Question

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

a.

At the pre-underwriting stage

b.

After the policy contract is issued to the client

c.

During the underwriting process

d.

After the completion of the medical examination

Posted under IC22 Life Insurance Underwriting

Answer: (c).During the underwriting process Explanation:The final premium for a life insurance policy gets set during the underwriting process. If a counteroffer needs to be issued on grounds of sub-standard health, hazardous occupations, country of residence, etc., the final premium may override the initial quote generated at the pre-underwriting stage.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

Q. What is the benefit of a CMO with specialized knowledge in "insurance-medicine"?

View solution

Q. Who may assist the CMO in his or her activities?

View solution

Q. What are the additional roles that a Chief Medical Officer may have in an insurance company?

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!

Cognitive Radio

Step into the dynamic world of Cognitive Radio, where wireless communication meets...

Total Quality Management

Enhance your understanding of quality management with our Total Quality Management...

Cytogenetics

Delve into the genetic mysteries of chromosomes with our Cytogenetics category....

Biochemistry

Delve into the intricate world of Biochemistry with our Biochemistry category....

IC85 Reinsurance Management

Gear up for success in the Insurance Institute of India (III) examination with IC85...

Professional Communication

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

Marketing and Marketing Management

Uncover the strategies and tactics of marketing with our Marketing and Marketing...

IC22 Life Insurance Underwriting

Prepare for success in the Insurance Institute of India (III) examination with IC22...

Electronics and Communication Engineering

Explore the dynamic field of Electronics and Communication Engineering with our...