Life · Chapter 7 · Insurable Interest & Underwriting
Parties in Underwriting
Definition
Applicant — requests the insurance and completes the app. Proposed insured — the life to be covered. Policy owner — holds all rights (usually also the payor, responsible for premiums). Producer — field underwrites. Underwriter — reviews, classifies the risk, sets the rate.
Exam tip
Unless the question says otherwise, assume owner = applicant = insured = payor are ALL the same person.
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