Examkin

Soru

Zorluk: KolayPolicy Delivery Methods

David applied for a life insurance policy but did not submit the initial premium with his application. The insurer approves the policy and sends it to the agent for delivery. When the agent meets with David to deliver the policy, what must the agent collect to make the coverage legally effective?

  1. The initial premium and a signed Statement of Good HealthCevap
  2. B
    Only the initial premium, since David's health was already verified during underwriting
  3. C
    The initial premium and a signed conditional receipt
  4. D
    A signed Statement of Good Health and a written promise to pay the premium within 30 days

Cevap

The initial premium and a signed Statement of Good Health
When an applicant does not pay the initial premium at the time of application, no contract is in force. Upon policy delivery, the agent must collect the initial premium and have the applicant sign a Statement of Good Health (also known as a Statement of Continued Good Health) to ensure the applicant's health has not changed since the application was taken.

Adım Adım Çözüm

1
Identify whether the initial premium was paid at the time of application.
The scenario states David did not submit the initial premium with his application.
The timing of the initial premium payment determines the requirements for policy delivery and the effective date of coverage.
2
Determine the procedural requirements for a policy issued without initial premium.
The agent must collect the premium and verify the applicant's health status at the time of delivery.
Coverage cannot begin until the premium (consideration) is paid and the insurer is assured the risk has not changed.

Anahtar Kavram

Requirements for policy delivery when no initial premium was paid
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Konular

Policy Delivery Methods

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