Life · Chapter 7 · The Application
The Application — Three Parts
Definition
Part I — General: name, age, sex, occupation, income, policy type/amount, beneficiary, other/pending insurance, hazardous hobbies, tobacco, replacement question. Part II — Medical: health history of the insured AND family. Part III — Agent's Report. The application + initial premium = the applicant's consideration.
Exam tip
The application is the underwriter's PRIMARY source of information — and it becomes part of the contract when attached to the policy.
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
Related terms