Agent Sarah is meeting with a client to finalize a paper life insurance application. To properly complete the field underwriting process at the point of sale, arrange the following producer responsibilities in the correct standard chronological sequence.
- 1Review the document to ensure every question is answered completely.
- 2Obtain the required signatures from the applicant and proposed insured.
- 3Collect the initial premium payment from the applicant.
- 4Issue the appropriate premium receipt to the applicant.
Answer
The correct sequence is: Review the application for completeness, obtain the required signatures, collect the initial premium, and finally issue a premium receipt.
The standard and compliant procedure for completing an application requires the agent to first ensure all questions are answered so the client is not signing an incomplete document. Next, the client signs the application to verify the accuracy of the information. Then, the agent collects the initial premium. Finally, a receipt is issued in exchange for the collected premium.
Step-by-Step Solution
Key Concept
Completing the Application Workflow