Question

What is the purpose of an application form in insurance?

a.

To provide information about the insurance company's financial status

b.

To collect data for market research

c.

To serve as a legal document forming part of the insurance policy if issued

d.

To track policyholder behavior and preferences

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).To serve as a legal document forming part of the insurance policy if issued Explanation:The application form, filled in by the agent and medical examiner (if applicable) based on information received from the applicant, serves as a legal document and becomes part of the insurance policy if it is issued.

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