Agent Patel is assisting his client, Marcus, in finalizing an application for a life insurance policy. After Marcus has signed the paperwork, Agent Patel realizes that Marcus accidentally listed his annual income incorrectly and also left a question regarding his recent medical consultations completely blank.
Based on standard insurance regulations regarding the completion of the application, which of the following statements are correct? (Choose the 2 correct statements)
- Agent Patel must require Marcus to correct the income figure on the application and place his initials next to the change.Cevap
- BAgent Patel is permitted to unilaterally cross out the incorrect income amount and write in the true figure to expedite underwriting.
- If the application is submitted with the unanswered medical question, the insurer will return the application to have it fully completed.Cevap
- DIf the application is submitted with the medical question left blank, the insurer will proceed with underwriting by assuming the applicant has no prior medical consultations.
Cevap
The correct actions are requiring the applicant to initial the correction to the income figure and recognizing that the insurer will return the application to have the blank medical question answered.
When errors are discovered on an insurance application, the applicant must physically correct them and initial the change to prove their consent. Additionally, if an application is submitted with omitted answers, the insurance company will return it to the agent so the applicant can complete the missing sections.
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Anahtar Kavram
Completing the Application: Corrections and Incomplete Applications