Question

Why might the final premium over-ride the initial quote generated at the pre-underwriting stage?

a.

To cover extra risk that the client brings to the portfolio

b.

Due to sub-standard health of the client

c.

Certain hazardous occupations of the client

d.

All of the above

Answer: (d).All of the above Explanation:The final premium may sometimes over-ride the initial quote generated at the pre-underwriting stage if a counteroffer needs to be issued on grounds of sub-standard health, certain hazardous occupations, country of residence etc.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. Why might the final premium over-ride the initial quote generated at the pre-underwriting stage?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What happens if the client does not agree to the terms of the counter-offer suggested by the insurer?

Q. What is a green channel underwriting in life insurance?

Q. When does the final premium for a life insurance policy get set?

Q. How do insurance companies reduce the processing time for underwriting?

Q. What is the automated rule engine used for in the insurance underwriting process?

Q. What is the Jet unit underwriting method used for in the insurance underwriting process?

Q. Why do insurance companies use the automated rule engine for underwriting?

Q. Who takes the final underwriting decision in the insurance underwriting process?

Q. What is the longest part of the life insurance application process?

Q. What happens if a customer is unable to provide the required information within the stipulated time?

Q. What is a counter-offer in life insurance underwriting?

Q. When is the policy document issued in life insurance?

Q. What happens if the client does not agree to the terms of the counter-offer proposed by the insurer?

Q. What is the purpose of obtaining consent for the revised rates from the customer?

Q. What happens if the client does not agree to the terms of the counter-offer proposed by the insurer?

Q. What is the purpose of issuing a life insurance policy document?

Q. What is the core responsibility of the core underwriting team in an insurance company?

Q. Which team is responsible for managing the medical panel or TPAs in an insurance company?

Q. What is the role of the Chief Medical Officer (CMO) in an insurance company?

Q. What is the responsibility of the TPA team in an insurance company?

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!