-question chapter practice test
Completing an Insurance Application

1. Completing an Insurance Application

In this lesson, the process of completing an insurance application from beginning to end will be analyzed. The lesson will also provide details as to what is needed to complete the application along with consequences for an incomplete insurance application and disclosures.

USA PATRIOT Act: Anti-Money Laundering Provisions

2. USA PATRIOT Act: Anti-Money Laundering Provisions

The USA Patriot Act, which was passed in 2001, has anti-money laundering provisions that are designed to uncover and prevent the financing of terrorist activities. This lesson will examine these provisions and related programs set up to enforce them.

Initial Premium Payment in the Insurance Application

3. Initial Premium Payment in the Insurance Application

In this lesson we look at the importance of the initial premium payment in an insurance application. We will also examine the different types of receipts companies use to set the effective date of the policy.

Insurance Policy Delivery

4. Insurance Policy Delivery

When you apply for insurance, there are number of steps between the application process and when your agent delivers your policy. In this lesson, you will learn about policy delivery.

Insurance Underwriting Process

5. Insurance Underwriting Process

An insurance company will not approve everyone who applies for coverage, as they must assess the risk associated with the application. In this lesson, you will learn about the underwriting process.

What is Insurable Interest?

6. What is Insurable Interest?

Can I buy a life insurance policy on my neighbor so that I can collect the benefit if he dies? Let's investigate the insurance concept of insurable interest to find out. We will look at who is eligible to purchase insurance on another person.

Stranger & Investor Owned Life Insurance

7. Stranger & Investor Owned Life Insurance

After reading this lesson, you'll learn why stranger- and investor-owned life insurance is something that is frowned upon by insurance companies themselves. You'll also learn why some people still decide to take this route.

Sources of Insurability Information

8. Sources of Insurability Information

When you apply for insurance, you are asked to provide information and the insurer will collect more. In this lesson, you will learn about sources of insurability information.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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