What is the main purpose of the MIB?
The Medical Information Bureau (MIB) maintains a database of confidential medical and non-medical (hazardous avocations, hobbies, and driving violations) information. The main function of the MIB is to provide the exchange of underwriting information among its members.
What is a MIB report quizlet?
an inspection, credit, or consumer report. the Medical Information Bureau (MIB) report. a medical exam (including an electrocardiogram, or EKG; treadmill test; or other examination by a physician)
Which of the following is the primary source of information that an insurer?
Your application: The basic source of underwriting information is your completed application for term insurance. The questions on the application are designed to give the insurer much of the information needed to make a decision.
Why should the producer personally deliver the policy?
Why should the producer personally deliver the policy when the first premium has already been paid? It is the producer’s responsibility to make sure that the policy is understood by the insured and all of their questions are satisfied, and the delivery receipt is signed. … -Automatically pay the policy proceeds.
What would the MIB identify?
The MIB in insurance helps detect and identify fraud. This is an important function not only for the life insurance companies, but also for consumers. The Medical Information Bureau helps everyone by keeping life insurance rates down by identifying fraud. When insurance fraud occurs, claim costs skyrocket.
What does the Medical Information Bureau MIB identify?
The Medical Information Bureau Inc. (MIB) operates the most extensive database of medical information on individuals who have previously applied for health, life, disability income, critical illness and long-term care insurance in North America.
When delivering a policy which of the following is an agent’s responsibility quizlet?
Field Underwriting Procedures. When delivering a policy, which of the following is an agent’s responsibility? The agent has the responsibility to deliver the policy to the insured and to collect any premium that may be due at the time of delivery.
What action should a producer take?
What action should a producer take if the initial premium is NOT submitted with the application? The correct answer is “Forward the application to the insurer without the initial premium“. In this situation, the producer should submit the application to the insurance company without the premium.
When delivering a policy which of the following is the Agents responsibility?
When delivering a policy, which of the following is an agent’s responsibility? Before a customer’s agent delivers his policy, the insurer makes a last-minute change to the policy. The agent inform the customer of this change, and he accepts it.
Which of the following falls under an agent’s fiduciary responsibilities?
Which of the following is an example of a producer’s fiduciary duty? The trust that a client places in the producer in regard to handling premiums. – An agent acts in a fiduciary capacity, based upon trust and confidence, when handling the financial affairs of their customers, including the handling of premiums.
Which of the following best details the underwriting process?
Which of the following best details the underwriting process for life insurance? The underwriting process is accomplished by reviewing and evaluating information about an applicant and applying what is known of the individual against the insurer’s standards and guidelines for insurability and premium rates.
Which of the following must an agent receive to sell variable life insurance policies?
Agents selling variable life products must be registered with FINRA, have a securities license, and must be licensed within the state to sell life insurance.
Which of the following best describes an agent’s fiduciary capacity?
Which of the following best describes an agent’s fiduciary capacity? Promptly forwarding premiums to the insurer. The term fiduciary describes both the responsibility inherent in handling another person’s financial affairs, and the individual with such responsibility.
Which of the following is an example of an agent’s fiduciary responsibilities quizlet?
Which of the following is an example of an agent’s fiduciary responsibilities? (A) Fiduciary refers to a position of trust. When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity.
What is the fiduciary responsibility?
When someone has a fiduciary duty to someone else, the person with the duty must act in a way that will benefit someone else, usually financially. The person who has a fiduciary duty is called the fiduciary, and the person to whom the duty is owed is called the principal or the beneficiary.
Which one of the following best describes the fiduciary duty of confidentiality?
Confidentiality: Your fiduciary duty of confidentiality means that you do not disclose anything that you learn about your client, their business, financial or personal affairs or motivations.
Which of the following best defines earned surplus?
Earned surplus is the sum of a company’s profits, after dividend payments, since the company’s inception. It can also be called retained earnings, retained capital, or accumulated earnings.
What is the best definition of a fiduciary relationship?
A fiduciary relationship meaning refers to a relationship wherein one party puts special confidence, trust, and reliance on, and is influenced by, someone else. This other person has a fiduciary duty to act in the original party’s best interests.
Which is the most important fiduciary responsibility of Coldac?
Care – An agent must exercise a reasonable degree of care in transaction the principal’s business. Obedience -An agent must act in good faith at all times, with obedience toward the principal’s lawful instructions, in accordance with the agency agreement.
Is confidentiality a fiduciary duty?
Breaking Their Duty of Confidentiality: A duty of loyalty also requires that a fiduciary maintains confidentiality regarding all decisions and private information they have been entrusted. A beneficiary may not wish for public disclosure of their private matters.
Which of the following best defines negligent misrepresentation?
Negligence is defined as the failure to use ordinary or reasonable care in a situation. So negligent misrepresentation is usually the result of an agent giving information carelessly or failing to verify a fact before passing it to the buyer.