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David was injured in an accident and submitted a claim. His insurer believes the other party involved in the incident is responsible for David’s injuries and the cost of his care. Which of the following statements best pertains to this situation?
Kelli completed her healthcare application and submitted her initial premium. Unfortunately, she was deemed a substandard risk and her application was rejected. While her application was in underwriting, she filed a claim which the insurer paid. Which of the following best identifies why the insurer paid Kelli’s claim?
Obi-Wan completed his healthcare application, submitted his initial premium, and received an Insurability Receipt. If he were to submit a claim before the insurer approves his application, would his claim be paid?
Lucy applied for coverage with a foreign insurer. She submitted a completed application with an initial premium. The agent provided Lucy with a receipt for her initial premium payment then, submitted the application to the insurer for underwriting. The insurer accepted her application and issued the policy. While her policy was in the underwriting phase, Lucy went to her local clinic and received care for the flu. She submitted the claim with proof of loss however, despite being a covered service, her claim was denied.
Insurers mainly issue conditional premium receipts which require applicants to meet certain conditions before coverage goes into effect. Which type of premium receipt provides applicants with temporary coverage during the underwriting process even if they’re deemed uninsurable and the insurer formally rejects the application?
Which of the following entities is a nonprofit established to aid in the underwriting process?
The insurance application is one of the most important sources of underwriting. Part-III of the application is often called the Agent’s Report. What type of information is contained in the Agent’s Report?