can expect all of the following EXCEPT:
The company will rescind her policy due to incorrect information
An insured has reported the wrong age and the wrong occupation on his application. What is the insurance company allowed to do when the error is discovered?
Cancel the policy and start over
Cancel the agent’s appointment for a grievous error
Pay a benefit that the premium paid would have purchased at the correct age or occupation
An agent is aware that a prospective insured omitted information about an illness that the proposed insured had prior to the application. The agent should do which of the following?
The agent has no responsibility to report the omission.
Nothing, because the insurer will discover the illness in the Medical Inspection Bureau (MIB) reports
Inform the proposed insured that he may have a claim rejected later on with possible other repercussions
Melanie tells her agent that she gave him the wrong date of birth on her application. The agent should:
Notify the insurer to have the premium corrected to reflect the correct date of birth
Jim, an agent, notices when he returns to his office that he failed to obtain answers to a few questions on an application for John and Mary Smith. Before submitting the application, he should:
Call the Smiths and ask the questions by phone
Return in person to the Smiths to ask them the questions in person and have them initial the missed questions
An underwriter has reviewed an application and determines
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