Field Underwriting Procedures

3. statements believed to be true to the best of one's knowledge, but they are not guaranteed to be true
5. the premium paid by the insured is small in relation to the amount that will be paid by the insurer in the event of loss
6. an applicant submits an application
7. a law that consumer-reporting agencies must follow
8. insurance contracts are offered on a take-it-or-leave-it basis by an insurer
10. nonprofit organization by insurance companies that receive and maintain confidential medical information
11. requires the consumer to be advised in writing within 3 days of the date the report was requested
14. both parties be of legal age, mentally capable to understand the contract, and not under the influence of drugs or alcohol.
17. written/oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency
19. the insured makes no legally binding promises, but an insurer is legally bound to pay losses covered by a policy in force

1. given to applicant after initial premium for a health insurance policy; sent to the insurer with the application for approval
2. something of value that each party gives to the other.
4. a document sent from an underwriter to an applicant's doctor for accurate information on the applicant's medical history
5. an insurer's underwriting approves the application and issues a policy
9. proven by love and affection, economic or financial loss
12. this period begins as soon as a policy is delivered
13. an essential element required for a legally binding insurance contract that involves offer and acceptance.
15. the insured must pay the premium and provide proof of loss in order for the insurer to cover a claim
16. requires insurable interest and consent
18. an absolutely true statement upon which the validity of the insurance policy depends