Nevada Life Insurance
Explore the lessons in From application to delivery. Start with a lesson and review the key ideas. Use lesson questions when available.
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A life insurance application is the insurer's main record of who is involved and what the insurer was told. If the right people don't sign it, if answers are missing or wrong, or if someone changes it without permission, the policy can be delayed. It can also be issued on the wrong facts or disputed later.
About 21 minutes
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Open lesson →When someone applies for life insurance, the insurer must decide whether to accept the risk and, if it does, at what price. That decision is underwriting. To make it, the insurer collects personal information, much of it sensitive. Several federal laws control how that information is gathered, shared and protected. A separate federal rule makes insurers guard certain products against misuse by criminals.
About 32 minutes
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Open lesson →An approved application is not yet a working life insurance policy. The application lists conditions that must be met first. Usually the premium must be paid, the policy must be delivered and accepted while the insured is alive, and the health and answers given on the application must still be true. Delivery is where you check those conditions and explain the contract so the owner knows what they are accepting.
About 17 minutes
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