Is an insurance producer often responsible for field underwriting?
Explanation: During the application process for insurance, a producer or agent is often responsible for field underwriting, which includes tasks such as providing disclosure information to the applicant, collecting initial premiums, and policy delivery.
What is field underwriting by a producer?
Field underwriting is the process of a life insurance producer making an assessment or gathering meaningful information about a prospect's insurability on the spot or “in the field.”
What is the insurer responsible for when a producer?
What is the insurer responsible for when a producer is acting within the scope of authority granted in the agency contract? Responsible for acts by the producer that are authority only. An insured is entitled to coverage under a policy that a prudent person would expect it to provide.
Is an insurance field underwriter a producer has all of the following responsibilities except?
Final answer: A field underwriter's responsibilities include obtaining appropriate signatures on applications, preventing adverse selection, and soliciting appropriate business. The one task a producer does not perform is issuing the policy itself, as this is the purview of the insurer's underwriting department.
Which of the following describes the duties of an insurance producer?
What an Insurance Producer Does. Insurance producers are licensed to sell and negotiate life, health, property, or other types of insurance offered by an insurance company. As an insurance producer, you may work for one insurance company only or represent multiple carriers.
Who is considered a field underwriter?
A field underwriter is a professional who inspects properties like cars, buildings and homes so that they can advise their employer on whether to insure them. These individuals perform thorough inspections to make the most informed suggestions possible.
Who acts as a field underwriter?
Agents are sometimes referred to as field underwriters and are responsible for initiating the process (i.e., solicitation, application, etc.). Each application must be signed by the proposed insured, the policyowner (if different from the insured), and the agent.
What are the fiduciary responsibilities of insurance producers?
Insurance professionals have several responsibilities about fiduciary responsibilities, including understanding their client's needs and goals, providing accurate and complete information about insurance products, recommending products that meet the client's needs, handling client funds with care and transparency, and ...
Which of the following is one of the responsibilities of producers when selling insurance?
As an insurance producer, your duties include contacting leads and helping them with their insurance needs. Your goal is to set them up with a policy from your company. You also work with existing clients to update their policies or add additional coverage.
What is a producer's fiduciary responsibility?
Each individual or agency insurance producer has fiduciary responsibility for all premiums and related insurance proceeds received on behalf of insurers.
Who is a field underwriter in insurance?
What Does a Field Underwriter Do? Field underwriters inspect the property listed in insurance applications to determine whether or not their employer should approve the application and provide coverage for the home, building, car, or other property.
What is the most important thing a field underwriter does?
Field underwriting is one of the most critical things financial professionals can do to ensure the best underwriting outcome for clients. Field underwriting gathers all the pertinent information that may affect underwriting offers at the initial meetings between financial professionals and clients.
What is the main responsibility of the insurance underwriter is to determine?
Insurance underwriters make decisions about insurance policies using statistical and commercial information. Underwriters are responsible for deciding whether or not to accept applications for insurance cover.
What is the difference between a producer and an insurer?
Producer is a general term used for people who sell insurance. Producers are either agents or brokers. Insurance Agents work for and represent just one insurance company. Many direct writers, such as Allstate, Farmers, and State Farm, employ insurance agents.
Which of the following actions by a producer would not result?
Final answer: Maintaining accurate records of transactions would not lead to license suspension or revocation for a producer, while the other listed actions are all unethical practices that could result in such penalties.
Does an insurance producer represent the insurer?
An insurance producer is an insurance agent or broker who advises their clients on their insurance needs and binds the policies for their clients. When your insurance producer binds a policy, it means that he or she, as a representative of the insurer, confirms that coverage is in place.
Which of the following best describes field underwriting?
Field underwriting refers to the initial decision an insurance agent or producer makes about a potential client's ability to meet the insurer's underwriting requirements.
Which of these is not considered the responsibility of a producer during the underwriting process?
The responsibility of a producer during the underwriting process includes gathering medical information, determining the applicant's insurability, and calculating premium amounts. However, providing the policyholder with a claim form is not considered the responsibility of a producer during the underwriting process.
Is insurance underwriting stressful?
Insurance underwriting can be a challenging job. Underwriters are under constant pressure to attract and retain clients while helping insurers maintain profitability – two goals that often come into conflict with each other, especially in a highly competitive market.
What is a field underwriter's main task in life insurance?
A field underwriter's main task is: To ensure an applicant's medical information is accurate and complete. Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? When does a life insurance policy typically become effective?
Which of these is not an underwriting responsibility of a life insurance agent?
Expert-Verified Answer. Asking relevant questions concerning an applicant's avocations is NOT an underwriting responsibility of a life insurance agent.
What fiduciary duty does a producer owe his principal?
A duty of loyalty is one of the most fundamental fiduciary duties owed by an agent to his principal. This duty obligates a real estate broker to act at all times solely in the best interests of his principal to the exclusion of all other interests, including the broker's own self-interest.
Does an insurance company have a fiduciary responsibility?
The duty owed by an insurance company to an insured is fiduciary in nature. In order to recover plaintiff must establish by a preponderance of the evidence that a fiduciary relationship existed between plaintiff and defendant and that defendant breached a duty to disclose known facts to plaintiff.
Who holds fiduciary responsibility?
A fiduciary can be a lawyer representing a client, a trustee and a beneficiary, a corporate board and shareholders, and even employees and a company. In most cases, a fiduciary is legally responsible for helping their beneficiary make important decisions related to business, finances, and managing assets.
Which of the following is the most important duty an insurance producer owes the customer?
Under common law, an insurance agent owes a duty to use the degree of care necessary to protect the interest of the insured. If failure to use care results in injury or damage to the insured, the agent can be held liable for the injury or damage.
