Question

How does an individual's place of residence and foreign travel impact life insurance underwriting?

a.

It has no impact on life insurance underwriting

b.

It impacts the risk levels for the individual

c.

It only impacts the risk levels for foreign travel

d.

None of the above

Posted under IC22 Life Insurance Underwriting

Answer: (b).It impacts the risk levels for the individual Explanation:An individual's place of residence and foreign travel can impact the risk levels for the individual in life insurance underwriting. Insurance companies evaluate the risk levels relating to the location where the individual resides, as well as the risk levels relating to the location to where the individual is traveling. For example, if an individual resides in an area where crime rates are high or there are high instances of natural disasters, it can impact the risk levels for the individual. Similarly, if an individual travels to foreign locations where the medical infrastructure is poor or there is political instability, it can also impact the risk levels for the individual. Based on these evaluations, the underwriter may either reject the proposal or accept it with modified terms.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. How does an individual's place of residence and foreign travel impact life insurance underwriting?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What happens if an individual has a high-risk occupation in life insurance underwriting?

View solution

Q. How can an individual's financial condition impact life insurance underwriting?

View solution

Q. What happens if an individual travels to high-risk locations in life insurance underwriting?

View solution

Q. How does an individual's income impact life insurance underwriting?

View solution

Q. _________________ is charged to individuals if the predictive mortality does not deviate much as compared to that indicated in the mortality table provided by the actuaries.

View solution

Q. What are the two criteria used to assess individual risk?

View solution

Q. What is the mortality rate?

View solution

Q. How are mortality rates generally expressed?

View solution

Q. What is a mortality table?

View solution

Q. What influences mortality rates?

View solution

Q. Which of the following is a factor that can influence an individual's mortality rate in life insurance underwriting?

View solution

Q. What is a mortality table in life insurance underwriting?

View solution

Q. What factors related to lifestyle and habits can influence an individual's mortality rate in life insurance underwriting?

View solution

Q. What is the purpose of a mortality table in life insurance underwriting?

View solution

Q. What is the definition of morbidity rate?

View solution

Q. What does morbidity rate help insurers predict?

View solution

Q. What is morbidity risk?

View solution

Q. How can an insurance company mitigate morbidity risk for an individual with a high risk of illness?

View solution

Q. How do insurance companies assess the risk associated with an individual?

View solution

Q. What factors do underwriters consider when evaluating an individual's risk?

View solution
View All MCQs on IC22 Life Insurance Underwriting

Recommended Subjects

Are you eager to expand your knowledge beyond IC22 Life Insurance Underwriting? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Biotechnology

Discover the cutting-edge world of biotechnology with our Biotechnology category....

Environmental Engineering

Explore the critical field of Environmental Engineering with our dedicated category....

Textile Engineering

Explore the dynamic world of Textile Engineering with our specialized category. Delve...

IC 92 Actuarial Aspects of Product Development

Sharpen your understanding of actuarial principles in product development with our...

Genetic Engineering

Unlock the potential of Genetic Engineering with our dedicated category. Explore gene...

Environmental Biotechnology

Discover the intersection of biology and environmental science with our Environmental...

Professional Communication

Hone your communication skills with our Professional Communication category. Enhance...

Concrete Technology

Welcome to Concrete Technology, a category that unravels the secrets behind the...

Waste Water Engineering

Navigate the challenges of wastewater treatment and management with our Waste Water...